VAT
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Navigating VAT
If your turnover exceeds £90,000, you’ll need to be VAT registered, and you’ll be faced with a number of choices as to how you many want to proceed, including an option for a flat-rate scheme.
Our tax experts can advise you on the best way to manage your VAT registration, schemes and payments to ensure you always make payments and file returns correctly and on time.
Should you register for VAT?
Assistance with VAT registration, management, and submissions to keep your business compliant. Some key considerations on VAT may affect your brand/business are:
- You must register for VAT when your turnover exceeds the VAT threshold (£90,000 from 1st April 2024)
- Your turnover includes all income, royalties, appearance fees and hire charges for sound and lighting engineers
- There are complex rules for some services such as Google Adwords as they are subject to a ‘reverse charge rule‘ as they are billed from Ireland
- There is a flat-rate scheme option and we will advise you whether this makes sense for you, it means that you pay a fixed VAT rate and keep the difference between what you pay to HMRC and the rate you charge to your customers. To be entitled you must have a VAT turnover of £150,000 or less
We understand the entertainment industry’s unique financial challenges. Whether you’re dealing with royalties, touring expenses, or international tax rules, we provide tailored solutions to help you stay in control.
Want to take the stress out of your finances? Get in touch today.
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Your Questions, Answered
How is entertainment accounting different from regular accounting?
Entertainment accounting involves managing fluctuating income, international tax obligations, royalties, residuals, brand deals, and performance-related expenses. We specialize in ensuring that industry professionals remain tax-efficient, compliant, and financially secure, no matter how complex their earnings structure is.
Can you help with international tax if I work abroad?
Yes! Many of our clients work internationally, tour globally, or earn revenue from multiple countries. We provide expert guidance on double taxation treaties, VAT requirements, and foreign income reporting to keep you compliant while maximizing your earnings.
What expenses can entertainment professionals claim for tax deductions?
Common tax-deductible expenses include:
✔️ Travel and accommodation for work
✔️ Agent and management fees
✔️ Equipment and wardrobe (if industry-related)
✔️ Studio rental and production costs
✔️ Professional training and coaching
✔️ Marketing, websites, and self-promotion
We help identify all legitimate deductions to reduce your tax bill while ensuring full compliance.
Do I need to register for VAT as an entertainer?
VAT registration depends on your income level and type of work. If your turnover exceeds £90,000 (UK threshold), VAT registration may be required. However, we assess your situation to determine the best VAT scheme for your specific needs, including handling VAT on overseas income and digital earnings.
Can you help with royalty tracking and image rights management?
Absolutely! We assist musicians, actors, content creators, and other entertainment professionals in tracking royalties, negotiating contracts, and setting up image rights companies to protect and maximize earnings while remaining tax-efficient.
