Here’s what Sam said:
Expenses –
The answer to this is from an arts point of view but this is a broad question and can be applied in a broad sense.
You can add any kind of expense related to your business that touches upon physical and digital expenses. So, for example, hiring halls or studios, heat and electricity bills, memberships to exam belarus rcs data boards, and music subscriptions such as Spotify and iTunes. And, of course, from the point of view of a dance school or cheerleading or gymnastics, there are shows and exams-related expenses.
With shows and exams, it’s common practice – and a very good idea – to have a separate bank account where all of the fees go directly to the exam board. In case you are working from home, which has become increasingly common in the last few years, you can also claim a percentage of your bills, such as heating, lighting, telephone, broadband, and water.
Of course, you’ll have to calculate your daily usage within your home and separate it from your personal usage. There are also expenses related to transport, such as cars used as business assets. You can add all your expenses such as car tax insurance, petrol, mileage, any wear and tear, as well as maintenance or repair jobs. If you’re unsure, you can present an honest estimate of your expenses.
Sole trader or limited company? How might people decide or what factors might they include when choosing how to set themselves up?
You’re likely to be a subcontractor working for a dance, gymnastics, or cheerleading school. So, in that case, there is no sense in becoming a limited company. From a tax point of view, it depends on whether you are earning a certain amount of money to even consider becoming a limited company.