Ensure No Plot Twists In Your Taxes With Our Accountants for Authors
There are substantial sums of money at the successful end of the earning range, but many authors struggle to make enough to sustain themselves without additional sources of income. J.K. Rowling is the most well-known example of this type of rapid success; in only a few short years, she went from writing at a cafe in Edinburgh to hiding out in a suite at The Balmoral to finish the Harry Potter series.
A writer’s income can come from various sources, some more prestigious than others, but royalties and advances are the mainstays. A significant advance, sometimes in the tens or hundreds of thousands of pounds, is given to an author so that they may finish writing their book. As a result, income is unpredictable and may need to be taxed at a greater rate than it would otherwise be if it were more steady.