If you're an actor then you will already know how tricky the topic of acting expenses can be. You are reading part 3 of ACTORS' EXPENSES: EVERYTHING YOU NEED TO KNOW. This 3-part series works to break down each hurdle a actor will face when it comes to acting expenses.
See bottom of article for part 1 and 2.
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 its 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.