One of the first steps that we will take when looking at your accounts is ensuring that you are claiming absolutely every expense you are eligible to as an actor.
Actors have a number of tax deductions that are unique to any other industry.
Below we have put together a list of some of the expense you are entitled to as an actor.
Clothing can be an extremely useful expense to claim on your tax return. As an actor you almost definitely spend some of your income on work-related clothing, whether it be clothing for auditions, shoots or rehearsals.
Clothing is definitely one of the more obvious expenses to claim. However for a smooth and painless tax-filing season every year, it is vital that you are aware of your entitlements when claiming this expense. Many actors are subject to penalties and hold-backs due to over claiming.
USE OF HOME AS AN OFFICE
Use of home as an office is an expense that all too often missed out by actors. If you use your home to apply for auditions, rehearse a script or any other work-related uses you are entitled to claim this expense.
You are able to claim a percentage of your household bills for your use of home as an office.
Getting your name seen and heard is a major part of being a successful actor. Anyways you promote yourself in an effort to get ahead in your acting career is claimable. Whether you pay to be mentioned in an article or directory, run an ad campaign on your acting blog or any other forms of promotion- it's claimable.
Equipment is defined as items that you intend to use for a prolonged period. Your do not include this in your business expenses but instead in an AIA (Annual Investment Allowance), which works to reduce the tax you pay.
If the item has been brought for a part-personal reasons you will have to apportion the expense. So that laptop you brought to apply for auditions can go on you AIA and save you money!
If you have received cosmetic surgery for work-related purposes (i.e. to get a role) the expense is claimable. However, be careful with this expense, as the HMRC will pay close attention when accessing whether this expense is wholly claimable.