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Posts Tagged ‘art business’

From our Partners at Westbury: What can artists do to preserve their art for future generations

Monday, September 5th, 2016

 

This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field

 

  1. What will happen to my art after my death?
  2. How can I ensure my family benefit from my lifelong work?
  3. Will my art retain its value?
  4. Who will manage my collection?

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These and others are the sort of questions that we are being asked increasingly by our many artist clients. Of course, there are many advantages to becoming successful as an artist but success brings with it a whole new set of challenges.

What to do with your art?

In our experience, once artists begin to think about their own mortality, they become increasingly concerned with the question of what to do with their art. Many think that this is something that could be dealt with just by a well-drafted will; others wonder whether they should be setting up a foundation during their lifetime.

What is clear is that these questions have to be faced up to. Picasso died without a will leaving a legacy of massive legal battles. Dalí set up a foundation but his affairs were still extremely untidy. Rothko left clear instructions but his executors certainly did not understand fully (or chose not to) his real wishes. On the other hand, the Henry Moore Foundation is an excellent example of careful planning and competent management of an estate. (more…)

From our Partners at Westbury: How individuals and businesses prepare a Brexit Action Plan

Wednesday, July 27th, 2016
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This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field.

The vote is over and we have made the momentous decision to leave the EU.  Businesses and individuals need to consider the short and long-term implications.
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We are of course in a period of uncertainty with extreme volatility in currency and stock markets and this is unlikely to change much until the terms of our exit become clearer.  Against that background, we all face some challenges. We have already heard of property and investment transactions having been cancelled or put on hold, and of medical research projects whose funding is now in doubt. Clearly there is a good deal of anxiety about proceeding with investment projects, although, paradoxically, the weakness of sterling can act as an incentive to overseas investors.
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The most important thing to do is to think about the possible impact on you and your business.  It is too early to say – and the truth is that no one has a clue – what the business environment will look like once the dust has settled.  This may take many years whilst we negotiate our exit, decide what areas of our business life need change, e.g., regulation, laws, taxes, bureaucracy, etc., as well as trading relationships with the EU and with the rest of the world.

Below are some points to consider: 

  • To what extent are you exposed to the currency markets?  Do you buy or sell overseas and, if so, how will the fluctuations in sterling in the short and medium term affect you? Is there any action you may take (such as hedging) to lessen the blow. In particular, those who import are likely to have to be extremely careful about managing their currency exposure.  On the converse, exporters may have an opportunity to generate some additional profits.
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  • Do you need to review your pricing particularly if you import?
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  • If you are exposed to the property world, to what extent may a slow-down in the rate and/or value of transactions affect your business?
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  • Those businesses that foresee a significant drop in turnover or rise in costs following Brexit may need to consider reviewing staff levels as well as upcoming pay reviews/bonuses to see where unnecessary costs may be saved.
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  • Are you reliant on foreign labour?  Have you considered the possible impact if there were to be some form of restriction on such labour?
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  • Is your business particularly affected by Environmental or Health and safety legislation emanating from Europe, or one that may be prone to tariffs?
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  • If you are in the inward hospitality sector you may well find there is a boost to UK tourism but if you are exposed to the outbound sector, will a potential drop in business (because foreign holidays become more expensive) have an effect?
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  • Were you reliant on/expecting any grants or subsidies from EU sources? Can you make alternative arrangements or at least put a contingency plan in place.
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  • Will there be an effect on your pensions and investments?  As a general rule, one might take a longer-term view and not panic at the current extreme volatility in stock markets to which many investments are linked.  But perhaps a review of investment policy might seem sensible, particularly if you were planning to take pension benefits shortly, or to cash in investments.
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  • Is now the time to consider incorporating your business into a limited company, particularly with the announcement of an intent to reduce further  the rate of Corporation Tax?

 

Get in touch with Westbury with us to discuss how Brexit might affect you and how we can help you plan for it.

From our Partners at Westbury: When Does Your Art Hobby Become an Art Business?

Tuesday, November 17th, 2015

This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field.

You start off with an interest in art, perhaps going to your local evening classes and painting the odd still life or male model.  A friend likes some of your work and buys it from you.  Your local church runs a fundraiser and a couple of your works sell, so for the first time you cover the costs of your hobby.  The local arts centre takes an interest in your work and asks if you would be prepared to put on an exhibition.  The local paper picks this up and shows a few of your works in its pages.  The pace picks up, as does the price, and suddenly your paintings are selling for a tidy profit.

Bear in mind that you don’t have to be an artist; much the same is true for those who collect art.  Maybe after investing for personal pleasure for a while, you start to buy and sell and this becomes a more and more regular occurrence. If you are successful, accumulating profit may enable you to start buying more expensive works and so the profit you can realize per sale is likewise increased.  It is also likely that you will start to devote more time end effort to acquiring knowledge useful in the field.

Plenty of different scenarios and many that are repeated day-in and day-out all over the country.  The question is:-

WestburyWhen does your hobby become a business with all that entails in terms of keeping records and paying taxes?

The first thing to say is that this is not a precise science and it is important to consider all the facts.  It’s all about when you start to ‘trade’, and unfortunately there is no statutory definition of ‘trading’.  However, it is likely that you will know when your hobby becomes something more than just that and there will be a point from which you actively intend to make a profit, rather than simply enjoying what you do and seeing if you can get something out of it financially.  What is absolutely clear is that the onus is on you, the taxpayer, to notify HM Revenue & Customs when you have started a trade. (more…)

London – The Fine Art of Selling Art Online – A Workshop for Art Dealers & Galleries (Booking Essential)

Wednesday, October 28th, 2015

The Fine Art of Selling Art Online – A Workshop for Art Dealers and Gallerists – 28 October 2015 (12.30-2.30pm)

Wednesday 28th October 2015 at 12.30-2.30pm –Westbury Accountants, 2nd Floor, 145/157 St John Street,  London EC1V 4PY
AWAD Members £30 (£25 Early Bird book by 23/Aug) | Non-Members £45 (£40 Early Bird by 23/Aug)
Limited tickets available, early booking recommended.

 

During the 2 hours Elinor Olisa one of the Founders of DegreeArt.com will hold a frank and honest discussion about what does and doesn’t work when selling art online based on DegreeArt’s 13 years of ecommerce and our R&D research funded by Nesta, the Arts Council and AHRC. Elinor’s talk will cover:
1) Why Sell Online
2) The options for selling art online
3) Selecting and presenting your artists and artwork
4) Marketing Online
5)The Logistics including legal requirements, pricing, packaging, shipping and returns

Booking is essential via this link: http://awadsellingartonline.eventbrite.co.uk

For any questions please contact AWAD on info@womenartdealers.org
Bookings are non-refundable.

To find out more about becoming a Member of AWAD click here.

News from our Suppliers: From technophobe to tech ninja… Digital Dragonfly launches a new package for independent professionals

Monday, August 12th, 2013

Digital Dragonfly recently launched a new monthly package designed to turn any business owner from a technophobe into a tech ninja. Helping you with all of your IT needs, questions and problems Digital Dragonfly offers a simple cash-flow friendly plan allowing you to get your business technology totally sorted, giving you peace of mind, boosting productivity and optimising the way you work. Ask Francesca about the special offer for AWAD members.

Digital Dragonfly’s newsletter is also a must read… Check below for an example of their no-nonsense practical advice and in plain English…

Thinking of buying a new computer? STOP!

Some people think buying hardware will solve all their technology problems. Lets be clear- if your system basics aren’t in place then buying brand new hardware is not going to make a difference. So what should be investing your time and money in first?

1. Back it up

If you think its OK to store everything on one small USB stick that I can assure you it will be lost one day, you won’t have it on you when you need it or you will forget to back up to it the one time it really matters. You need cloud and a decent hard-drive. And if are still not backing up at all – yes, that means you – cancel whatever you were planning on doing next and get it sorted. Right now. (more…)

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