Accurate record keeping: An Actors Guide

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Overview

 

As explained in our actors guide to self-assessment, the income you receive through your acting work is classed by HM Revenue & Customs (HMRC) as self-employment income. For the purposes of self-assessment therefore, you are classed as running a business as a self-employed actor.

 

It is imperative that you keep accurate and up to date records of your business income and expenses for your tax return. As your tax return will also need to include any other sources of income, such as employment income, savings interest etc, you’ll also need to keep records of your personal income.

 

As part of the annual fee of £85, we are here to answer any questions you may have regarding your record keeping responsibilities and your self-assessment tax affairs as a whole.

 

 

What records to keep

 

You’ll need to keep records of:

 

  • all your self-employed acting income

  • all business expenses (see our expenses guide for further advice on expenses)

  • VAT records if you’re registered for VAT

  • PAYE records if you are also employed, such as your P60 and P11d

  • records about your other personal income, such as savings and investment income

 

 

Keep proof!

 

Types of proof include:

 

  • all receipts for materials and services

  • bank statements, chequebook stubs

  • sales / fee invoices

 

 

How long to keep your records

 

You must keep your records for at least 5 years after 31 January of the relevant tax year.

 

Example

 

If you send your 2013 to 2014 tax return online by 31 January 2015, you must keep your records until at least the end of January 2020.

 

If your records are lost, stolen or destroyed

 

If you can’t replace your records, you must do your best to provide figures. Tell HM Revenue and Customs when you file your tax return if you’re using:

  • - estimated figures - your best guess when you can’t provide the actual figures

  • - provisional figures - your temporary estimated figures while you wait for actual figures (you’ll also need to submit actual figures when available)

 

 

 

For a fixed fee of just £85 each year, we will not only prepare your tax return we will also be available to guide you through everything and answer any questions you may have. We will ensure you remain on the right side of HM Revenue & Customs at all times! 

Any questions?

Call FREE 0800 772 3911

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