Art Galleries and Artists
Helping you paint a clear picture of your finances
At Brebners, we’ve spent over nine decades working alongside the creative industries – and the art world is one of our specialist areas. From emerging artists to established galleries and art dealers, we provide the financial expertise that supports creativity and commercial success alike.
Who We Work With
We work with well respected names in the sector. Some example areas we have expertise in include:
- Independent art galleries
- Fine artists and photographers
- Collectors and antique dealers
- Digital art
Why Choose Us
The majority of our new clients are referred to us by our long-standing existing clients. Choose us for:
- Our industry expertise as accountants for artists and galleries
- Our size – we’re large enough to have experts in all areas from corporation tax, to VAT, to payroll and corporate finance, but small enough that our clients never lose the personal touch
- Our reputation for being responsive, proactive and plain-speaking
- Our Client Testimonials that speak for themselves
In the words of Pilar Ordovas, Director of Ordovas Art:
“We would not work with anyone else. Their expertise at partner level and across the team are second to none”.
How We Can Help
We combine the breadth of a full-service firm – offering audit, VAT, corporation tax, payroll, personal tax, corporate finance and more – with the personal attention and specialist insight that art world professionals require.
We’re used to dealing with the complexities of the art world, and can provide advice on:
- VAT advice tailored to the art market (including margin schemes and cross-border sales)
- Navigating tax reliefs and incentives
- Managing withholding tax and overseas income and the VAT treatment of this.
- We can help to advise on any financial requirements that you may have. For some recent examples:
- We helped an artist to prepare the forecasts and associated financial information to apply to a bank for a mortgage for a new studio space.
- We helped a gallery with multiple gallery locations draft their new staff expenses policy by way of reference to benefit in kind legislation. In particular, we helped them with the reimbursement rules around travel expenses with those multiple locations.
- We helped a client in their capital allowance negotiations with their landlord in their lease and fit out of a major new London gallery space.
- We have a wealth of experience with artists and art galleries and a thorough understanding of these businesses, which makes working with us a smooth process, whether in the statutory audit process, bookkeeping and VAT returns, personal tax returns, or just providing general advice.
- Navigating the complexities of AML regulations such as those for Art Market Participants
- Grant and funding advice, and more
See our frequently asked questions below, for more examples of areas we could help you with.
We aim to be more than just your accountant – we aim to be your long-term trusted advisor, speaking your language and understanding your unique challenges.
Ready to Talk?
Whether you're just starting out selling your art as a freelancer or you’re an established gallery or dealer, our team of expert accountants with in-depth knowledge of the art industry is ready to help.
Contact us now for a free no-obligation initial consultation to discuss your requirements.
Frequently Asked Questions
There are different ways to donate art to a museum in a tax-efficient manner. You could potentially do this via the Cultural Gifts Scheme or make a standard charitable donation. We would be happy to advise you on the best option for you, ensuring compliance with VAT and other tax considerations.
Rewarding an employee with a gift of art can have various tax and accounting implications, including corporation tax, VAT, and benefits in kind. Brebners can advise on how to record the transaction correctly of the tax implications for both your business and the recipient.
Tax including income tax and VAT related to awards received as an artist can be complex with many factors to consider, including whether the award is unsolicited. Brebners can assess your situation and advise accordingly.
The tax implications of the sale of digital art would usually be no different from that of a normal sale of art. Brebners’ experts would be happy to take a look at the specifics of your particular example and provide comprehensive advice.
Whether the sale of digital art is treated as a good or service for VAT purposes is surprisingly complex and can depend, for example, on whether the artwork is delivered digitally or supplied on a physical medium. We would recommend that you obtain specialist advice if this is relevant to you. We would be happy to help.
Accounting for cryptocurrency received as payment depends on the accounting framework adopted and intentions for holding the assets. Under FRS 102, cryptocurrency would usually be treated as either fixed asset intangible assets or fixed asset investments. It could also sometimes be a cash equivalent. Brebners can help advise according to your individual circumstances.
Brebners can help to advise on some of the factors to consider for HMRC’s Art Market Participant AML requirements and support your compliance process.