Actors, musicians and artists working from home should ensure they claim vital tax benefits.
Alistair Bambridge, CEO of Bambridge Accountants, London is pleased to see a surge in the amount of startups and small businesses registering for assistance with their tax claims. As an expert in US tax returns, Mr. Bambridge provides accountancy services for many starlets, from actors to musicians who are living the dream in London.
As full-time annual childcare costs for two children has surged to £11,702, almost three quarters of mothers surveyed by findababysitter.com cited childcare costs as a reason to feel that they are lacking governmental support. Add this to almost half of mothers surveyed by Direct Line for Business who realised they would be better off financially if they started a business from home and could fit working hours around their families, and a new picture of employment is emerging.
Mr. Bambridge said "Although starting your own business can be a daunting prospect, as the cost of childcare escalates, I'm seeing many Mumpreneurs setting up in their homes because the flexible working hours are beneficial and it offers the potential to be more tax efficient; if they know what to claim. From singers to sewing specialists, freelancers of any sort are entitled to certain benefits."
As many a 70% of new businesses are being started from home in addition to the many small businesses and self employed actors, musicians and writers known to have made swapped the shop floor for the home office. Knowing how to manage cash flow is essential and business owners should ensure that they benefit from any support available. Many freelancers aren't aware that HM Revenue & Customs will allow them to offset a share of some household bills to reduce the tax bill. As with any government initiative, this needs to be assessed and is based on the layout of the freelancer's home and time spent there.
Utilities that can offset to reduce the tax bill can include mortgage interest, insurance, rent, utility costs and rates as well as a percentage of phone line rental, the cost of business calls and expenditure on internet connections. Coupled with savings on business premises and commuting costs, working from home can be an effective way to run an efficient business as a freelancer or small business.
To find out more about the tax benefits you may be eligible for, or for any accounting queries , please see Bambridge Accountants' website at www.bambridgeaccountants.co.uk
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