Film Industry Accounting
In normal course you will receive your contract income with withholding tax deducted. Very rarely in the film industry is PAYE used.
Double check your payment schedules
- If it is withholding tax that has been deducted then you fit the definition as "Self-Employed"
- If self-employed then normal-course tax deductable expenses apply
Expenses such as:
- Business use of home if you have space there used for business purposes. These expenses include mortgage interest, rates, rent, insurance, power, telephone repairs and maintenance
- Mobile phone
- Internet provider costs
- Some travel / transport
- Computer consumables as well as the depreciation on the computer
- Course Fees
- Travel costs to the industry meeting(s) etc. Both domestic and international
- Costs associated with the film / media industry e.g. Film tickets
- Some entertainment costs
This schedule is not exhaustive neither restrictive
Our suggestion is that if you have a spare 30 minutes, call on over and we'll take a quick look at your tax position. From there if we agree that it's worthwhile submitting (to the IRD) a set of accounts we'll provide you an accounting fee quote and get on with the job.
95% of our film industry clients have received refunds over the years. Some as high as $19,000!
When you get a minute give us a call (04 939 1110) or email (firstname.lastname@example.org) to discuss.