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 model.
MODELS 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 actors.
Clothing can be an extremely useful expense to claim on your tax return. As an model you almost definitely spend some of your income on work-related clothing, whether it be clothing for head shots, shoots or meetings.
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 models 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 models. If you use your home to apply for shoots, go over documents 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 model. Anyways you promote yourself in an effort to get ahead in your modelling career is claimable. Whether you pay to be mentioned in an article or directory, run an ad campaign on your fashion blog or any other forms of promotion- it's claimable.
Make up and hairdressing are also allowable, but there has to be a clear link to the business purpose, like auditions or rehearsals, in order for this to be allowable.
For cosmetic surgery to be allowable, it will need to be directly related to your profession. You will only incur the surgery because it is necessary to your profession. There has to be a reason behind it, e.g. Teeth straightened due to the close ups.
Following Sibos 2019 this week, Innovative Finance has released a report that shows the high attraction investors are having to UK fintech companies.
The government and HMRC have introduced a number of tax reliefs to work as an incentive to entrepreneurs to keep their business’s growing and thriving. As a business owner or self-employed professional, you can experience huge benefits from understanding the different reliefs and credits you are entitled to.
There are a number of reasons why as a self-employed professional and tax filer you may not be able to pay your tax owed on time; from a miscalculation to an unexpected emergency. If you have realised you are not going to be able to make your tax payment on time, don’t panic. It is important to let the HMRC know that you are going to be unable to pay on time as soon as possible.
The Streamlined Filing Procedure is a tax amnesty scheme introduced by the IRS to help taxpayers get in line with their filing obligations. The Certification by US Person Residing outside of the United States for Streamlined Foreign Offshore Procedures, otherwise known as the Form 14653, is a requirement to anyone filing under the Streamlined Filing Procedure. The form is used to certify that your tax delinquency was non-wilful. The Streamlined Filing Procedure is only available to those who have not wilfully been behind on their tax filing obligations.
On the most part, tax credit has been replaced by the Universal credit. The only reason to make a new claim on tax credit is currently if you receive severe disability premium or if you have received the credit in the past and are still eligible.
Over 50,000 contract workers have been subjected to backdated tax demands of hundreds of thousands pounds. This is after a pursuit put in place by a controversial loan charge aimed to claim back-unpaid taxes from as far back as 1999.
The IR35 is a combined of legislation that is designed to asses whether a contractor is a genuine contractor or an employee for tax purposes. Contractors that work through their limited company enjoy many tax perks, such as claiming expenses against tax, which cannot be enjoyed as an exclusive employee to a company. Contractors also do not have access to many of the perks of employment, such as holiday and sick pay.
The HS2 project is one of the most demanding and exciting transport currently active in Europe. The project has set out to build a railway that will form the new backbone of Britain’s transport network.
The HMRC has continued its crackdown on tax avoidance this tax year, with a record amount of investigations into British taxpayers offshore assets and income; which have been followed by the HMRC’s record net income of £560million.