Once you begin earning a living as a creative, you will have to manage your finances. You must manage your money, write up contracts with studios or independent contractors, put money down for the future, and file your taxes.
It requires a lot of work for anyone. Artists have a very difficult time juggling the creative aspects of their work with several day jobs and the fragile financial situation of the creative life.
Because they aren’t known for maintaining careful records, HMRC looks down on creatives when filing tax returns. However, when creatives want to monetise their work, they follow the same accounting guidelines as any other company.
British art history is highly known around the world. The creative industries account for one in every eleven jobs and provide an hourly output of £10 million for the British economy.
You could need more assistance if your artwork is subject to more onerous tax and accounting regulations.
Your accounting needs can be satisfied by Pearl Lemon Accountants.
We’re prepared to assist.
The benefits of being a self-employed artist include controlling your rates, selecting your clients, and working on projects you prefer. You also have the option to work when and where it’s most convenient for you. Since you’d rather spend your time doing what you enjoy and unwinding, organising your finances should be the last thing on your mind.
Hiring an accountant who specialises in working with artists can help you save thousands of dollars a year in fees. Pearl Lemon has the knowledge and experience necessary to assist you in managing your cash flow and streamlining the financial aspects of your company in a transparent and tax-efficient way.
You may rely on accountants’ skills to solve even the trickiest financial problems that crop up in this industry. You are an artist, after all, and our goal is to give each one of our customers the best experience and service possible.
For instance, as part of our all-inclusive accounting service, Pearl Lemon Accountants assists you with everything from VAT reports and HMRC correspondence to tax returns and invoicing.
You won’t have to be concerned about taxes. Let us handle things so you can concentrate on your craft.
Our tax experts maximise tax breaks, exemptions, and sector-specific tax advantages. Our knowledgeable tax professionals ensure all business tax returns are HMRC-compliant and filed correctly to prevent penalties.
Our international tax experts can help you lower your UK and foreign tax responsibilities whether you migrate abroad or conduct business globally.
Your tax obligation is based on how you set up your foreign business operations. We’ll create a global tax strategy to decrease your tax burden.
Our specialists in international taxes ensure that you and your company comply with all local tax laws while also reducing your tax burden both in the UK and overseas.
Our experts will provide you with guidance on every aspect of your particular tax position to ensure compliance. We offer a specialised solution for submitting UK taxes, whether easy or complex. With these tax services, we aim to minimise tax liabilities while boosting personal wealth.
In the UK, the R&D tax credit is advantageous and generous. Government-backed relief may result in a reduction or refund of a company’s tax obligation.
Many qualified firms decide not to submit a claim because they are unaware of the relief or because it seems too complicated or unsuitable for their operation. Pearl Lemon accountants can help you benefit from the R&D tax credit.
VAT is difficult and time-consuming to navigate. The best VAT plan, however, requires VAT accountants to ensure that your company pays HMRC the correct amount of VAT and complies with all registration requirements. VAT accountants require access to your company’s records in order to produce proper HMRC reporting.
Our VAT accountants can provide vital support and address all of your inquiries throughout the tax year, saving you time and frustration with complicated VAT procedures.
The “Making Tax Digital” Act of 2019 requires businesses to calculate and submit VAT returns digitally; they are no longer allowed to use HMRC’s online services. For VAT returns, MTD-compliant software is necessary.
Our VAT accountants can assist by completing these accounting tasks accurately and efficiently. If your company sells goods and services that are subject to VAT, hire accounting professionals at Pearl Lemon.
Tax audits and inspections can be frustrating. Investigations frequently lead to large tax liabilities, insolvency, the need for a time-to-pay agreement, a voluntary company solution, or creditors’ voluntary liquidation.
You will hear from HMRC or get a letter informing you of the investigation. A tax investigation officially begins when you receive a “information notification” letter. During a tax audit, the inspector will ask to see your records.
If HMRC has permission to call, they will nearly always do so. You run the danger of being fined if you decline to disclose information or agree to a visit.
Consider consulting a professional if you’re unsure about your situation. A tax expert can defend you and argue your case, especially during a tax investigation.
We are aware that the statistics might irk you. Additionally, it might prevent you from developing your work. There is no need to panic, even though the taxes and reporting may appear complicated. We have specialists ready for you.
What do you say, then? Give us a call to save yourself the headache.
Artists, like any other business owners, have to manage their finances, keep track of income and expenses, and comply with tax laws and regulations. An accountant can help artists manage their finances, provide valuable financial advice, help them take advantage of tax deductions and credits, and ensure they comply with all relevant laws and regulations.
Accountants for artists offer a range of services, including bookkeeping, tax planning and preparation, financial reporting, cash flow management, and strategic financial advice. They can also help artists with business planning, budgeting, forecasting, as well as provide support with payroll and employee benefits.
The cost of hiring an accountant for artists can vary depending on the services you require and the complexity of your financial situation. Some accountants charge by the hour, while others offer fixed-fee packages. It’s important to discuss fees and pricing with your accountant upfront and ensure you have a clear understanding of what’s included in their services.
When choosing an accountant for your art business, it’s important to look for someone with experience working with artists and creatives. You should also consider their qualifications, expertise, and communication skills. Look for someone who is proactive, responsive, and transparent and who can provide you with tailored financial advice that fits your unique needs.
An accountant can provide you with strategic financial advice and help you identify opportunities to increase revenue and reduce expenses. They can also help you develop a growth plan that fits your business’s unique needs and provide you with financial projections and scenarios. Additionally, they can help you manage cash flow, ensure you have enough money to invest in your business’s growth, and provide you with valuable financial insights that can help you make informed business decisions.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.