Making Tax Digital for Creative, Arts and Media
For sole traders, artists, actors, musicians, designers in the creative arts sector, with the right software apps, having the ability to understand the software you use can result in time saving and reduced administration costs, also the ability to monitor your accounts everyday in real-time.
The licensing and support cost can be an issue and will need to be considered for some freelancers. A one-year subscription for existing bookkeeping software is often more than £200, and an MTD system will require sole traders to subscribe year on year. That’s a lot of money across the life of a business.
Why do you need the specialists at Folkes Worton:
- Software companies won’t generally be able to give you accounting advice and, even if they did, they might not know about the intricacies of operating in the very diverse creative sector which has many industry-specific rules which are something Folkes Worton can help with having many clients like you to draw knowledge from.
- If you decide to use a spreadsheet to store your digital data, you’ll need to find an MTD-compliant bridging software that can convert your data into an MTD-compatible submission. Alternatively, we can help you can use an accounting software that records and securely stores your tax data before sending it off to HMRC.
- You will deal with a specialist that understands your sector and ensures that your books and records and tax deducts represent best practice in the sector.
