Creative Accounting For Artists
Successful artists, authors and others in the creative professions may suffer fluctuating profits due to the receipt of advances or the sale of copyright.
However, it is possible to average profits over consecutive years for tax purposes. That means authors and artists who are higher rate taxpayers in one year but not the next (or vice versa), or who pay tax one year but make insufficient profits to use their personal allowances another year, can benefit from lower rates of taxation year on year.
We will be happy to advise on the conditions that must be met to claim this relief.
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