PI-WIKI-BIZ-01 · Studio Management · reviewed 2026-10-31
Studio Business Operations & Financial Planning
Critical numbers
UK VAT Registration Threshold£90,000 taxable turnover, rolling 12 months (since 1 April 2024)
Australia GST Registration ThresholdA$75,000 annual turnover
Cash Reserve Before Booth-Rent Switch3 months total operating costs
Booth-Rent Break-Evenweekly rent ÷ commission rate = break-even weekly revenue
UK Equipment Tax ReliefAIA (usually 100% in year one); otherwise 18% reducing balance
Equipment in Your Own AccountsSpread over realistic service life
UK Home-Office Simplified Expense£26/month at 101+ hrs/month business use
Consumables Budget£200–400 per full-time artist per month
Professional Indemnity (UK sole trader)Often a few hundred pounds a year; get quotes
UK Self Assessment Filing Deadline31 January following the 6 April–5 April tax year
Typical Commission Split30–50% of piece revenue to the studio
Do not
- Pricing by gut feel without market data
- Switching to booth rent without a reserve
- Commingling personal and business accounts
- Missing the home-office and small-consumable deductions
- Not budgeting for equipment replacement
- Treating tax as a year-end event
Applicable standards
- United Kingdom — HMRC Self Assessment
- United States — IRS Schedule C
- EU & Asia-Pacific — EU VAT