Tax advice for sole traders in the marketing industry
As a sole trader, there’s a great deal riding on your shoulders. You’re responsible for everything from business planning and cash flow to budgeting and sales. If you have chosen to specialise in the media and marketing industry, you’ll be promoting your own business as an expert at promoting the businesses of others, so a professional approach is essential.
Marketing and media work is a constantly expanding discipline. The exponential increase in digital marketing specialisms such as social media, search engine optimisation and pay-per-click advertising has seen a huge demand for people with relevant experience in these areas with which the employment market can barely keep pace.
Sole traders with copywriting flair, a black book of valuable PR contacts and a head full of original ideas will always be in demand.
At first glance, it may seem as though marketing and accounting are worlds apart; one with creative flair and unlimited imagination and the other with meticulous accuracy and factual professionalism. However, for maximum effectiveness, the two should really work closely together. A marketing campaign can’t be planned without a carefully considered budget, the efficient allocation of resources and a careful examination of market trends and projections. A marketing accountant with knowledge of the industry and sympathetic to its issues can be a major asset to you as a sole trader.
He or she can help maximise the allowances you can claim, such as business expenses. In the media and marketing industry, corporate hospitality is a regular occurrence, and expenses can be claimed for travel in the UK and abroad for training courses, photography sessions, sales conferences, incentive programmes and press trips. The choice of accounting software which will best suit your business is also an important consideration.
Here at Perrys Chartered Accountants we pride ourselves on our helpful, professional approach. If you are at the beginning of your sole trader journey, why not take advantage of our no-charge start-up business service ‘Get up and grow’ . We can tailor this to your specific marketing requirements.
Our work is constantly focused on providing all our clients with financial advice individually tailored to their particular industry, and we understand and are perfectly in tune with our clients who work in the creative sphere. Marketing can be viewed as an unquantifiable discipline; get in touch and let us help you demonstrate the value you bring to your clients.