Every year, BKF prepares an auxiliary appendix to the annual statement which you can use to get an overview of your income and expenses in your artistic business.
You will find the appendix to the 2023 annual statement here
BKF helps with advice and guidance for your tax and VAT accounts. We also run regular courses on how to approach your accounts as an artist.
You can also search for direct information about deduction rules, tax rules, etc. in Artists' Taxation. You can find the latest edition here:
Artists' taxation 2024 – pdf version – published by the Danish Council of Artists
Artists are generally taxed according to the same rules as other business groups. However, the tax and VAT regulations contain certain provisions which are specifically aimed at artists.
Whether you are an employee, self-employed or a fee recipient, you have, among other things, importance for:
If you are a fee recipient, or if you run a hobby business, the following applies, among other things: the rule that your deduction for expenses for an activity cannot exceed the income from the same activity. (The net income principle).
If you have several activities, they are assessed separately. You can, for example, be a wage earner with one activity and at the same time a fee recipient or self-employed with your other activities.
There is an accounting obligation if the artistic activity is carried out as an independent trader. As an employee or fee recipient, you must be able to document your expenses in order to obtain deductions.
There is no requirement for an audit, unless the company is run in company form, e.g. Aps or A/S.
It is recommended that an accounting program is used, e.g Billy or Money, unless it is a very simple account.
Dinero has a free version of their accounting software available, but BKF members can also make use of our discount agreement with Dinero, read more here .
En overview of auditors is blue. available on Dinero.
The pdf version of “Getting the most out of your money!” with information on the taxation of endowments for those who distribute them, you will find here
Companies have the option of deducting expenses for artistic decoration from their tax accounts – a special tax benefit for the benefit of both businesses and artists.
The requirements for depreciation are:
Audit firm BDO gives in this pamphlet from February 2023 an overview of the most important parts of the rules for depreciation of companies' purchases of art.