Accountants for Artists and Art Galleries
Accounting and tax advice for animators and animation studios
As specialist accountants for art galleries and artists, we provide a range of services from everyday financial administration to strategic tax and business advice.
We know that people don’t enter the art world because they get a kick out of completing VAT returns or preparing annual accounts – even if, in our experience, artists are more business savvy than stereotypes might suggest. That’s why we see our role as, first, to take care of compliance and accounting tasks that would otherwise distract you from focusing on what really inspires and excites you.
Beyond that, it’s about giving you the guidance you need to make the maximum amount of profit, minimise the amount of tax you pay, and make plans for later in life.
Accounting for artists
HMRC doesn’t care that you’re an artist. If you’re drawing income from your work, through sales, commissions, licensing or taxable grants, it expects you to keep records and pay tax on your profits like any other sole trader.
If you operate as a sole trader, you’ll need to complete an annual personal income tax self-assessment return. We can look after that for you, ensuring it gets filed on time, with business expenses, reliefs and allowances taken into account.
Alternatively, you might trade as an artist via a limited company, in which case, as a company director, you’ll have additional statutory responsibilities. We can help you draw earnings from the business in the most tax-efficient way (as a mix of salary, dividends and pension payments) and take care of all the compliance issues you might face. That includes filing your annual accounts with Companies House and managing your corporation tax return.
If you sell your art internationally, either in a physical medium or digitally, we can also advise on the tax implications and help you manage any reporting obligations. Or, if you’re represented by an agent or gallery, we can work directly with them on your behalf.
Artists need to pay particular attention to retirement planning, inheritance tax and how their legacy will be managed when they’re gone. We can provide support on all the accounting and financial aspects of this.
Accounting for art galleries
As specialist accountants for art galleries, we provide hands-on support with things like VAT, payroll and bookkeeping.
We advise on business planning, tax planning and long-term growth, too. If you hope to move to larger premises, or take on additional locations, for example, you’ll also need support with navigating capital gains tax (CGT) and stamp duty land tax (SDLT).
Detailed business plans can help win over investors and lenders. And monthly or quarterly management accounts will help you identify which business strategies are working, and where there might be issues.
Art galleries often trade internationally, leading to complex cross-border transactions, sometimes involving non-resident artists, sellers and/or buyers. We can help you navigate the rules around this, as well advising on taxes on import/export, and EU VAT.
Services for architects…
- Cloud accounting
- Annual accounts
- Company tax returns
- Management accounts
- Payroll services
- Tax planning
- VAT returns
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Let's talk about how Alchemy can help your business.