Creative Industry Accountants - Tax and Filing for Creatives

What is Accounting for Creatives?

Accounting for creatives is a specialised service designed to meet the financial needs of individuals and businesses in creative industries. It goes beyond standard bookkeeping and tax filing by addressing the specific challenges creative individuals, industries and agencies face.

Accounting for creatives focuses on simplifying accounting and tax complexities, ensuring that creative professionals can focus on their business while staying on top of their financial responsibilities.

Key Aspects of Accounting for Creatives:

1. Managing Irregular Income: Majority of creatives don’t earn a consistent salary. Payments can vary from month to month, depending on projects, clients, and seasonal demand. An accountant for creatives helps track income, plan for quieter months, and ensure financial stability throughout the year.
2. Tracking Expenses: Creative professionals often have numerous expenses, such as equipment, software, studio rentals, travel, and materials. Creative industry accountants help categorise and track these expenses, ensuring nothing is overlooked when filing tax returns.
3. Maximising Tax Deductions: Creatives are often eligible for specific tax deductions related to their work, such as tools, training, or workspace costs. A creative-focused accountant knows what can be claimed, reducing your tax liability and saving you money.
4. VAT and Tax Compliance: It's really tricky for creatives to understand VAT and tax rules, especially those who sell their work internationally. Creative accountants ensure compliance with UK tax regulations while minimising the hassle.
5. Simplifying Bookkeeping: Keeping track of invoices, receipts, and payments can be time-consuming. Accountancy for creatives includes streamlined bookkeeping systems that make it easier to organise your finances.
6. Budgeting for Irregular Expenses: Creatives often need to invest in high-cost items like cameras, instruments, or software. Specialised creative accounting services help plan for these expenses without disrupting cash flow.
7. Financial Advice for Growth: Beyond day-to-day financial management, CPA for creatives includes business advice, such as setting up as a sole trader or a limited company, scaling operations, or preparing for larger projects.

Why Do Creative Professionals, Agencies, and Industries Need an Accountant?

Creative professionals, agencies, and industries thrive on innovation, imagination, and passion. However, managing finances can often feel like an uphill battle, especially in a field where income is irregular and expenses vary project by project. Having a skilled accountant is not just a convenience—it’s a necessity for ensuring financial stability and long-term success. Here’s why creative professionals and industries need an accountant:

• Manage Income: Track irregular earnings and smooth out income fluctuations by creating a budget, forecasting cash flow, and advising on saving strategies to maintain financial stability.
• Handle Taxes: Creative business accountants prepare and file accurate tax returns, ensuring compliance with UK tax laws and handle royalties, licensing, and international income.
• Claim Deductions: A creative accountant identifies eligible deductions, ensuring you claim everything you’re entitled to, which can significantly reduce your tax bill.
• Supporting Business Growth: Creative agency accountants advise on scaling, hiring, and choosing the right business structure to help creative agencies grow efficiently.
• Preparing for Audits and Financial Reviews: Accountants for creative professionals ensure your financial records are accurate and ready for audits or reviews, easing the process for agencies and businesses.

Tax-Deductible Expenses for Creatives

As a creative professional, you can claim various tax-deductible expenses to reduce your tax bill. Here’s a list of common tax-deductible expenses creatives can claim:

1. Equipment and Tools

Expenses for items like cameras, laptops, drawing tablets, musical instruments, and other essential tools for your work are tax-deductible. If you purchase or upgrade equipment, keep the receipts to claim them.

2. Software and Subscriptions

You can claim software used for your creative work, such as editing programs, design tools, or project management apps. Subscriptions to creative platforms like Adobe Creative Cloud or stock libraries also qualify.

3. Office and Studio Costs

If you work from a home office or rent a studio, you can claim part of the costs, including rent, utilities, and internet. For home offices, calculate the percentage of your home used for work to claim the corresponding costs.

4. Materials and Supplies

Consumables like paint, paper, film, props, and other materials needed for your projects are deductible. Keep detailed records of your purchases.

5. Travel and Transportation

Travel expenses for work, including attending shoots, meetings, or exhibitions, are deductible. This includes public transport costs, mileage for personal vehicle use, or even accommodation for overnight stays.

6. Training and Development

Courses, workshops, or classes that enhance your skills or grow your creative business can be claimed. This includes both in-person and online learning.

7. Marketing and Advertising

Costs for promoting your work, such as website hosting, social media ads, business cards, or portfolio printing, are fully deductible.

8. Professional Services

Fees paid to creative industry accountants, legal advisors, or other professional services related to your creative business are deductible.

9. Insurance

Business insurance, such as public liability insurance or equipment insurance, can be included in your tax-deductible expenses.

10. Memberships and Subscriptions

Membership fees for professional organisations, unions, or creative guilds are also deductible if they relate directly to your work.

Why Choose GoForma as Your Accountants for Creatives?

Choosing the right accountant is important for managing your finances and growing your creative business. Here’s why we are the ideal choice for creative professionals and agencies:

Expertise in the Creative Industries:

Our team of experienced accountants for creatives specialises in serving the unique financial needs of the creative industries. We understand the unique financial challenges faced by creative professionals, from irregular income to project-based expenses. Our expertise ensures your finances are in safe hands.

‍Dedicated Accountant:

You will work with a dedicated creative accountant who takes the time to understand your creative business and its goals, offering personalised advice and strategies to optimise your financial success.

Competitive Pricing:

We offer high-quality accountancy services for creatives at competitive prices. Our pricing is transparent, and we provide packages that are designed to give you the best value for your money.

Certified Accountants:

Our team consists of certified creative agency accountants who you can trust that your finances are in capable hands. We stay updated with the latest tax laws and financial practices to ensure you get the best advice and support.

Proactive Tax Planning and Financial Advice

Our accountants for creative entrepreneurs proactively help you reduce your tax bill, identify growth opportunities, and provide actionable advice to secure your financial future.

Excellent Client Support:

‍We pride ourselves on providing excellent client support. Whenever you have questions or need assistance, our accountants for creatives are always ready to help through email, phone call or WhatsApp.

FreeAgent Partnership Benefit:

Enjoy FreeAgent accounting software for streamlined bookkeeping and financial management, included in our services at no extra cost.

Who We Help

GoForma proudly serves various types of creatives and creative companies, including:

Accounting Services for Creatives by GoForma

We provide a wide range of accounting services designed specifically for creative professionals, freelancers, and agencies. Here are the key services we offer:

Business Structure Setup

Our tax accountants for creatives guide you in choosing the right business structure—whether as a sole trader, partnership, or limited company—to maximise tax efficiency and meet your creative goals.

Self Assessment Tax Returns

Our accountants for the creative industries handle your self assessment tax return with precision, ensuring all allowable expenses are included and your tax returns are submitted on time to HMRC.

Bookkeeping for Creatives (using FreeAgent)

Keep your finances in order with our accurate bookkeeping service. We integrate FreeAgent for effortless tracking of expenses, invoices, and transactions.

VAT Registration and Returns

If your business needs to register for VAT, we handle the entire process for you. We also prepare and submit your VAT returns, ensuring accuracy and compliance with HMRC regulations.

Tax Planning and Advice

Our proactive tax planning helps you minimise tax liabilities while staying compliant. We provide actionable advice to optimise your income and save money.

Invoicing Support

We streamline your invoicing process, helping you create and send professional invoices while keeping track of payments and outstanding balances.

Creative Business Incorporation

Thinking of setting up a business? Our creative industry accountants make the company registration and incorporation process seamless, helping you establish a company tailored to your creative vision.

Corporation Tax

For limited companies, our creative company accountants calculate and file your corporation tax returns accurately and efficiently.

Company Accounts

From preparing statutory accounts to submitting them to Companies House, we ensure your records meet all compliance requirements.

Payroll Services for Creative Professionals

If you employ staff, our accountants for creative entrepreneur manage payroll services, including payslips, deductions, and HMRC submissions.

Creative Industry Tax Reliefs

We help you take advantage of creative industry-specific tax reliefs, such as film tax relief, video game tax relief, or theatre tax relief, where applicable.

FreeAgent Integration

Enjoy seamless financial management with FreeAgent, included at no extra cost. Track your income, expenses, and taxes in real-time with this user-friendly tool.

Switch Creative Accountants to GoForma

Switching accountants to GoForma for your creative tax and accounting needs is simple and hassle-free. We provide a smooth transition, offering tailored services and expert support throughout the process. Here’s how it works:

1. Schedule a Free Consultation

Reach out to us for a free, no-obligation consultation. Our creative accountant will discuss your current accounting situation, understand your needs, and determine how we can best support your creative business.

2. We Take Over from Your Current Accountant

Once you’re ready, we’ll manage the switch from your current accountant. Wearrange smooth transfer of all necessary documents and financial records from your old accountant to GoForma.

3. Set Up Your GoForma Account

Our tax accountants for creatives will set up GoForma account and integrate FreeAgent into your workflow so you can easily track your finances, invoices, and taxes in real-time.

4. Review and Organise Your Financial Records

Our team will carefully review your past financial records to ensure everything is in order. We’ll also check if there are any opportunities for tax savings or reliefs.

5. On-Going Support and Updates

After the switch, you’ll have access to continuous support from your dedicated GoForma accountant. We’ll keep you updated on important tax deadlines, opportunities for tax relief, and any changes in regulations that could impact your business.

Partner with UK's Trusted Accountants for Creatives

Ready to Focus on Your Creativity? Whether you're a freelancer, a creative agency, or a growing business, our expert accountants for creatives are ready to guide you through every step of the financial journey. From tax planning and bookkeeping to claiming creative industry tax reliefs, we’ve got your back.

Still unsure? Don’t just take our word for it. Check out our reviews on Google and Trustpilot to see how we’ve helped other creatives like you succeed.

Let’s work together to build a strong financial foundation that will support your creativity and help your business thrive.