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THE ACCOUNTANT OF CREATIVE INDUSTRY PROFESSIONALS AND COMPANIES

As an accountancy firm that was set up with the soul purpose to save creative professionals money, we understand the unique complexities and the opportunities of creative industry tax. 

With our wealth of knowledge and experience in Creative Industry tax, we save creative professionals thousands of pounds every year. 


EXPERT IN SAVING YOU MONEY AGAINST TAX


OUR OFFICES

OUR UK OFFICE

7 Henrietta Street, London, England, WC2E 8PS, United Kingdom

 

OUR US OFFICE

85 Delancey Street, Floor 2, New York, NY 10002, United States of America

 

OUR CANADA OFFICE

422 Richards Street, Suite 170, Vancouver, BC V6B 2Z4, Canada

 

We're Published

Our extensive UK tax knowledge has been recognised and published in several reputable publications that include, but are not limited to:

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MEET OUR FOUNDER

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ALISTAIR BAMBRIDGE

 


An award-winning author and chartered accountant with over 15 years experience. Alistair established Bambridge Accountants in 2010 after realising the lack of expert creative industry tax support accessible for creative industry professionals and companies. 

Dedicating his practice to supporting creative individuals and companies, Bambridge Accountants is able to provide expert advice on areas including creative industry tax relief, the Seed Enterprise Investment Scheme (SEIS), and research and development tax relief.

With recognition throughout the industry and further; Alistair has been listed in Spears 2018, The Independent, The Financial Times, Forbes, The Times and much more.

 

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PERSONAL TAX


Our highly-trained, expert team of chartered UK tax accountants are dedicated to delivering a accurate and timely service that minimises tax owed while keeping clients in line with their tax obligations.

We can assist all personal tax filing obligations and matters for individuals living inside- or outside- of the UK.

Tax advice and planning

As an internationally renowened accountant specialist in UK, US and Canadian tax, our team of tax advisers are able to identify tax planning opportunities and avoid any potential pitfalls and penalties.

PERSONAL TAX SERVICES

We offer an end-to-end fixed-fee accounting service that covers all areas of UK taxation. Contact us for more information about our services.

Preparation and submission of personal tax return

BOOKKEEPING 

Accountant's letter/mortgage reference

Registering business for VAT

Preparation and submission of VAT return

Preparation and submission of nil return

Calculations and claim for R&D Tax relief and submission to HMRC

Calculation and claim for Film Tax Relief and submission to the HMRC

Authorising a company for SEIS/EIS with HMRC
Providing an SEIS/EIS investor certificate

 

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 YEMI DAVIS GRAPHIC DESIGNS

YEMI DAVIS GRAPHIC DESIGNS

UK Tax deductions for graphic designers

As a graphic designer or art director, you have a number of tax filing obligations.  Bambridge Accountants are an expert team of accountants that specialise in accounting for creative industry professionals such as graphic designers and artistic directors.

Being aware of the tax deductions you are entitled to can save you thousands of pounds against paying unnecessary tax.

Below are some of the tax deductions you can be entitled to as a graphic designer or artistic designer:

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Meals and Travel

  • The cost of buying meals when you work overtime, provided you have been paid an allowance by your employer
  • The cost of meals and incidental expenses when you are required to stay away overnight. If you didn’t receive an allowance, you should keep receipts to prove the amount you have spent on all meals and accommodation
  • The cost of parking, tolls, taxis and public transport if you are required to travel to attend seminars, meetings and training courses.
  • The cost of using your own car for work, including traveling to clients’ premises, attending meetings, attending training courses and collecting supplies for the business.
  • Work Clothing

  • The cost of buying compulsory uniforms. Conventional clothing is NOT deductible, even if your employer tells you to wear a certain style or quality of clothing
  • The cost of laundry, dry cleaning, alterations or repairs of your uniforms
  • The cost of buying sun protection items if you are required to work outside at least part of the time

Training

  • The cost of work-related short training courses, for example training in new software packages, OH&S and management skills, which are not run by a university or TAFE.
  • The cost of self-education courses run by a University (not including HECS/HELP fees) or TAFE (for example Bachelor of Arts, Graphic design, Communications or Marketing). If you are studying, you can also claim for the cost of books, stationery, equipment and travel required for your course
  • Work Tools & Equipment

  • The cost of buying and repairing equipment you use at work, including electronic organisers, laptop computers, work-specific software and mobile phones
  • The cost of any materials or supplies that you buy for use at work, for example memory cards, USB sticks stationery, diary, work bag or briefcase
  • Memberships, Books, Phones & Internet

  • The cost of annual association membership fees
  • The cost of work-related magazines, journals or books 
  • The cost of the work-related portion of your pay TV rental, where it is used for research in your job
  • The cost of work-related mobile or home telephone calls and rental
  • The cost of work-related internet connection fees 
  • The cost of maintaining a home office if you are required to complete work at home
  • General Expenses

  • There are some tax deductions that all employees can claim on their personal tax returns:

  • The amount of any donations to registered charities
  • The cost of bank fees charged on any investment accounts
  • The cost of income protection or sickness and accident insurance premiums (this type of insurance covers you if you hurt yourself
  • Your tax agent fees 
  • The cost of travelling to see your tax agent 

Contact us for expert accounting advice for YOUR INDUSTRY

 ILLUSTRATION BY OUR CLIENT, ELLA JACKSON.

ILLUSTRATION BY OUR CLIENT, ELLA JACKSON.

What to do if you missed the UK tax deadline

Point system

The current HMRC point system I place means that the HMRC are able to demand a penalty of £100 for late filing during the first three months after the deadline. After the three months, additional penalties of £10 per day can be demanded, up to a maximum of £900, followed by a further six and 12 months after the deadline.

In serious cases, if you’re more than 12 months over due with your tax return you may be asked to pay up to 100% of the tax due as well as any tax you owe, thus doubling the payment.

 

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Should you have filed a tax return?

You must fill in a tax return if:

·       you're self-employed, a business partner, or director of a limited company

·       you're an employee or pensioner with an annual income of £100,000 or more

·       you have a pre-tax investment income of £10,000 or more

·       you're a 'name' at the Lloyd's of London insurance market

·       you're a minister of religion

·       you're a trustee or representative of someone who has died

 

I’ve missed the tax deadline, what can I do to avoid a fine?

If you have a genuine reason why you missed the tax deadline the HMRC may waive the penalty for a late return if you can provide a ‘reasonable’ excuse.

The HMRC states that a reasonable excuse for missing the deadline is ‘normally something unexpected or outside of your control that has stopped you meeting a tax obligation’.

Examples include:

·      Death of a partner

·      An unexpected serious illness

·      Computer failure

 

If you’re overdue contact us today and get back on track

CORPORATE TAX


EXPERT IN SAVING YOUR BUSINESS MONEY AGAINST TAX


Our market-leading approach combines our extensive knowledge surrounding all areas of corporate tax with an extensive understanding of the importance of financial stability and growth to your business to provide clients with an efficient and informed service that minimises tax while keeping companies in line with their tax obligations.

We offer a broad range of corporate tax services tailored to meet the wants and needs of small-to-medium sized companies.

CORPORATE TAX SERVICES

Formation of a company limited by shares

Formation of a company limited by guarantee

Formation of a limited liability partNership

Formation of a community interest company

Preparation and submission of company accounts

Preparation and submission of company tax return

Preparation and submission of dormant accounts

Preparation and submission of an annual return

Registering business for VAT

Preparation and submission of VAT return

Preparation and submission of nil return

Calculations and claim for R&D Tax relief and submission to HMRC

Calculation and claim for Film Tax Relief and submission to the HMRC

Authorising a company for SEIS/EIS with HMRC
Providing an SEIS/EIS investor certificate

Registering a business for PAYE

Payroll

End of year Payroll preparation and submission

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 Work by Salt and Pepper Creative, For Flash

Work by Salt and Pepper Creative, For Flash

Tax efficient investments for companies

As the owner of a company tax efficient investments can save- and make- you thousands.

There are a number of income tax friendly investment schemes that are sanctioned by the government- the EIS, seed EIS and VCT schemes to name a few. However, this is lesser the case for corporate investors. The fewer opportunities for companies to minimise tax through investment is likely to be part of the reason why corporation tax rates are more generous that income tax rates.

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Community Investment Tax Relief (CITR)

Community Investment Tax Relief (CITR) is a type of investment scheme that can be benefited from by companies. 

The CITR scheme encourages investment in disadvantaged communities by giving tax relief to investors who back businesses and other enterprises in less advantaged areas by investing in accredited Community Development Finance Institutions (CDFIs).


The tax relief is available to individuals and companies and is worth up to 25% of the value of the investment in the CDFI. The relief is spreadable over 5 years, starting with the year in which the investment was made.

CITR is not ad flexible (in terms of potential investment targets) as the EIS relief because it is specifically aimed at encouraging investment in disadvantaged areas and communities.

Form of Investment in CDFI

You can subscribe for shares in the CDFI or make a loan to it.

Shares

If you opt in to invest through shares, there is a minimum holding period of 5 years. If the shares are sold before this period, relief is withdrawn.

Loan

If you choose to invest through a load,  it needs to made available in full. However, a drawdown over a period of no more than 18 months is permitted.

Eligible investors

In order to claim the relief you company must:

·      Be the sole beneficial owner of the investment

·      Not control the CDFI

·      Not be a CDFI itself

·      Not make an investment as part of a scheme to avoid tax

The Relief

Once a qualifying investment is made and a certificate is issued, the company can clam a deduction of the lower of:

·      5% of the amount invested

·      The amount of corporation tax due

For the accounting period including the date of which the investment and the accounting periods in which the following four anniversaries of that date follow.

 

Contact us for more information

 Work by our client, Rhodes Studio, for Ted Baker

Work by our client, Rhodes Studio, for Ted Baker

Rewarding your employees for long service

If you’re a business owner looking to reward one of your employees for long service there are a number of tax incentives and obligations you must consider.

 

Rewarding employees with cash gifts is taxable

 

By rewarding your clients with cash the gift will be subject to tax. The HMRC does however allow certain gifts to make in recognition of long service, subject to some conditions. These conditions include:

·      Must be for 20 or more years of service

·      Is not cash or vouchers that can be converted into cash

·      Does not cost employer more than £50 for each year of service

·      Where more than one long-service gift is made to the same employee the exemption can only apply if there has been at least 10 years between each gift.

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If you would like to provide your employee with a gift of monetary value

 

One way to give your employee a gift of monetary value without actually doing so is letting them choose something they would usually buy- such as a season ticket to a football team.

 

Trivial Benefits Exemption

 

If you have chosen a gift for your employee but want to add further monetary value, you could consider using the trivial benefits exemption. The exemption is restricted to non-cash awards, and a maximum of £50. However, it can be applied more than once. Therefore you could, for instance, buy an employee vouchers redeemable at a restaurant each month.

 

Pension contributions

 

Given that the employee has worked for you for over 20 years, it is likely that your employee is approaching or over 55. This means that you could consider making a pension contribution, of which 25% would be tax free when accessed. If they are over 55 the contribution can be accessed immediately. Therefore by making a contribution of £4000 to their pension £1000 will be tax-free.

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CREATIVE INDUSTRY TAX


CREATIVES CHOOSE BAMBRIDGE.


Creative Professionals are unique when it comes to the world of taxes. We specialise in creative industry tax, providing advice on the special tax rules that apply to creative individuals and businesses.

With over 10 years experience working with thousands of creative professionals, we are truly expert in your field. We offer friendly, easy to understand advice that cannot be beaten 

VIEW JUST A FEW OF THE CREATIVE SECTORS WE ARE EXPERT IN

 

OUR TALENTED CLIENTS


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