Accountancy and Tax Advice for Musicians & Entertainers
At MEAS we are ATT qualified and can assist you with all taxation and accountancy needs. Including the following:-
SELF ASSESSMENT TAX RETURN
Any income as a musician or entertainer must be declared to the HMRC. To do this you will need to be registered as self employed, regardless of the amount or whether this is a part time or full time occupation. The HMRC will then require you to complete a tax return.
Tax returns can be completed anytime from the 6th April until the 31 January for the previous years earnings, as long as you are applying online (paper applications have an earlier submission date.)
Since the first tax payment is also due on the 31st January it is far better to submit your tax return as early as possible in order to understand your tax position and what you may need to pay on account for the upcoming year.
Depending on your annual taxable income it may be necessary for you to register for VAT. Firstly you will need to understand your tax position for the year to ensure you are making the correct application. There is also the option to register for voluntary VAT, which may allow you to claim back VAT paid for some business expenses so it is important to understand the pros and cons of voluntary registration against your unique situation.
As we mentioned above sometimes it is best practice to form a company, especially in the case of a band, group of musicians, singers or entertainers. If you need help with this and understanding the tax implications please contact us.
LAND & PROPERTY ACCOUNTS
Any income received from land or property needs to be reported to the HMRC. You may be required to pay taxation on the income however there are allowances and expenses that can be claimed to reduce this and in some cases no payment may be required - we can provide advice assistance and bookkeeping in order to calculate this correctly.
Corporation tax occurs when a limited company account has been formed. Whilst the percentage payable for corporation tax is a constant 19% this is calculated on the profit sustained by the limited company. It is therefore very important to understand clearly what constitutes profit and the expenses and losses that are used to calculate this figure.
LIMITED COMPANY ACCOUNTS
Band or group members are often advised to form a limited company. This enables the members to limit liability and provides the band with more protection through agreements and contracts.
At MEAS we can assist with both your limited company accounts and any self assessment requirements that the individual members may have.
Not sure if you need to form a company or what is involved? We can help with this and preparing your annual compliance to companies house