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Engage the services of an Accountant, try the Institute of Chartered Accountants: ( www.icaew.co.uk ) , the Inland Revenue ( www.inlandrevenue.gov.uk ) or the telephone directory! Better still ask your Union to recommend an accountant to you.
Save time and money by keeping a record of your income and expenditure and file your relevant financial documents safely ready for your Accountant.
Keep all receipts, agents statements, paid bills, pay slips, bank statements, interest statements from banks and building societies and anything with a financial connection.
Consider opening a higher interest account where approximately 20% of your income can be paid in. Saving towards your tax bills will avoid the stress when it’s time to pay at the end of each January and July.
Deductible Income
The following list shows items of expenditure generally allowed by the Inland Revenue ( www.inlandrevenue.gov.uk ) which may be considered deductible for income tax purposes, allowable if costs are incurred wholly and exclusively for the purposes of following a career in entertainment:-
ACCOUNTANT’S FEES ADVERTISING AND PHOTOGRAPHY – Spotlight & Agency books
AGENTS AND MANAGERS FEES SECRETARIAL SERVICES for keeping books and records etc
POSTAGE for business letters and fan mail
BUSINESS STATIONERY TELEPHONE TRAVELLING AND SUBSISTENCE on tour if supporting a permanent home
TRAVELLING AND EXPENSES including auditions and interviews
MAKE-UP, HAIRDRESSING, WARDROBE AND PROPS, LAUNDRY AND CLEANING – renewal, replacement and repair of wardrobe and props TIPS to dressers etc.
TUITION AND COACHING for speech, singing and dancing etc.
PROFESSIONAL PUBLICATIONS AND SUBSCRIPTIONS – The Stage, PCR, Equity, Radio & TV Times for example
THEATRE AND CINEMA TICKETS
PHOTOGRAPHIC SITTINGS AND REPRODUCTIONS
MAINTENANCE OF INSTRUMENTS AND INSURANCE
HIRE OF TV & VIDEO EQUIPMENT
MOTOR EXPENSES FOR BUSINESS USE
Remember whoever has advised to you, you remain responsible for your accounts.
DISCLAIMER: The above is for information and guidelines only and we assume no liability for how any particular individual chooses to use the information presented here.
RELATED LINKS
Institute of Chartered Accountants
(contact us to link your web site here)
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