One of the first steps that we will take when looking at your accounts is ensuring that you are claiming absolutely every expense you are eligible to as an model.
MODELS HAVE A NUMBER OF TAX DEDUCTIONS THAT ARE UNIQUE TO ANY OTHER INDUSTRY.
Below we have put together a list of some of the expense you are entitled to as an actors.
Clothing can be an extremely useful expense to claim on your tax return. As an model you almost definitely spend some of your income on work-related clothing, whether it be clothing for head shots, shoots or meetings.
Clothing is definitely one of the more obvious expenses to claim. However for a smooth and painless tax-filing season every year, it is vital that you are aware of your entitlements when claiming this expense. Many models are subject to penalties and hold-backs due to over claiming.
USE OF HOME AS AN OFFICE
Use of home as an office is an expense that all too often missed out by models. If you use your home to apply for shoots, go over documents or any other work-related uses you are entitled to claim this expense.
You are able to claim a percentage of your household bills for your use of home as an office.
Getting your name seen and heard is a major part of being a successful model. Anyways you promote yourself in an effort to get ahead in your modelling career is claimable. Whether you pay to be mentioned in an article or directory, run an ad campaign on your fashion blog or any other forms of promotion- it's claimable.
Make up and hairdressing are 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.
For cosmetic surgery to be allowable, it will need to be directly related to your profession. You will only incur the surgery because it is necessary to your profession. There has to be a reason behind it, e.g. Teeth straightened due to the close ups.