Today is one month until the opening of the world’s largest arts festival- the 2014 Edinburgh Festival Fringe (1st – 25th August 2014). Many of our clients will be performing at The Fringe and we hope their rehearsals and final preparations are going well.
As well as being an incredibly exciting opportunity, taking a show to the Fringe is often unfortunately a very expensive experience for many performers.
Many of the costs associated with performing at the Fringe are allowable expenses for tax purposes, so keeping track of what you spend and claiming all eligible expenses on your tax return can help to lower your tax liability and take the sting out of an expensive trip.
If you’re taking a show to the Fringe, you may incur the following expenses:
- Travel (to Edinburgh and back)
- Travel (to performances within the city)
- Costume hire or purchase
- Prop hire or purchase
- Renting rehearsal or performance space
- Fees for technical staff
- Music purchase
- Research costs
HMRC requires you to keep receipts for all expenses you wish to claim on your tax return. If you are unsure about whether you can claim an item as an expense, keep your receipt and check with HMRC.
Bambridge Accountants specialises in providing tax and accountancy advice to actors and other individuals and companies within the entertainment and creative industries. If you are taking a show to Edinburgh and have queries about the tax implications, contact us today to arrange a free consultation.