MAKING A MARK: Tax Tips for UK Artists

Two months back I shipped a Zoom Talk to new artwork graduates about “Tax Recommendations for British isles Artists” – and walked them via the procedure of starting out with their tax affairs with the HMRC and what they wanted to do.

You can discover out what the Speak addresses down below.

Any art culture or group of artists who’d like to me to deliver a Zoom Talk can get in touch with me by using the Make contact with Sort at the conclude of my ‘Would You Like Me to Support Page’ on Artwork Small business Data for Artists.

As nicely as preparing the Chat, I have also been updating the web pages on my Art Business Information for Artists website about

Each of these incorporate substantially of what I protect in the Chat – in addition HMRC Films explaining precise areas of importance.

Tax Suggestions for Uk Artists – the Zoom Talk

The communicate covers

Do you will need a Tax Return?

HOW to know the big difference among:

Interest artists
Self-employment
Investing

The “Badges of Trade”

Fundamentally this is about producing confident artists recognize the basic principles they have to have to know – to operate out irrespective of whether they require to sign up as a sole trader and self assessment for Earnings Tax.

How to Hold Tax Paperwork

WHAT records you will need to maintain
WHY tax is electronic
HOW to continue to keep information
HOW to make sure your invoices are valid tax files

This is all about how to make lifetime effortless for yourself in terms of holding your transactions recorded your paperwork organised and your invoices valid tax documents

HMRC Principles

Standard tax
How you are used
How to Sign-up

HMRC Govt Gateway account
For self-evaluation
As Trading / Sole Trader

Self-assessment

Enterprise tax return
NEW! Making Tax Digital (i.e. ITSA for MTD)

This covers the essential procedures concerned in registering with HMRC and the documentation you have to finish

Tax Return Practicalities

Timescales for completing tax returns
What you must declare
Allowable Expenses
Allowances

Extra basics relating to timelines, what you Should DECLARE and what you can assert to offset your cash flow obtained to make your taxable profits.

Spending your Tax Monthly bill

What you have to shell out
Options for payment
How to pay it at year end

The nitty gritty of how and when to shell out your tax invoice

VAT

Four issues you Ought to know about VAT!

I promise you can expect to be amazed by some of this….

Cash flow Tax Self Evaluation for Creating Tax Electronic

I will be carrying out a seperate website write-up about the exhilaration which is ITSA for MTD – or Revenue Tax Self Evaluation for Building Tax Digital.

Owning delayed its implementation for All people with a turnover of a lot more than £10k a year (which is likely to be most complete-time expert artists), the Federal government is last but not least finding all-around to catching up on the missing documentation for how this is likely to work

At current we can only be specific of a handful of issues:

it’s relevant to all self-employed artists with a turnover of a lot more than £10,000 p.a. who Need to:

continue to keep their records on a quarterly basis
submit MTD statements on a quarterly basis.

it is really relevant from from the tax yr commencing 6th April 2024 (i.e. in 18 months time)!

Without Qualified Liability

As constantly, though I’m a qualified accountant, I am also

retired and
not a member of my expert Institute any far more and
do not have any expert liability insurance policies.

It is really a whole time task to keep up with changes in tax regimes which is why, although I do a typical update for the British isles Page, I do NOT recommend that I can deliver all the responses or that my pages contain all the most up-to-date most up to date assistance.

That’s why tax accountants charge the charges they do!

Tags: artists