Hope that everyone reading this and their families are safe and well.
As usual, we’re thinking about tax accounting for actors and tax accounting for creative industry practitioners and how it relates to this situation.
And we have a very specific offer of help for you:
Our initial phone or email advice to you is completely free.
If you sign up with us for next year’s tax return (due by 31 Jan 2021), or if you need an emergency submission by 23 April 2020, we won’t demand any payment for acting on your behalf until your tax payment deferral period is over.
Any advice we give about applying for Universal Credit is free, and always will be.
We’re mostly about tax accounting for actors but we also act for the full range of creative industry, cultural industry and sports professionals.
A quick review of the various schemes you should be thinking about:
The self-employment support scheme will be applicable to many of our clients and potential clients. In essence, this scheme will pay 80% of average monthly earnings for 3 months to most freelancers, provided you have submitted some years’ worth of tax returns. HMRC say they will contact everyone who is covered by this no later than June, but you need to be aware of the scheme and to have a good idea of what will come in when. If you’re in doubt, let us know and we’ll help with your calculations.
If you should have submitted a tax return by 31 Jan 2020 (for any business period ending on 5 April 2019) but did not, you have a one-time, must-meet, no-penalty extended deadline of 23 April 2020. You should urgently submit a return if you did not do so, and get in touch if you need help doing so – tax accounting for actors is our speciality.
You may be able to access a Coronavirus Business Interruption Loan on preferential terms. All the main banks (and more) are administering these loans – contact us for further details.
If you have business premises, there are Rates aspects to government support to consider – contact us for details.
If you are a PAYE employee or you have PAYE employees, the ‘furlough’ scheme may apply, and you may also need to consider sick leave – contact us for details.
Various deferrals of the timing of tax payments.
If none of these schemes apply to you, you may well be able to apply for Universal Credit.
Please visit www.accounting4actors.co.uk and find out about tax accounting for actors.