Evening kids. It's your Momma Book Bear - and yes I am angling for a column in this vein - to talk about money and your writing. This is going to be a long thread. #WritingCommunity #money #payment
Conversation
1. Register with alcs.co.uk & remember to update work regularly. Not only your books, but articles, features and any contributions to blogs, or online magazines INCLUDING YOUR OWN. There's a modest membership fee,but it's free for members
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You can claim even if you were in a publication - say an anthology - or the sole author of something which paid you zero. Claim for artwork, script, photos, even a diagram. Let NOTHING escape your eye. It can be backdated & this is money which is yours from use of your work
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2. PLR is separate. This remunerates you if your book is borrowed from a library. Eds, translators, audio folk, this is also you. bl.uk/plr This is separate from anything collected by ALCS (point 1).
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3. These two things in hand - and you might have noted an earlier tweet where I quipped that I got twice in ALCS collections for a book as I did for book royalties in a year - keep on your toes. Your agent or small pub unagented does not do any of this for you
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4. What of tax? I'm a sole trader for this 'business'. I do my own return because it's simple (not recommended if you're a Ltd Company or fabulously wealthy). Are you claiming expenses as you ought to be? It's all on the Fill in your tax return stuff somewhere, but I'm going in
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So deduct your agent's fees from any gross 'profit', either listing them as expenses or giving the net profit; remember to claim for necessary business expenses which can include membership of professional associations, books and stationery. Heat and light? Are you missing this?
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If you're working at home - maybe even teaching, too include online - then you are entitled to look at your overall utilities; likely we are all scrutinising these more now because of tough times - so divide relevant bits (gas use, say) between the number of rooms in your house
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Then you claim for one room. Ditto light. This is what I do, working it out carefully and keep the records with your tax stuff in case of query. There are many more things to say here, but why don't I let others add those on at the end, huh?
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5. A lot of trying to establish a writing career might involve sitting on your arse and getting bitter - wait no; that's what I was doing until I thought SOD THIS and started to think about things differently. It may be that you are being handsomely remunerated for a book or two
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However, the vast majority of people are NOT handsomely remunerated, so think of it as one big creative project and look for other sources of income attached to published work or before published work if you are ballsy and organised - which is the least I would expect of you
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Could you pitch a column, a feature, a talk, a couple of sessions here and there at a university or college, host an online retreat or mentor & just for starters? I am NOT suggesting anyone give up the day job or chuck out that wealthy lover you have who is subsidising this lark
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Do you KNOW how bloody minded I am or what a hustler I've become? So, because I have been so poorly remunerated for some things, I go after pieces of work which I know I can do quickly - so, £150 to £200 a column. With practice that gets easier, IMHO
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I have to go & do tea and will be back in a bit. Then we will do questions at the end if you like - but please remember I am not an accountancy or tax professional so you must always check. I am showing you what I do across the board, too - so VARY it according to your own lights
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6. Refer to SoA guides for the idea of the literary estate. This is not then your money, but your beneficiaries' & refers to money made from published work and other pieces - all things for which a contract is held - after you die. Here is what I have done - and this IS part of £
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I have three literary executors (for interest, one is US because we are Anglo-American) but I have one of my older sons as an executor. I have given him specific responsibility for books and work and given him precise details and quickly accessed contacts. Do the same?
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The SoA guides (in the advice sections on the site and all avaliable to non-members, sometimes for a modest fee) will talk you through it. This may not seem empowering but look: it's you taking yourself seriously as a writer, preparing for others & will feed into strength now.
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7. For the love of Welsh cakes, get your contract checked. Your agent is likely to be hot on this but you can still ask the SoA for free. For example, there may be room for negotiation and this first refusal on the next book clause demands scrutiny. Why is that. Lean in and shhh
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You could have the right to negotiate or for it to be on the table. That might mean you can take the book somewhere else £$ & that's particularly moot if you're unagented & haven't got, you know, back-up. Also, you do not have to wait indefinitely for a read of the follow-up book
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Following on from that, if you are working to no timetable whatsoever, this is not a good £ situation and losing morale in this situation also loses £s because you stop seeing possibilities and opportunites if you're down and, frankly, exploited. If your pub. earns, so should you
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8. Related to my earlier point on the big creative project/portfolio, see if you can write in more than one genre or form. Be flexible. This is what I have done, but I must be careful what I say because I KNOW some writers feel they must not. Take advice; ask for clarification
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9. Once you get work published, why not approach some of the big writing organisations & see if you can do a (paid) talk? It feels wrong for me to tell you who to approach, but I can tell you that a couple of pitches, followed by a couple of calls and a zoom, led to 2 years' work
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10. Consider listing your services as a freelancer - in more than one area? - and hustling - on Reedsy reedsy.com/about It can be a good bet. Here is a wonderful newsletter with all kinds of opps: mailchi.mp/69d207801f23/f and sianmeadeswilliams.com/freelance-writ
Questions or comments?
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