What account for a band?

adp1

We are 5 musicians that perform in a tribute band.

The band isn't our main jobs, as some of us are employed full time and some also work for themselves. We are all registered as self employed and do our own tax returns. We want to open an account purely to receive gig payments in, to then divvy out between all members, which we will all declare separately.

The band isn't a registered business; it's just a side earner, but we want to do everything above board, but the simplest and cheapest way.

Any tips on what account we need and who would be best would be much appreciated. I did think a joint account may be best, but can;t seem to find one that allows 5 people on.

Thanks"!

Aaron

davidwatts

Are you members of the Musician's Union? There may be help and advice available via them. You might be better off posting this query in a musicians' forum (assuming you've not done that as well).

You could google "bank account for band" or similar and see what you turn up, e.g. I found this for starters.

https://www.lastminutemusicians.com/blog/taking-payment-band/

Sea_Shell

Have you told your insurers, both household and motor?

Even if you are part time, if you make money from it, rather than it being purely a hobby, I understand it would notifiable.

If your coming home from a gig, and have a bump with a car full of gear, you could have some explaining to do.

Do you have specific insurance for your gear and public liability???

tryin

Why would a band need anything different in a bank account than any other small business? What you need is a regular joint business account.

worried_jim

https://www.revolut.com/business-accounts-made-easy?gclid=EAIaIQobChMI1Yyp0c314QIV7LDtCh2Dhw9hEAAYASAAEgJa1PD_BwE

Socajam

Make sure that all cheques must have 2 signatures.
Although this might be difficult, I would stay away from debit cards.
Sit down once a month and everyone goes through the finances
If things are kept clear, the monthly meeting should take at least 1 hour the most.
Money and friends do not mix, so accountability is key here.

tryin

Is it possible to get a joint account in which each partner can automatically withdraw only his share?

EssexExile

what account for a band? One with Barclay James Harvest obviously.

Sorry, I couldn't help myself.

ffacoffipawb

EssexExile wrote: »

what account for a band? One with Barclay James Harvest obviously.

Sorry, I couldn't help myself.

Ten years ago I would have suggested Northern Rock.

18cc

Well if you are a fan of Carlos Santander ......

Mistral001

adp1 wrote: »

The band isn't a registered business; it's just a side earner, but we want to do everything above board, but the simplest and cheapest way.

There is no requirement to register a business in the UK. So the fact that you have not formed a Ltd company or other entity that is registered with Companies House does not make it a any less a business.

It presently is a business. In fact it looks like the business is operating as a partnership with a verbal agreement between you all. You can continue to operate like that and all will be above board if each of you make sure that you pay your own income tax that is due to HMRC Many very successful bands have operated like that for years and decades.

Others have decided to get a written partnership agreement drawn up (usually by a solicitor). Such written agreements are particularly useful when a band disbands and any money in the bank or equipment bought by the band has to be distributed amongst band members. Also it can deal with the event of a member leaving or the addition of a member.