At Dead Simple Accounting we work with a wide range of creatives such as musicians, tattooists and photographers. As such, we understand the complexities that can be associated with these professions and industries.
As an artist, you have the freedom to select the projects you work on and the clients you work with, allowing you to express your creativity in the way that suits you best. However, tedious financial paperwork can be seriously damaging to a creative mind, and quickly detract you away from doing what you love.
Why Use Dead Simple Accounting
Dealing with finances in the art industry is no easy feat considering the amount of paperwork and legalities involved. Dead Simple Accounting leaves you to take care of your business, while we take care of the boring stuff. We can guide you through the entire process, from completing your self-assessment to filing them with HMRC. We also offer services that help to forecast any risks that stand in the way of your goals, whether you’re looking to set up your very own art studio, or start as a freelance artist.
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At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.
If you’re interested in other services, such as setting up a company or payroll, head over to our quote page for a free and instant estimate.
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What Expenses Can Artists Claim?
A lot of artists are self-employed which leaves them solely in control of their taxes. Whether self-employed or part of a business, understanding how to file your taxes correctly is vital to your cash flow. Recording expenses accurately can significantly reduce the amount of tax you end up paying each year.
Claiming expenses at the end of the year is an important aspect of accounting for artists as it enables you to cover up most of your costs. The key lies in being able to accurately produce receipts as proof of your spending solely for your business. Our qualified team of accountants can guide you through the different expenses that you can include on your tax return to save on payments.
The following are expenses that an artist may claim:
- Art supplies & materials
- Studio rent
- Advertising and marketing
- Website hosting & domain name costs
- Courses and training
- Consumable equipment
- Laundry & cleaning supplies
- Accountancy fees
- Travelling expenses
- Use of a home office or studio
- And more…
Generally speaking, if something is solely for business use then it’s likely it can be claimed as an expense. It’s important that you keep on top of your paperwork, so ensure you save all receipts and invoices and snap a picture of them as a backup.
These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.
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