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Tax

Calculating Tax

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Hello.

I would like advice on the following:

Thank you very much!

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By Tim Vane
07th Oct 2019 19:21

Your "friend" needs an accountant. Luckily, with the income he is making, affording one will not be a problem.

What your "friend" does not need is half-baked tax advice from an internet forum. I suspect that all the good advice on here will be the same: "speak to an accountant".

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By SXGuy
07th Oct 2019 19:30

I believe your friend needs an accountant.

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By Accountant A
07th Oct 2019 20:49

Suzi23 wrote:

I would like advice on the following:

I would like a gold plated Ferrari for nothing but it's not going to happen. What makes your friend's work so valuable and the work of accountants worthless?

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Hallerud at Easter
By DJKL
07th Oct 2019 21:09

From memory authors had some interesting facets to their tax not normally available, I think averaging was one there may be others.

https://www.gov.uk/government/publications/averaging-for-creators-of-lit...

Given this area is somewhat niche I really think your friend needs an accountant versed in the nuances of the industry, whilst large advances seem in the main to be fewer these days you still have film and other performing medium issues.

This is an area where DIY may be very expensive.

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RLI
By lionofludesch
08th Oct 2019 08:54

It's just not a sensible question, I'm afraid.

Far too complex for an internet forum.

But thanks for asking and showing your confidence in us, however misplaced that may be.

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By Tax Dragon
08th Oct 2019 08:56

If you can afford to insure your car then you insure your car, because the cost of doing so is known and limited while the costs of not doing so are unknown and unlimited.

If you can afford to pay a mechanic to fix the car, they'll probably do a better job than you would (no offence) with your Dad's spanner and the car menders' manual.

If you can afford an accountant, what will that cost? Not much. Your friend sounds like he could even afford a good accountant, who will definitely do a better job than you would (no offence) with a Google spanner and some general pointers from a chatroom. I mean forum.

I just don't understand your thinking in asking your question.

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By Accountant A
23rd Dec 2019 15:15

That'll be Suzi "I don't need an accountant"23, presumably?

https://www.accountingweb.co.uk/any-answers/ps140000-tax

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