Can a creative professional claim their home studio as a business expense?
Yes — a proportion of home costs can be claimed if a room is used regularly for work. HMRC’s flat rate (£10–£26/month) is simpler, but exclusive use may affect CGT on a future home sale.
What are the tax considerations for creative professionals in the UK?
Creatives must register for Self Assessment and can claim expenses on equipment, software, and studio costs. IR35 may apply for company contractors, and VAT registration is required above £90,000.
How is royalty income taxed for creatives?
Royalties are taxable as trading or miscellaneous income and must be declared on Self Assessment. Overseas royalties may benefit from double tax treaty relief, and related expenses can be offset.
R&D Tax Credits
R&D Tax Credits enable businesses that incur costs in developing products, processes, software or services to receive a corporation tax deduction or cash payment from HMRC.
CIS
By speaking with one of our accountants, you can achieve more than just reducing the deductions the main contractors make.
Bookkeeping
Accounting and bookkeeping are important, but they don’t have to be a hassle.
Self Employment
Providing the latest updates to sole traders and adjusting services as necessary, Durrani & Co can assist your business in succeeding.
Self Assessment
We offer a full personal tax compliance service where we can assist you in preparing and submitting your self-assessment tax return on time.
Capital Gains
Our professional tax accountants can advise you if you’re eligible for tax relief on the property if it is a business asset.
VAT
Taxes like value added tax (VAT) are complex and demanding on businesses – so complicated most businesses accidentally overpay or underpay VAT. Simply put, it’s a bit of a hassle.
Company Secretarial
As a business owner, the last thing you need is to use up valuable resources ensuring you’re compliant with the Companies Act.
Company Formation
Registering a company is exciting, but its also a major part in laying the first foundations of your company and there’s more to consider than just buying a cheap ready made company on the internet!
