Finances…
Essentially, the money bit.
Working on a fake budget of £4,450 for Dracula, and a rather generous £10,000, we put together an invoice, under the Partnership title of ‘Flashbang’
I’ve looked at how the tax and national insurance should work in terms of a partnership. Tax, as far as i can tell, isn’t determinable as such as you’d have to do a full on Tax return at the end of the financial year. National insurance though was easy to get a grasp of. I looked at our profits and determined that if we continued doing projects like this through the year, we would be in the Class 4 N.I. bracket, earning between £5,715 and £43,875. This means of our actual earning, 8% gets deducted. And that works out like so;
Dracula
1260 – 100.8 = 1159.2
Fashion Show
3000 – 240 = 2760
So, overall profit = £3919.20. A good few months rent and bills there… And that’s actually considering that we could potentially be undervaluing ourselves, so there’s potentially more money.
As brief as this is, i definably think i’ve got a firmer understanding how to sort out the business side of things.
