Dance and drama schools and more
The right steps
Ok, you’re passionate about dance or drama or just general fitness and you want to share this and teach others.
In one way the business is similar to all others is that knowing your financial position is key to your success and your ability to provide a service to the many young people that rely on you on a weekly basis.
We can offer a full book keeping service, if you don’t fancy the idea of swapping the dance floor to writing up books. We will advise you what books and records to keep and what we will need every month or quarter. Please call us to discuss your requirements.
We can provide up to date financial information such as a profit & loss account.
Top 10 pointers
Here are our top 10 issues that could affect you, but not necessarily in this order.
Your income will be received termly. How to manage the peaks and troths
Do you need to register?
Even if your income exceeds the threshold your service may be classed as exempt and you could remain unregistered. Adding VAT to your prices will effectively increase your price to your customers and there will not be a lot of VAT to reclaim. Phone us to find out more.
How investing in new equipment could be a smart tax move
Registering with Performing Rights society, yes you will need to pay the artists for playing their music in public.
Some shows will incur license fees eg Disney productions.
Shows and performances
Accounting for the success or otherwise of a show. We can separate this income and expenditure from the day to day activities to show you how it worked out financially.
Staff or freelance teachers
Most creative or artistic schools will use freelancers. Make sure you do this correctly. You do not want an unexpected bill from HMRC for PAYE.
Some organisations raise money from events or put on a performance for charity. We can account for this separately so that you are not taxed on this surplus income.
You may supply uniforms to your children and keep stock. Some schools will buy in and make a small profit on these.
Deciding whether to buy or rent. Having your own established premises could enable you to cement your brand and identity although it will be a major commitment and investment. It is harder to gain identity with the use of rented halls.
Contact us today if any of the above features on your list of issues to deal with to explore how we can help ease the burden.