As a tattoo artist, you spend a great deal of time on much more exciting tasks than balancing the books. The idea of doing so is often the last thing on your mind, but failing to do so can leave a nasty ink blotch on your finances. While paperwork can stand in the way of your daily activities, staying on top of your finances is essential to ensure that your business runs smoothly. Filing your taxes and declaring your income is vital to avoid headaches further down the line.
Why use Dead Simple Accounting
Dealing with finances 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 tattoo studio, or setup base as an individual tattoo 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 tattooists claim?
Most tattoo 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 tattooists 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 a tattoo artist may claim:
- The purchase of ink
- The cost of needles
- Studio supplies
- Any material used in your work
- Rent, both for home offices and regular studio space
- Merchandise sales which can include t-shirts
- Studio or home office operational costs such as heat and electricity
- Business phone or cell phone expenses
- Work-related travel
- Education and training classes
- Donations to non-profit organisations
- Promotional costs inclusive of advertising
- Business banking fees
- Professional fees for accounting and legal matters
- Artbooks and magazine subscriptions
Tattoo Artist Accounting FAQs
Below are some common questions around accounting for tattoists:
Tattooists can claim for a wide range of expenses, such as ink, needles, studio supplies, rent (both for home offices and studios), merchandise, work-related travel and more. Accurately recording expenses can help reduce the amount of tax you end up paying.
Most tattoo artists are self-employed, which means you’re in control of your taxes. For ease and simplicity, many tattooists opt to use an accountant to help them file their tax return.
The average salary for a tattoo artist in the UK is £32,789, which would be taxed at 20%.
The standard Personal Allowance is £12,750, which is the amount you can earn without paying tax. Anything above that would be taxed depending on your taxable income.
Need Some Further Help?
If you have further questions or require assistance concerning accountancy for tattooists, be sure to get in touch with us as soon as you can!
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