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A Sole Trader is someone who is self - employed whereas a Limited Company is the opposite there are shareholder under the 'incorporation'.

Being a Sole Trader would be in my best interest because I would have more freedom on how i'd like to organise and run my business (e.g. when and where i would like to work) this is a major advantage as well as keeping all profits to myself but on the other hand I'm responsible for everything that happens as a Sole Trader for example...

1. Keeping records of sales and expenses from the business

2. Send self assessment tax return every year

3. Buying equipment and stocks out of my expenses that are essential for my business.

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In the future I would love to be a freelance composer, to be able to work under my own terms and my own timing this is ideal for me.

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As a Sole Trader I would not pay for corporation tax because I'm not part of a company or an organisation but what i will have to do is pay Income tax for the profits I make from the business. I would have to send HMRC a self assessment tax return paper every year to calculate the cut of tax from profits.

With VAT if my business has a turnover £85,000 a year I would need to register for VAT number and charge my customers a VAT.

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Start with a name. I would need to use a name that is not being used by anyone, the best thing to do is to use my own name and have it as a trademark (TM) so it stops anyone else using it.

If I am using a property for my business such as an office or a house there would be a business rate so I would need to ask the local authority if I need to pay the rate.

For certain types of sole trading work you will need a license (e.g. Cab Drivers and Restaurants) however in my case I would not be needing one because I'm not under a borough or county.

Like any other business as a sole trader I can hire employees however I need to use the 'Pay As You Earn' system to send out my employees payroll.

When it comes to taxes, VAT, invoices, pensions and payrolls this means a lot of paperwork which I need to organise and make sure its updated this will make it easier along the way and less stress

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I would need to organise my schedule in days hours and what activity I would be doing.
For Monday I will be using the studio for 3 hours making a beat and mixing it. However this means I need to book ahead of time for the studio. So I'll book my studio time on Friday to avoid any mishaps.

For Tuesday I will be posting my beat I made on social media and promoting it via my website, Instagram, Snapchat, Facebook, Soundcloud and Youtube as well as contacting my regular clients for the instrumental I've made and see if they're interested in purchasing.

I need to make sure I write my schedule down on paper as this is the best way to plan a schedule, this will save time and be all round efficient.

Sometimes things don't go accordingly for example in my case no one buys the beat I've made so what I would do is expand my audience not just musicians that would need music but also film makers, directors and those who need it for background music. I would need to expand my clients as well if I'm trying to sell my beats. But the way to sell my beat is to specifically cater to them and what they do and not give the same message to all of my followers.

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There are three types of rates.

Standard rate - Currently 20% this goes for majority of goods and services

Reduced rate - Currently 5% this goes for a selection of goods and services

Zero rated good and services.

When charging my clients VAT it'll depend on how much you make in your invoice (e.g. my invoice value is £800 but i will have to add another £60 for VAT).
There are to VAT that is recorded and collected, output VAT which will be collected by HMRC and input VAT which how much you pay to the suppliers.

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How to promote efficiently on all social platforms

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How to promote efficiently on all social platforms

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Direct message artist and others musicians but make sure that the message caters to that specific person and not the same message to hundreds of people.

Make sure your page on Facebook and Instagram is looking neat in terms of  just music content only ( e.g. instrumentals and freestyles). Do not put anything other than music content on your social pages this will confuse the audience you are trying to attract.

One of my favourite mantra's I go by is 'Quality over quantity'. This mantra is pretty self explanatory do not constantly be posting your music content everyday and it lack that high quality meaning this music was made in 5 minutes.

Use hashtags that are relevant to what you are posting because a lot of people will look up the hashtag and follow you because thats what they want to see.

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How To Promote Your Music Independently.

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How To Promote Your Music Independently.

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Don't underestimate live performances. Start booking gigs around Central London where its very atmospheric and lively. Even open mics and small crowds where you don't have to get paid but it'll be experience for you and to get your music in front of an audience.

Example
What I love about the Live n Loud website is that its simple and straight to the point. It finds you gigs and open mics near you for you to book and the venues can be specific to the genre so an artist and find a venue that caters to them.

The more you do gigs locally around your area you'll eventually start to see a your fanbase growing little by little. Then you can move to another part of London and start the cycle over again that way you'll see the progression.

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Nowadays being a freelancer is not surprising, freelancing is growing in numbers and expanding in every industry from fashion to music.
Reason for this is because there are many opportunities and positive outcomes of being a freelancer for example...

On your own time and schedule

Freedom in creativity

Decline & Accept offers

You are your own boss

Deduct more tax

You can work whenever and wherever you want as a freelancer on your own time this is great because it gives you flexibility and ways to work around a job or something else that brings in your major income. On the other hand this may be seen as a negative because clients can call you and text you whenever even in the night so this means 24/7 round the clock coverage to keep your clients satisfied.

No one is stopping your creativity and what you want to do as a freelancer for example I am well known for my RnB beats I make however I would like to make a UK Garage song. The ball is in my court and I can control what I want to do. Another positive that comes out of this is showing my followers how diverse I am which will attract even more new followers that like all the genres I create. However this may also be seen as bad thing because it will confuse the audience as to what genre I really make and they may not get the sound I create too.

Deducting more tax from my clients is seen as an advantage for freelancers because this will cover the costs of travel, food and internet access which are reasonable deductions. Having said that this can put off clients and may argue over the deductions which leads to losing clients.

Me as a freelancer I have to take responsibility for anything that happens with my business which means loss of money or paying taxes. But freelancing is hard because there's an inconsistency of cash flow this would hinder me paying insurance, mortgages and other taxes. That's the responsibility a freelancer would take.

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As a freelance composer I would need to record and collect the charging rate of VAT from clients when buying my beats. However that's if my business has a turnover of £85,000.  I will also need to update and keep track of my invoices so they serve as receipt for my VAT if needed from HMRC. Fill in the self - assesment tax return papers every year.

Being organised and well - maintained is a must when it comes to business, so that means keeping record of sales and expenses ( this will be done on Microsoft Excel as a spreadsheet). Knowing my schedule is vital for me especially when I have a job this means managing my time well making time for clients and my music as well as knowing what days I work.

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Task 1 Being a freelancer - yellow

Task 2 Promotional Approach - green

Task 3 Showreel with a new piece of work - blue