Read About The 9 Things You Need To Know About Artist Taxes
Rid Yourself From The Hassle of Taxes With Our Accountants for Actors
As an actor, you can earn money from various sources, including theatre work, advertisements, demonstrations, and appearance fees. But managing your finances and taxes while working may be a real hassle. Additionally, you must ensure that you don’t pay excessive tax.
Tax duties for actors can be challenging to manage, and you didn’t go into performing for the sole purpose of filing tax returns and annual accounts.
The entertainment sector is one of the fastest-moving industries in the world. In between acting jobs, you’ll need to keep up with the pace and keep your creative juices flowing to keep up with production. Doing paperwork is guaranteed to hamper your creativity. Even so, staying on top of things is essential to avoid any mishaps as you make your way to success.
Pearl Lemon Accountants can assist you regardless of your level of experience in the entertainment sector.
Book a call with us to learn more about our offers.
Why Do Actors Need An Accountant?
Actors aren’t hard to come by in today’s world. They’re everywhere. Technological advancements have spurred newcomers, resulting in a more dynamic and competitive market for individuals passionate about the arts. Maintaining financial stability and creating a strategy for your future development as an entertainer is critical if you want to succeed.
Your earnings from appearances, concerts, and performances (as well as other diverse privileges, such as free travel or lodging) should be processed appropriately, or you may be obliged to pay tax.
You might not know everything about your finances, but a skilled accountant for artists and performers will be able to help:
- Optimise your financial planning by finding new ways
- Obtain specialised tax guidance to ensure compliance.
- Spend less time worrying about money and more time honing your skills.
What Are The Services We Offer?
Personal Tax Services
Our professionals will advise you on every area of your specific tax position to ensure compliance. We offer a bespoke service for easy and complex UK tax filing. We aim to enhance personal wealth while reducing tax bills with these tax services.
Tax Planning
Our tax professionals maximise tax allowances, reliefs, and industry-specific tax benefits. Our skilled tax experts ensure all business tax returns are HMRC-compliant and filed properly, avoiding fines.
Sole Trader Services
It has never been simpler to provide your knowledge to organisations, whether you are an IT consultant, a business analyst, an architect, or a surveyor, from home or across the nation. Working for yourself as a sole trader and a non-limited entity means you are the business. Keeping track of your finances may be challenging and time-consuming for people with little or no accounting experience. In today’s environment of increased compliance and regulations, it is vital that your books and accounts be up to date and correct.
International Tax Planning
Whether doing business globally or planning to reside abroad, our international tax experts can help you save on the UK and non-UK taxes.
How you structure your overseas personal and corporate affairs affects your tax liability. We’ll create a global tax plan to reduce your tax burden.
Our international tax professionals ensure that you and your company are compliant worldwide and save money on taxes in the UK and overseas.
VAT Accounting
VAT is complicated and time-consuming to navigate. But overall, VAT accountants ensure your firm pays HMRC the correct VAT amount and follows all VAT registration processes for the best VAT scheme. VAT accountants must access your company’s records to enable accurate HMRC reporting.
Our VAT accountants can provide vital assistance throughout the tax year and answer all of your inquiries, saving you time and hassle with complex VAT procedures.
The “Making Tax Digital” Act of 2019 requires businesses to digitally compute and submit VAT returns; they can no longer use HMRC’s online services. VAT returns require MTD-compatible software.
Our VAT accountants can aid by completing these accounting procedures efficiently and accurately. If you are a company that sells VAT-taxable goods and services, hire the Pearl Lemon accounting team to help you in your efforts.
HRMC Tax Investigations
Tax audits and inspections can be stressful, so seek professional guidance unless you’re sure of your situation.
Investigations often result in large tax bills, insolvency, and the necessity for a time-to-pay arrangement, voluntary company arrangement, or creditors’ voluntary liquidation.
HMRC will contact or write to tell you about the investigation. A tax investigation begins with an “information notification” letter. During a tax audit, the inspector will want to see your records.
If HMRC has permission, they’ll almost always call your accountant. You may be fined if you ignore a request for information or decline a visit.
Hiring a tax expert to act and speak on your behalf is a good option, especially during a tax inquiry.
We have more to offer. Give us a call for more details.
FAQs
What can actors claim on their taxes?
As an actor, you can save money on your taxes by claiming certain items as a business expense. You can claim headshots, travel, and a lot more. We’ll teach you about all these if you give us a call.
Can actors deduct travel expenses?
Travel expenditures for actors are deductible. Travelling to an audition is something we’ve all experienced at some point or another. They are preventing any mishaps while commuting in the lucky audition attire. Learn the ins and outs of deductible expenses with us.
Can actors claim clothing as an expense?
HMRC and the IRS generally accept that it is deductible if an item of clothing is used solely for performance (such as a stage production, a feature film, or a television show). Importantly, rehearsal attire is not covered by this policy.
Where and how can I find good accountants?
Accounting directories are a great place to find trustworthy accountants. Ask for references, explore the internet, and get in touch with a few to receive answers to queries. Your business colleagues may have recommendations for experienced accountants as well.
What is an accountant?
An accountant is a person who is certified to execute specialised accounting activities under the guidance of a Certified Public Accountant (CPA), director, auditor, or other financial managers by the school, internship, or job experience. They are commonly seen working for accounting or financial firms. Sometimes, they are also working in a freelance method.
Allowing us to keep an eye on your money frees up your time so that you can focus on your craft and be a better actor for your fans.
It's a win-win situation for everyone.
Because your assets and liabilities are well-managed, you'll also have more financial security in the long term.
If you let us do it for you, you won't regret it.
Get started today by booking a call.