As a creative, your mind is wired to explore every crevice of inspiration that you can muster up. The last thing you want is for your creativity to be abruptly cut short by taxes and expenses gone haywire. Keeping on top of your paperwork is vital to achieving growth and success, especially your expenses, which can allow you to reduce your tax payments.
Why use Dead Simple Accounting
Dead Simple Accounting helps you manage your figures so that your taxes are balanced at the end of the year. We ensure accuracy with our HMRC compliant software that begins with initiating your self-assessment return to filing them with HMRC. From VAT returns to Tax returns, you can count on us for all your accounting needs.
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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 creatives claim?
As a creative you already have enough on your plate to worry about, from understanding client briefs to meeting deadlines, all while building your own business network. The last thing you need to worry about is an unexpected tax bill that eats through your profits.
It is vital to accurately record expenses that can be claimed through the tax year. Our team of qualified accountants can guide you through the different expenses that you can include on your tax return. The following are expenses that may be claimed at the end of the tax year to reduce outgoing costs:
- Computer and printers – The cost of computers and printers can be claimed if the receipts are submitted as proof.
- Websites – A creative’s website that details services, prices, and previous work is subject to tax deductions.
- Licenses and Subscriptions – The cost of images or creative software used for designing can be claimed as expenses. Note that the soft copy of the receipt must be produced as proof.
- Phone and internet – The cost of a mobile or landline business phone, as well as an internet connection, are allowable expenses. Only the portion of the contract costs that are used for business purposes can be claimed.
- Travel costs – The cost of taking trains, taxis, or buses to the client location can be claimed if receipts are submitted as proof. Miles recorded on a personal vehicle to and from a client location can be also claimed as an expense.
- Use of a home office – A portion of household bills such as gas, water, electricity, and rent fall under the expenses that can be claimed.
- Rent – Renting a desk or an office is an allowable expense that can reduce a creative’s taxable income.
- Marketing – Online or offline marketing, paid ads, SEO, and PPC falls under expenses that can be claimed.
- Bank Charges – Having a separate business bank account is advisable as the bank charges paid on the account is an allowable expense.
Need Some Further Help?
If you have any further questions or would us to help with your creative tax needs, get in touch with us today.
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