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Band Bank Accounts


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#1 mfisher91

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Posted 15 July 2017 - 01:27 PM

Hey,

Has anyone had any experience with setting up a band band account? Not just a bank account actually, but more as a business, which will handle taxes on payments etc, then pay each member of the band.

We're getting paid in cheques/bank transfers far more than cash these days, so we really need to get things straight. Currently the money goes into one members account and then everyone takes their cut, but it's not that practical! It also makes saving up for PA, etc more difficult.

Also, are there any good online tools to help bands manage invoices, etc? Need to make sure we stay in Mr Taxmans good books!
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#2 TimR

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Posted 15 July 2017 - 07:22 PM

Formal business accounts attract fees. You could just open a personal account with two signatories.

Draw up a simple contract about what happens to the money when someone leaves, more importantly decide what will happen when someone joins...
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#3 blue

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Posted 15 July 2017 - 07:46 PM

It's a good idea for bands that are getting away from pub & bar gigs and into higher pay venues.

Most if not all bars over here pay cash.

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#4 ead

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Posted 15 July 2017 - 09:25 PM

We used to have one and it went fine. Just make sure the rules are clear to all at the outset.
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#5 uk_lefty

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Posted 16 July 2017 - 09:20 AM

At the moment we have the wealthiest guy in the band look after the cash, less likely to run off with the odd fifty quid that's owed to someone! Have had trouble in the past with gig fees being paid in to the personal account of one member who then can't remember if we've been paid, or can't access his bank, etc. Just creates bad feeling, far easier if there's a bank account that everyone can access.
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#6 gapiro

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Posted 17 July 2017 - 11:25 AM

Depends on how you want to do it - generally i've seen a number of our venues wanting to pay bank xfer so I bill them "band name c/o gapiro" and then as I'm paying them , I assume (and i'm probably wrong) that I can just say for tax purposes that the costs of a gig were, say 200 quid (4 musicians at 50 quid lets say).
Does mean i'm gonna get closer to the higher rate of tax...
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#7 Steve Browning

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Posted 17 July 2017 - 11:56 AM

I used to be in a band with a bank account. It worked rather well. I even negotiated a loan to record an LP and produced the band diary to show our future income. We had a lease van and paid ourselves a minimum from each gig but also paid ourselves the same when we rehearsed. Every month I produced an income/expenditure account and we split the months profit (after expenses).
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#8 TimR

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Posted 17 July 2017 - 12:25 PM

 gapiro, on 17 July 2017 - 11:25 AM, said:

Depends on how you want to do it - generally i've seen a number of our venues wanting to pay bank xfer so I bill them "band name c/o gapiro" and then as I'm paying them , I assume (and i'm probably wrong) that I can just say for tax purposes that the costs of a gig were, say 200 quid (4 musicians at 50 quid lets say).
Does mean i'm gonna get closer to the higher rate of tax...

There's some discussion on the Tax position towards the end of this thread:
http://basschat.co.u...90#entry3335934
It doesn't matter how bad you are, if you enjoy it stick at it. There will always be a couple people who are worse than you and somebody will be making money from them.

My Gear:
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Fast fingers.
One of those bass guitar thingies and a loud amp.





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