Becoming a professional actor means that you are now running a business. The first obligation of anyone in business is to keep track of the financial income and outgoings. You cannot start keeping accounts early enough.
Income is easy enough to keep track of as you will usually receive a statement and a cheque, and when you put the cheque in the bank, there will be a record of how much you received.
Outgoing or expenses are easier to lose track of, but if you don't keep records of everything you could find yourself paying more tax than is necessary. Be aware of all the things you pay for, that contribute towards your work as an actor.
Self Promotion
It will cost money to promote yourself, but remember that as long as you keep all the receipts, these costs will be tax-deductible. Any expenses which can reasonably be related to doing your job, can be claimed as legitimate expenses. One of the biggest expenses can be professional photographs. Although not so many hard-copy prints are required nowadays, you will still require professional shots taken by a photographer.
Travel
Travel expenses to auditions, or work should be claimed, whether these come in the form of bus, subway, taxi, rail, or air fares, or the petrol and running costs of your car.
Hotel or lodging and meals on location or touring should also be claimed, so keep all the receipts safe on your travels.
Keeping Fit and Looking Good
keeping in shape mentally and physically are essential to your profession. This can come in several forms:
- Training courses for extra skills.
- Yoga classes to keep in shape.
- Membership of a gym or swimming pool.
- Wardrobe expenses for extra work, cabaret or promotional jobs
- Make-up
- Hairdressing costs
Keeping Connected
It's essential to keep connected with potential employers and the marketplace for your skills. Obviously all postage and stationery costs should be claimed but you will be entitled to a proportion of other regular bills, too. such as:
- Computer
- Internet connection
- Telephone rental & bills
- Web presence, in the form of a website (costs involve design, domain name registration, hosting)
- Postage
- Stationery
- Printer and ink
Professional Fees
Remember to keep a note of agent’s fees, if you have one, and union dues.
Keep a Diary
Even if you use something as simple as a diary, that will be enough to keep everything organised.
At the end of each day note the trips you made, the expenses you put out, and any money that came in.
Put all the receipts in an envelope and keep them with the diary. In this way, at the end of the tax year, you will have all the information you need to do your sums and fill out your tax form.
Keep notes of all your activities. Remember, keep records of:
- Training courses
- Castings. auditions, and ‘Go See’s
- Jobs
- Note the locations and keep receipts for any expenses
- Travelling expenses, petrol, train, taxi or bus fares
- Lunch or snacks while you were away from home
- Any clothes you had to buy for the casting or the job
- Any make-up or hairdressing expenses required
- Note the hours that you worked (and of course, make sure your agent knows)
- Note the fee which is due in payment for your work
- Note the date when you received the fee, and any deductions which were made from it (agents’ fees etc).
- If you put any of the money into savings plans or retirement funds keep notes about where you have put it.
You might feel that you are making enough money to seek advice from an accountant, but remember that an accountant will still require all your receipts and records - so keep everything documented, safe and available.
Janice Hally - Janice Hally has written more than 300 broadcast hours of prime-time TV drama in the UK, as well as fiction and non-fiction books.
