You are strongly advised to contact a chartered accountant with knowledge of the French and UK tax systems before filing any tax return in either France or the UK.
You are strongly advised to contact a chartered accountant with knowledge of the French and UK tax systems before filing any tax return in either France or the UK.
Grant funding is traditionally the best-known type of funding for artists. Consequently, it is a highly competitive field with many more people applying for grants than can be supported.
It is sensible to have a meeting with an accountant before you start your business. They can talk you through setting up your accounts and advise you about reclaiming expenses from taxable income.
Accountants help you prepare your taxable accounts for HMRC, help you calculate how much tax you need to pay and can certify that their calculations are correct.
4 out of 5 artists are set to pay more tax than they need to each year.
Value Added Tax (VAT) is an indirect tax charged on many goods (including works of art) and services that VAT-registered businesses provide in the UK.
In general, nearly all the expenses incurred wholly for business purposes will be allowable for tax purposes, with the exception of entertaining expenses, fines and penalties.
George Harrison's pre-decimalisation crie de coeur is everyone's concern, particularly at this time of the year and especially in the arts when organisations and individuals are busy making up and presenting, accounts and budgets, applying for and awaiting receipt of grants, subsidies, awards and bursaries; and drawing up returns for the taxman.
Artists and craftspeople, like any other person living and working in the UK, have to ensure they pay the correct amount of tax on their earnings.