Accounting for Musicians
29 November 2015, Creative Industries, Musicians, Sole Traders
Free Tax and Accounting for Musicians’ Union members
Members of the Musicians Union are invited to a free seminar in Glasgow on 3rd December 2015. See below for booking forms on Eventbrite.
Proposed tax breaks for musicians
The Smith Commission, headed by Lord Smith of Kelvin is considering a proposal for musicians to benefit from tax breaks similar to those offered in the Republic of Ireland. You don’t have to wait for the law to change before paying less tax. The first step for minimising your tax bill is to make sure you are organised in your record keeping and claim all the expenses that you can. If you record your expenses as you go and keep a regular routine in entering everything into an organised system, you are less likely to forget items of expenditure. An online accounting system like Xero can record cash expenses directly from your phone and ensure you never miss anything again!
Topics covered in the seminar
The seminar will cover the items below in straightforward language. The intention is that you will learn enough to be able to complete your own accounts and save on accountancy fees!
- Setting yourself up as a Limited Company / Partnership / Sole Trader
- Improving your cash flow
- Allowable Expenses
- Keeping good records
- VAT – should you register?
- Employment status
- Tax investigations and penalties
- Scottish Rate of Income Tax (SRIT)
Eventbrite booking page
The following panel can be used to book a place in Glasgow on 3rd December. Please note that you need to be a member of the Musicians’ Union to be eligible.
Resources for MU Members
The Musicians’ Union produces an annual handbook for members. Before you pay a penny to an accountant you should open up your copy of the handbook and turn to the Tax Savings Guide. This section has lots of useful information about organising your accounts and the expenses you may be able to claim. The MU also runs seminars from time to time in Scotland (and elsewhere) to provide additional support to members.
