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Accountant For Artists

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Whether you are joining the art world to compete with hundreds of artists or have the responsibility of looking after one of the many art galleries, an accountant for artists and the art industry is someone you should consider working with. At TaxBite, we have a team of specialist accountants who can help you with the complexities of the art world, offering advice and support regarding your annual accounts, tax planning, tax advice and tax returns.

Our accountancy firm exclusively has amassed experience and extensive knowledge during the more than ten years we have been managing accounting tasks and accounting issues as chartered accountants for the creative industries.

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Accounting for Art Galleries

At Tax Bite, we know individuals and groups of people do not start working in the art world as artists or with art galleries because they like number crunching. The view that artists are not business savvy is a tired old stereotype. However, we still feel that as a team of professionals, our accountants have an appreciation for the complexities of art accounting necessary. It’s worth remembering that HMRC does not care if you are an artist or are running an art gallery. What it cares about is that if you earn money through the work you do, whether it’s through sales, taxable grants, licensing or commissions, you keep up-to-date accounts and pay tax on the profits like all other sole traders are expected to.

Art galleries are also expected to pay stamp duty land tax, capital gains tax and corporation tax.

At Tax Bite, we can provide fully tailored support to your needs. For example, if you are a self-employed artist, we can help with bookkeeping (including your reporting obligations), tax planning, tax returns, and more. While if you run art galleries, we can provide support handling other accounting elements in addition to the bookkeeping and tax like payroll and VAT. We can also provide expert business planning and help with long-term growth.

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Bookkeeping for Artists

With our artists’ accountants, we can help ensure that your books are kept up to date and are fully compliant with HMRC regulations. Although you may think it seems easy to keep a record of your sales and the money you spend on equipment and tools of your trade, there is much more to bookkeeping than meets the eye. Even if you have relevant experience or some accounting skills, it is better to hire professionals and accountants for artists who already know accounting and bookkeeping about artists, art galleries, art dealers and all others involved in the art world.

Services We Offer For Artists

Accounting Software for Artists

As with many things in the modern world we live in right now, accounting has moved into the digital sphere. Cloud-based accounting software makes accounting tasks that would normally be laborious, time-consuming, and easier. Does that mean you don’t need the help of chartered accountants, whether you are a sole trader artist or run one or more art galleries? No, regardless of how much easier it is to conduct accounting tasks with specialist accountants software, if you want to get the best from it, you still need to hire a team like Tax Bite and use our accounting services.

We have experience and certified qualifications using many of the best and most popular accounting software suites. Whether you have a preferred platform that you already use and want to use more effectively or are looking to start afresh with one, we can help you.

When used to the full, we can offer more qualified advice regarding aspects of running your business like cash flow and whether or not it is a good idea to become a limited company.

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What Expenses Can Artists Claim?

At Tax Bite, the clue is in the name. We can help you with all aspects of taxes, including HMRC self-assessment submissions, determining how to make your business more tax efficient, VAT returns and other vital areas of tax planning and paying bills.

Crucially, when trying to become more tax efficient, you need to understand the different expenses you can claim back and save from your bill. Although it will depend greatly on your expenses, we have put together a non-exhaustive list of just some of the expenses you could claim when working as an artist or managing art galleries.

As is the case with most sole trader businesses, expenses on items that are directly and exclusively involved in your business can normally be claimed, such as:

  • The purchase of art supplies
  • Art Stationery
  • Marketing and advertising your art
  • Transporting your art to and from art galleries, art dealers, clients and exhibitions

You must speak to the experts here at Tax Bite for more information about the kind of expenses you could claim back.

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So, whether you are running art galleries or are working as an artist, you need the help of accountants for artists who understand the world you operate in. To account, we also know your business. We can offer the financial support, advice and services you need to maximise your profits while reducing your tax bills and helping improve your position within the sector.

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We offer a full range of services from simple bookkeeping to more involved and intensive business planning, tax planning and ongoing advice. Rather than just having access to different members of our team of accountants, you will be assigned one of our artist’s accountants. This will help us to help you by providing a quicker and more direct service. We have built up an enviable reputation with the clients we have worked with in the past for providing unparalleled accounting support, advice and expertise.

To find out more about our accounting services and to kick things off with your free consultation appointment, contact Tax Bite today. You can give us a call, drop us an email or use the handy contact form on the Contact Us page.