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Do Actors Need Accountants?


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#1 bickypeg

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Posted 08 October 2011 - 04:55 PM

Son who graduated last year had short but well paid job on the West End for 3 months-this was his entire salary for that financial year.He is now worrying about his tax return which is looming;he has saved things like train receipts to auditions and so on.Can he do it himself or should he really be thinking about an accountant?Would be grateful for advice.

#2 DonnieSmith

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Posted 09 October 2011 - 12:45 PM

Not really.  It depends on how diligent he's been with maintaining his own accounts -- and how much of an understanding he has of what's legitimately deductible and what's not.  I would say it's roughly half and half (in terms of jobbing actors who use accountants, versus those who don't).  If he didn't receive any guidance from drama school -- some are quite lax about this -- as to what is deductible and why, he should probably either seek the advice of some more experienced colleagues, or just bite the bullet and get an accountant.  If he does go down that route, it's very important he gets one who's used to working with actors as there are a few bits and pieces in terms of allowable expenses etc that are fairly specific to the business (which can actually end as quite a lot in terms of savings).

I'm assuming he's registered self employed and all that?  That being the case, this whole thing has got a lot easier since online returns became possible.  It's not something he should worry about either way -- I've never met an actor who gives it much thought til about the third week of January.

#3 bickypeg

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Posted 09 October 2011 - 07:09 PM

View PostDonnieSmith, on 09 October 2011 - 12:45 PM, said:

Not really.  It depends on how diligent he's been with maintaining his own accounts -- and how much of an understanding he has of what's legitimately deductible and what's not.  I would say it's roughly half and half (in terms of jobbing actors who use accountants, versus those who don't).  If he didn't receive any guidance from drama school -- some are quite lax about this -- as to what is deductible and why, he should probably either seek the advice of some more experienced colleagues, or just bite the bullet and get an accountant.  If he does go down that route, it's very important he gets one who's used to working with actors as there are a few bits and pieces in terms of allowable expenses etc that are fairly specific to the business (which can actually end as quite a lot in terms of savings).

I'm assuming he's registered self employed and all that?  That being the case, this whole thing has got a lot easier since online returns became possible.  It's not something he should worry about either way -- I've never met an actor who gives it much thought til about the third week of January.

Thanks Donnie-that's really helpful.x

#4 bickypeg

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Posted 19 March 2012 - 04:46 PM

View PostDonnieSmith, on 09 October 2011 - 12:45 PM, said:

<br />Not really.It depends on how diligent he's been with maintaining his own accounts -- and how much of an understanding he has of what's legitimately deductible and what's not.I would say it's roughly half and half (in terms of jobbing actors who use accountants, versus those who don't).If he didn't receive any guidance from drama school -- some are quite lax about this -- as to what is deductible and why, he should probably either seek the advice of some more experienced colleagues, or just bite the bullet and get an accountant.If he does go down that route, it's very important he gets one who's used to working with actors as there are a few bits and pieces in terms of allowable expenses etc that are fairly specific to the business (which can actually end as quite a lot in terms of savings).<br /><br />I'm assuming he's registered self employed and all that?That being the case, this whole thing has got a lot easier since online returns became possible.It's not something he should worry about either way -- I've never met an actor who gives it much thought til about the third week of January.<br />
<br /><br /><br />
Just an update-son got himself an accountant for 150 and final tax bill was 1.50!It was certainly worth paying for expert advice!Thanks!




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