Taxes may not be the first thing that sticks in the mind of artists as they embark on their creative career, but one accountancy firm wants to makes sure they get the most out of one of their most important tax incentives.
Income earned from the sale of an artist’s work, grants, prizes or awards received are all generally taxable, but if you qualify for Artists Exemption then a maximum of €50,000 per annum of this income is exempt from Income taxes.
Galway has always been a veritable haven for artists on the west coast, attracting creative talent through events such as the Galway International Arts Festival and other year round creative festivals.
And as sponsors and business partners of Galway’s world renowned Druid Theatre, T.J Hyland & Co. accountants have a proud association with the arts in Galway.
They believe that it is important for artists to establish their artistic credentials with Revenue from the outset to fully benefit from the Artists Exemption.
In order to qualify for Artists Exemption an artist’s work must be original, creative and have cultural or artistic merit.
Artists must apply to the Revenue in order to get a determination on whether or not they qualify.
The T.J. Hyland & Co. team have extensive experience in this area and can help budding and established artists with free advice on their exemption and other tax needs.
To learn more and see how they can help you give T.J. Hyland & Co. a call today on (091) 565 833.
photo: John McEvoy (The Druid), Tom Hyland and Mark Hyland of TJ Hyland and Co. Accountants and Tax Consultants.