Actors Expenses: Everything you need to know
Advertising is key to getting your name out there, and getting work. These advertising expenses that you incur are allowable. These expenses can be websites, adverts on website, etc.
Use of home as an office
Use of home, as an office is a common expense often missed out by actors. You are able to claim a percentage of your household bills for your use of home as an office. This can be calculated by the amount of rooms you have excluding bathrooms, hallways and toilets. Then how many hours you would spend at home, and then how many hours working.
Equipment (Capital Expenditure)
Equipment is defined as items that you intend to use for a prolonged period (Usually more than a year). You do not include this within your business expenses but instead you claim an AIA (Annual Investment Allowance) which will help reduce the tax you pay, You will need to reduce you claim if it's part personal.
Cars have a much more complicated approach to claiming allowable expenses. You claim a WDA instead of AIA. The WDA you can claim is 8% for cars over 130g/km CO2 emissions, 18% for cars with 130g/km or less CO2 emissions, 100% first-year allowance for cars with CO2 emissions of 110g/km or less.
Clothing can be an allowable expense for actors, depending on the conditions of use for the clothing. The clothing has to be for work use and not intended for any personal use as well.
For cosmetic surgery to be allowable, it will need to be in your profession. You will only incur the surgery because of your profession. There has to be a reason behind it too, e.g. teeth straightened due to TV close ups.
Make up and hairdressing is also allowable, but there has to be a clear link to the business purpose, like auditions or rehearsals, in order for this to be allowable.
Start Up Costs
Start up costs would be the costs that an actor would incur prior to registering as self-employed. These costs can be Subscriptions and other related costs.
Travel expenses that can be claimed can include: train fares, Bus and all other travel options for business purposes. To claim use of your car you can use HMRC’s fixed mileage amounts. Car: 45p per mile for the first 10,000 25p thereafter. Motorcycle: 24p per mile. Cycle: 20p per mile, or claim your actual business motoring expense by keeping a record of business and personal mileage.
Course fees that are incurred while on the job, for example professional workshops are allowable but new skills courses are not allowable.
Agents’ and managers’ fees
These are the fees that you will get charged if you have an agent who gets you work and will charge commission on your income, This is an allowable expense.
Theatre and Cinema Tickets for Research
As an actor, You can claim your theatre and cinema tickets for research if you are looking at playing a role that you require to research different techniques.