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Let Us Deal With Your Finances For You With Our Accountants for Artists

Once you start working as a creative, you’ll have to deal with your own money. To be creative, you must keep track of your finances, create and sign contracts with studio spaces or freelancers, save for the future, and submit your tax returns.

For anyone, it’s a lot of labour. Managing the creative components of their work, as well as several day jobs and the financial precariousness of creative existence, is highly challenging for artists. 

On the other hand, HMRC disdains creatives when filing tax returns, as they aren’t exactly known for keeping meticulous records. Nevertheless, when artists decide to turn their passion into dollars, they adhere to the same accounting responsibilities as any other firm would.

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Busy accountant

The history of art in the United Kingdom is well-known around the world. One out of every eleven employment is associated with the creative industries, which provide an hourly output of £10 million for the British economy. Fine art is a multi-billion dollar industry, and it’s still expanding.

As a result, you may require additional support if your art becomes subject to more stringent taxation and accounting requirements.

Pearl Lemon can meet your accounting needs.

We’re here to help.

Why Should You Outsource For Accountants?

Setting your pricing, choosing your clientele, and working on only the projects you enjoy are advantages of being a self-employed artist. In addition to these benefits, you have the opportunity to work when and where it is most convenient for you. Organising your funds should be the last thing on your mind, as you’d rather spend your time doing what you prefer and relax.

You can also save thousands of dollars a year if you hire an accountant specialising in working with artists. When it comes to accounting for artists, Pearl Lemon has the knowledge and expertise to help you manage your cash flow and optimise your business’ finances in a tax-efficient and straightforward manner.

You may rely on the expertise of accountants to handle even the most challenging financial issues that arise in this field. After all, you’re an artist, and we’re here to provide the most excellent possible customer service and experience to all of our customers.

For example, Pearl Lemon Accountants help you with everything from VAT returns and HMRC correspondence to tax returns and invoicing as part of our all-inclusive accounting service.
This way, you don’t need to worry about your taxes. Leave that up to us as you focus on your art.

Our Award-Winning 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.

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.

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Businesswoman in suit experts discussing information during accounting process in office.

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.

R&D Tax Relief Advice

The UK’s R&D tax rebate is practical and generous. Government-backed relief can lower or refund a company’s tax obligation.

Many qualified companies do not file a claim because they are ignorant of the relief or because it seems too complicated or inappropriate for their business. Design and engineering development are eligible for R&D tax credits. Pearl Lemon Accountants know this and can help.

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.

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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.

Are you interested in something not on the list? Why don’t we discuss that over a call?

FAQs

An accountant helps your firm satisfy statutory duties and file tax returns on schedule. Accountants can aid with business planning.

People aren’t always sure of tax and VAT return laws. Many business expenses aren’t tax-deductible. Incorrect tax filing can result in penalties, so accuracy is vital. Don’t guess. Hire an accountant.

Our accountants have almost 100 years of combined experience. Tax returns, self-assessment, end-of-year accounts, and VAT submissions are all part of this work experience, including dealing with the more traditional aspects of taxation. Payroll and financial audits are only two of the more complicated accounting tasks our team is well-versed in.

Also, Pearl Lemon Accountants is a subsidiary of the Pearl Lemon Group. As a result, we have access to resources that other businesses do not. We have offices throughout Asia, Africa, North America, and Europe, making us an international company.

Sole traders, multinational organisations, and seven-figure businesses are all examples of our clientele.

We work remotely, and our accountants are found worldwide, including in the UK, the US, and Asia. However, our office is in Chancery Lane in London, United Kingdom. 

While freelancers are not legally obligated to keep financial records (as businesses are), failing to do it can be an expensive mistake regarding financial and tax consequences. Perhaps your bank and credit card statements are incorrect, but you won’t know until it is too late to make the necessary adjustments. Paying a bill late might hurt your credit score. When saving and investing money, you may not know where to start. Alternatively, you may fail to account for costs that offer you tax benefits.

You don’t need an accounting degree or be “smart with numbers” to keep track of your income and expenses, but it does take time and effort. Regardless of how you do it, it’s up to you. Choose between 1.) hiring a professional or 2.) handling some of the work yourself with the assistance of a professional occasionally.

At Pearl Lemon Accountants, we recognise that a general service provider cannot provide a company with all the advantages of using our accounting services. Every service that you select for your company or account is therefore personalised in this way. Your financial statements will not be the same as those of the other clients since we respect and value diversity and individuality in every business we work in. Our prices also vary depending on the services you select. 

It’s best to get in touch with us to learn more.

We know that the numbers may bore you. On top of that, it might even hinder you from pursuing your art.

This may seem complicated with the taxes and the reporting, but there is no need to worry. We've got experts lined up for you.

So, what do you say? Just rid yourself of the hassle and give us a call.