VAT for artists

Value Added Tax (VAT) is a tax charged through a business on their products and services. You only need to register to collect VAT if your income is over a certain amount. Most artists will not need…

Pensions for self-employed people

Kay Linnell and Nick Wilson of Accounts Action Ltd shed some light on the different pension options available. There are many different pension scheme variants, but they fall into two main categories – Defined Benefits and…

Studios, pensions and tax

Buying your own studio is the dream of many artists. Kay Linnell and Nick Wilson from Accounts Action Ltd explains how to do so in the most tax efficient way. The most tax efficient way of…

Hiring people

Even if you are self employed, there may come a point when you need more formal assistance in your practice. For example, you might need to produce a large commission and need help for the period of a…

National Insurance

Employees and self employed people must also pay National Insurance (NI) as well to pay for benefits and pensions. NI is separate from income tax. It pays specifically for unemployment benefits for yourself if you become unemployed. If…

Tax tips for artists

4 out of 5 artists are set to pay more tax than they need to each year. People in Britain overspend £7.6 billion in unnecessary tax every year. It’s a scary statistic. So how can artists…