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Hi there, new to this forum! Hope someone can help me with some queries re filing tax returns. I have been registered self-employed since last year in another field and made my tax returns as appropriate last year. This year I slowly made a switch to working in fashion and costume, still as a self-employed person so will be filing returns again as per usual.
I have two basic queries:
1. Re expenses, since I am just starting out in this new field, I've had very few paid jobs as a stylist this year. During those jobs when I incur expenses like petrol for traveling to location, phone bills etc I am putting them down as expenses relating to those jobs as you would. However, for most of the year I have also been working to build up my portfolio with test shoots (i.e. doing photoshoots for no money) and unpaid, voluntary assistant work with a professional stylist to learn the trade and have work (in form of a finished photo portfolio) to show to prospective clients.
The work on my portfolio and assistant work doesn't pay me a cent. But I have to do them in order to build up my business as a professional stylist. Both of the above things, however do have running expenses i.e. printing costs for the photos, petrol cost to travel to location, lunch expenses for model/photographer, items for my style kit (i.e. sewing stuff, tape, scissors, lint roller, fabric, buttons, accessories, etc etc).
My query basically is can I claim those expenses when I do my returns this year, because they are legit expenses that I incur on jobs, even though I am not being paid for those jobs by anyone or not making any money out of them this year. The thing is I need a portfolio of work to get paid gigs, so I have to work on it even if it means no money yet. Or can you only claim expenses that directly relate to a paid job? so if I had a paid photoshoot on March 3rd for a magazine that pays me x amount. I can only deduct expenses I incurred on March 3rd as per the receipts? But If I am self-employed as a stylist this year then surely any styling work (even unpaid) that has expenses can be claimed for? Can anyone clarify please?
2. Second query relates to what constitutes as legit expenses for a stylist. I have to buy magazines regularly for research and keeping up to date, so if newspapers are an expense for journalists, do magazines count as expense for stylists and costumers? What about items of clothing like hosiery and accessories that need to be bought for photoshoots/films etc that can't be borrowed from shops or bought with a budget? Stylists tend to accumulate items/props over a no of years that can be used on various photoshoots. They are usually bought by the stylist him/herself. Do they count?
Any help would be greatly appreciated!
thanks a mill!
I have two basic queries:
1. Re expenses, since I am just starting out in this new field, I've had very few paid jobs as a stylist this year. During those jobs when I incur expenses like petrol for traveling to location, phone bills etc I am putting them down as expenses relating to those jobs as you would. However, for most of the year I have also been working to build up my portfolio with test shoots (i.e. doing photoshoots for no money) and unpaid, voluntary assistant work with a professional stylist to learn the trade and have work (in form of a finished photo portfolio) to show to prospective clients.
The work on my portfolio and assistant work doesn't pay me a cent. But I have to do them in order to build up my business as a professional stylist. Both of the above things, however do have running expenses i.e. printing costs for the photos, petrol cost to travel to location, lunch expenses for model/photographer, items for my style kit (i.e. sewing stuff, tape, scissors, lint roller, fabric, buttons, accessories, etc etc).
My query basically is can I claim those expenses when I do my returns this year, because they are legit expenses that I incur on jobs, even though I am not being paid for those jobs by anyone or not making any money out of them this year. The thing is I need a portfolio of work to get paid gigs, so I have to work on it even if it means no money yet. Or can you only claim expenses that directly relate to a paid job? so if I had a paid photoshoot on March 3rd for a magazine that pays me x amount. I can only deduct expenses I incurred on March 3rd as per the receipts? But If I am self-employed as a stylist this year then surely any styling work (even unpaid) that has expenses can be claimed for? Can anyone clarify please?
2. Second query relates to what constitutes as legit expenses for a stylist. I have to buy magazines regularly for research and keeping up to date, so if newspapers are an expense for journalists, do magazines count as expense for stylists and costumers? What about items of clothing like hosiery and accessories that need to be bought for photoshoots/films etc that can't be borrowed from shops or bought with a budget? Stylists tend to accumulate items/props over a no of years that can be used on various photoshoots. They are usually bought by the stylist him/herself. Do they count?
Any help would be greatly appreciated!
thanks a mill!