Accountant for actors
Apart from being a creative profession, the profession of acting is unique when considered for taxation purposes also. It has several accounting challenges due to fluctuations in income, different means of income such as income from acting in productions, from advertisements, by giving interviews and attending inauguration functions etc. Acting is considered as business for taxation purposes and there are several special rules for taxation which need expert attention to get the maximum possible benefit for the actors.
Filing dates for Actors
For self-employed individual returns, the last date for filing is 31st January of the year after the taxable year period. For corporations, the return date is 9 months after the end of the accounting tax period. For example, if the accounting year ends in 31st of March, the corporation needs to file for tax returns by 31st December.
Expenses included for tax relief
Actors can get tax relief for clothing expenses. They can use your home rent for tax relief because most of the times actors use their home as office. They need not have a separate office to claim tax benefits. Actors can also claim their travel expenses related to their work. They can also claim fuel expenses as fixed mileage costs. Cash spent on researching the role also comes under tax benefits. Marketing expenditures done for self-promotion and money spent for training and special classes to prepare for the role can be claimed. There is good provision in the income tax rule for claiming all these expenses.
Types of accountancy services actors need
It’s important to evaluate the kind of business as well as supporting staff & cash inflow for deciding which type of accountancy service is ideal. If you have established as business firm then full time tax practitioners are required also payroll & balance sheets needs to be maintained. For individual receiving payments as self-employed, there is a need to keep accounts and to fie returns.
Choosing an online accountant
Based on the volume tax practitioners can be appointed or requirement based services can be availed from accounting consultancies
It’s important to know about your online accountant before you choose one. First to look for few good examples of online accountants and to be care full to check the reviews in independent sites such as google etc. rather than recommendation written in their own site. The qualification and registration details needs to be cross checked with relevant authorities who has approved the certificate for e.g. ICAEW, AAT, CIPFA and ACCA
How to choose the right Accountants in London
Picking an accountant in London seems to be easy but not the quality deliveries can be expected from everyone. Now a days availability of tax practitioners and accounts are like going for shopping online. It is important to know few facts about accountants before choosing one. It is important to verify that the accountant has gone through the qualification test/certificate from any of the agency such as AAT, CIPFA, CIMA (Chartered institute of management accountants), ICAS (Institute of chartered accountants).
It is also good to know that these agencies also suspend its members if found doing wrong practice. It is also good that if we choose and accountant from a firm which is having enough experience. This will definitely help in cross consultation whenever the need arises. Fees is another important agreement when you choose accountant in London always go for a fixed fee agreement to avoid any disputes or un controlled invoicing which will hit your pocket.
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