FINANCE IN DESIGN

PROFESSIONAL DESIGN FRAMEWORKS 3 BLOCK 2 - FINANCE IN DESIGN KATE JACKSON @00296501

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CONTENTS Page 3 - Annual Income Forecast Page 4 - Personal Salary Forecast Page 5 - Business Start-Up Costs Page 6 - Project Quotation Page 7 - Invoice Template Page 8 - Calculation of Annual Surplus

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ANNUAL INCOME FORECAST

tT ar Work ime

365 DAYS PER YEAR

103 D a ys

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Pr

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Mark

eting

BUSINESS DAYS BREAKDOWN

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k+P Networ

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Client S

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Ad

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+ Part Time W ork ays lD na

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Business Da 210 ys

52 D ay sP

PERSONAL SALARY FORECAST SEPT 2013 - ‘14 EXPENDITURE DESCRIPTION

MONTHLY

ANNUALLY

TOTAL PER YEAR

Currently live with mother - rent free

-

-

-

Council Tax

n/a

-

-

-

Water

n/a

-

-

-

Gas

n/a

-

-

-

Electricity

n/a

-

-

-

2013-14 car insurance for VW Polo

-

£750

£750

Car Tax

Annual car tax for VW Polo

-

£125

£125

Car Fuel

Estimated petrol costing per month

£45

-

£540

MOT + service

-

£150

£150

Phone

Mobile phone contract

£20

Food

Food expenditure including eating out, protein powder for gym etc.

£60

-

£720

Clothing

Clothing including bags, shoes + accessories

£100

-

£1200

Toiletries

Facial, body + hair products

£50

-

£600

Hair

Hair cut + coloured every 2 months

£30

-

£360

Gym

Gym membership monthly contract

£19

-

£228

Pole fitness hobby £10 per lesson

£40

-

£480

Birthdays, Christmas + special occasions

-

£600

£600

-

£364

£1625

£5993

DESCRIPTION

MONTHLY

ANNUALLY

TOTAL PER YEAR

Part-time job

Lifeguard job - no tax, no NI (income for third year of University only as hours have been cut to allow more time for studying)

£116

-

£1392

Student Finance

Maintenance loan and grant - received every three months between September to April

£717

-

£5019

TOTAL INCOME

-

£833

-

£6411

-

-

-

£418

PERSONAL EXPENSE Rent

Car Insurance

Car Maintenance

Pole dancing Gifts TOTAL EXPENDITURE

£240

INCOME PERSONAL INCOME

TOTAL PROFIT TOTAL PROFIT

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BUSINESS START-UP COSTS 2014 - ‘15

ANTICIPATED EXPENDITURE PREMISES

DESCRIPTION

TOTAL PER YEAR

Lease Premium

-

Rent

-

Rates

-

Legal Fees

-

Fitting Out

-

TOTAL PREMISES

-

-

FIXED ASSETS

DESCRIPTION

TOTAL PER YEAR

Apple iMac

£1,749

Printer

£300

Nespresso Machine

£200

TOTAL FIXED ASSETS

-

£2,249

SERVICES

DESCRIPTION

TOTAL PER YEAR

Telephone / Mobile (£36 per month)

£432

Broadband

£240

Website

£120

Subscriptions

£150

TOTAL SERVICES

-

£942

OTHER

DESCRIPTION

TOTAL PER YEAR

Stationery

£200

Marketing

£1,000

Software (AutoCAD, Adobe, Artlantis)

£7,144

Public Liability Insurance

£150

-

£8,494

TOTAL

TOTAL COSTS

£11,685

LESS: AVAILABLE FUNDS

£2,500

ADDITIONAL FINANCE REQUIRED

£9,185

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PROJECT QUOTATION SERVICE FOR: Salford Community Leisure Civic Centre, Chorley Road, Swinton, Salford, M27 5DA Project Title: Salford Museum and Art Gallery - Restaurant Design Date: 7/10/13 Invoice number: 1 Terms: 30 Days Description

Hours

Amount*

Initial Project Research including Visit to Museum

6

£ 150.00

Mood Board and Concept Generation

12

£ 300.00

Architectural Drawings

14

£ 350.00

3D Visuals

24

£ 600.00

Final Presentation & Presentation Materials

4

£ 100.00

4 Client Meetings (time and travel @ £50)

4

£ 200.00

64

£ 1700.00

Subtotal Grand Total

*Based on £25.00 per hour

£ 1700.00

Thank you for requesting a quote with KJ Designs, we really appreciate your interest and hope this meets your requirements.

This quotation is valid for 30 days from the date shown above.

If you have any questions regarding this quote, please do not hesitate to contact me.

Yours Sincerely, Kate Jackson

Kate Jackson Interior Design Marple Stockport SK6 6PX

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07909442007 kjackson.jk@gmail.com www.katejackson.wix.com/kjdesigns

INVOICE SERVICE FOR: Company name Address Line 1 Address Line 2 Address Line 3 Postcode / Zip Project Title: Date: Invoice number: Terms: 30 Days Description

Hours

Rate

Amount

Subtotal

£

0.00

Tax 8.25%

£

0.00

Grand Total

£

0.00

Thank you for your business with KJ Designs.

Looking forward to hearing again from you soon!

Yours Sincerely, Kate Jackson Kate Jackson Interior Design Marple Stockport SK6 6PX

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07909442007 kjackson.jk@gmail.com www.katejackson.wix.com/kjdesigns

CALCULATION OF ANNUAL SURPLUS 2014 - ‘15

Based on the standard day rate for the ‘freelance design’ sector of a £200 daily charge to a client (£25 per hour x 8 hours per day), and there being 150 business working days per year. £200 x 150 = £30,000 Minus annual business expenses of £9,185 £30,000 - £9,185 = £20,815 profit Minus personal survival budget (PSB) of £5,993 £20,815 - £5,993 = £14,822 business surplus

ANNUAL STATUTORY DEDUCTIONS Tax

Personal Tax Allowance (PTA) states the first £9,440 of profits is income-tax-free. £20,815 profit (£14,822 business surplus and £5,993 PSB) minus PTA £20,815 - £9,440 = £11,375 taxable Annual income tax at 20% 20% of £11,375 = £2,275 total tax

National Insurance (NI) Class 2 NI contributions of £2.70 per week £2.70 x 52 (weeks per year) = £140 total C2 NI Class 4 NI contributions = 9% on annual profits between £7,755 and £41,450 £20,815 - £7,755 = £13,060 9% of £13,060 = £1,175.40 total C4 NI

Total Deductions Tax + C2 NI + C4 NI = Total Statutory Deduction £2,275 + £140 + £1,175.40 = £3,590.40

ANNUAL SURPLUS Business Surplus - Total Statutory Deductions = Annual Business Surplus £14,822 - £3,590.40 = £11,231.60 ANNUAL BUSINESS SURPLUS

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