Video Production and Expenses – 22/06/2021

Knowing what expenses can be claimed with regards to content creation and video production can be confusing but Accounts Navigator is here to make it simple.

Many video producers and entertainers question whether a video camera can be claimed as an expense on their tax return, most likely because it comes across as an item that you would buy just out of personal interest. However, as long as this expenditure was “wholly and exclusively” for the purpose of your business/work, you are able to claim it as an expense as it is equipment used for your content creation and video production. It is important to remember that this also applies for other equipment you purchase “wholly and exclusively” for the purpose of your business such as microphones, tripods, lighting etc.

USE OF STUDIO

If you use a studio for your video production, you are able to claim expenses for:

  • Rent for business premises
  • Business and water rates
  • Utility bills
  • Property insurance
  • Security
TRAVEL EXPENSES

If you are required to travel during your video production, you may be able to claim tax relief on the money you’ve spent on food or overnight expenses, though it is important to remember that you cannot claim for travelling to and from work.

You can claim tax relief for money spent on things like:

  • Public transport costs
  • Hotel accommodation if you have to stay the night
  • Food and drink
  • Congestion charges and tolls
  • Parking fees
  • Business phone calls

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The Entertainment Sector can be a confusing area of work – especially if it is your full-time career. Knowing how to take control of your time and money while still adhering to HMRC rules can be a tedious task.

Our Director Andrea L Richards has written an E-Book on the most common mistakes made by Entertainers and expert advice on how to avoid and overcome them. 

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