The Dark Lord Posted June 26, 2012 Share Posted June 26, 2012 (edited) How many of you provide an invoice to the pub / club / client etc when playing a gig ... and then declare it on your tax return? I always have an invoice in my back pocket ready to present to them if they ask for one - but I have not yet been asked to do so. It's always a case of landlord/barman/barmaid appearing with a whole load of £20 notes and just handing them over. As an owner of a number of businesses for my real job, my income comes from lots of different sources and I have to fill out a tax return every year and I do declare all of my earnings, including the payments I get from playing in a band. I guess I have to do this, as our agent files a tax return every year and that could be traced to me - so I keep it all above board. There is very little tax liability as through offsetting rehearsal room fees, strings, new gear, clothing, travel fees etc I am easily able to erase the profit from the venture . Does everyone else do this? Has anyone on here been investigated / fined / billed for not doing this? Edited June 26, 2012 by The Dark Lord Quote Link to comment Share on other sites More sharing options...
Silvia Bluejay Posted June 26, 2012 Share Posted June 26, 2012 (edited) Good question. When I was helping with one of my ex's bands we did the tax thing too, but it was more than 10 years ago, so my experience is probably not relevant now. I seem to remember that the IR (HMRC) objects if you run a loss on a certain business for more than a number of years, and asks you to close it down? Would be interesting to hear more recent experiences. Edited June 26, 2012 by bluejay Quote Link to comment Share on other sites More sharing options...
PaulWarning Posted June 26, 2012 Share Posted June 26, 2012 this has been done a few times, here's one [url="http://basschat.co.uk/topic/95282-declaring-your-hobby-to-the-taxman/page__st__40"]http://basschat.co.uk/topic/95282-declaring-your-hobby-to-the-taxman/page__st__40[/url] best answer I read somewhere was from one guy who got his tax reduced because his expenses where more than what he earned from the band, after claiming against his other earnings for a couple of years the taxman told him it was a hobby and not to declare band earnings, something like that anyway it Quote Link to comment Share on other sites More sharing options...
The Dark Lord Posted June 26, 2012 Author Share Posted June 26, 2012 [quote name='PaulWarning' timestamp='1340719549' post='1708514'] this has been done a few times, here's one [url="http://basschat.co.uk/topic/95282-declaring-your-hobby-to-the-taxman/page__st__40"]http://basschat.co.u...an/page__st__40[/url] [/quote] Thank you, I did (honest) search but couldn't find anything. I must be rubbish at searching. Thanks for the link. It's exactly wot I was after. Quote Link to comment Share on other sites More sharing options...
crez5150 Posted June 26, 2012 Share Posted June 26, 2012 It really boils down to how much you are earning out of the band..... if you're getting good money week in week out then best keep track of it. Quote Link to comment Share on other sites More sharing options...
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