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bigduckontax, Accountant
Category: Tax
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I have paid a fee to an USA tax resident me in

Customer Question

I have paid a fee to an USA tax resident for assisting me in negotiating contracts for a US artist to perform in Russia and also help with finding a script writer for a film I have finance for, is this fee tax deductable in the Uk
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Yes, this fee can be put through your accounts as an expense. You obtain the rate of exchange from the Gov UK web site: https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat I do hope that my reply has been of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.
Customer: replied 1 year ago.
Can I put through expenses on the film even though it is not generating any income . I have incurred travel and subsistence costs in LA finding directors and writers. Two of my artists will feature in the film .I am in event and artiste management. At the production stage I have financial backing
Expert:  bigduckontax replied 1 year ago.
Yes, you can; you could as a result make a loss in the tax year in question, but these losses can be utilized as follows [source: Low Incomes Tax Reform Group]: 'There are a number of things you can do when you make a loss.You can use the loss in the current tax year and set it against all of your income including income from savingsYou can carry the loss back to the previous tax year and set it against all of your income including income from savingsFor a new business, if the loss occurs in any of the first four years of trading you can set it against your total income of the three tax years immediately before the loss year, starting with the income of the earliest year firstIf you cannot use the loss in any other way, you can carry it forward against profits of the same trade in a future yearIf your business finishes and you make a loss in your last year, you can set this against your trading profits of the previous three years, latest year first'This is more fully explained here: http://www.litrg.org.uk/tax-guides/self-employment/working-out-profits-losses-and-capital-allowance/what-if-i-make-loss I do hope that this assists.

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