Musician Tax Help Please

MattPayneTIB

Hi Everyone,

Currently I am full time employed, earning around £35k Gross annually, based on earnings Inc. commission over past 6 months. Tax code 1100L, NI code A.

Alongside my full time role, I'm also joining a newly formed wedding events band, where we will be charging for gigs and going through agencies etc...

We already have two gigs booked for June and August this year. Before we start taking any money I want to ensure we are 100% correct where HRMC tax is concerned, but I've had absolutely no dealings with tax before in my life (always managed by my employers).

There are 3 people within the band. Could someone please please advise me on how to even get started tax on this type of band. I know we need to register, but is this done individually or would we become a company with employees? What impact could this have on my current income (above)? Essentially I know nothing, so any help is appreciated.

Thank you,

Matt

asajj

http://www.musiciansunion.org.uk/Home/Advice/Your-Career/Tax/Tax-Savings-Guide-Introduction

Above link might be a good start?

Also try asking at tax forums .
http://forums.moneysavingexpert.com/forumdisplay.php?f=139

You could basically become self-employed and individually prepare and submit your tax returns.
I'd think it should be possible to have a company, you invoice clients through the company and also put expenses through it. Then you can pay yourself a dividend.

HMRC is very helpful when you call them. I'd suggest talking them directly. Good luck!

pogofish

Tax isn't paid to you, so learning that and using the appropriate forum link above is where you need to go next!