Accounts for Musicians, Artists, and Actors
Many musicians, actors and artists have fluctuating profits from a variety of income streams. From a musician’s point of view this can happen when preparing an album one year and not releasing/promoting the same until potentially the following year. From an artist’s point of view this could be receiving a large commission for which lead time can be several months to receiving payment for the same. To help balance out these peaks and troughs in profits we can elect for an artist’s averaging claim, which effectively averages out two years profits.
Many artists also have income from the EU and worldwide. This can affect your tax, annual accounts and VAT (EU MOSS and EC sales). This is nothing to be scared of and we can help with these issues and general tax planning requirements, as well as the usual VAT return preparation, reviewing your VAT scheme, and annual accounts and tax return preparation (which includes foreign exchange income) and filing. We help many of our clients put in place efficient and cost effective business processes, with excellent results. We can also ensure that you are ready for Making Tax Digital.
Need an accountant who understands the complexities of the arts industries?