Reliable Accountancy Support For Musicians
There is great diversity in the music industry. The industry not only has musicians but also includes music studios, record labels, music streaming services, gig venues, and songwriters. Although the accounting needs of record labels and distributors are almost the same as that of large corporates, providing accounting support for musicians is a different ball game. They have to frequently deal with copyright issues, and sometimes they even get entangled in ugly legal battles.
At CoreAdviz, we have dedicated accountants for musicians who understand the diverse needs of their clients and offer their services accordingly. We do not limit ourselves to just managing their expenses, including those that go into professional remixing, purchase of musical instruments, recording fees, and digital distribution. Instead, we also take care of tax payments, savings, and all copyright-related legal expenses. We ensure that their tours remain profitable and tour expenses are well managed.
While working for musicians, our accountants work closely with their tour managers and promoters to ensure their overall financial well-being. So, hire us and get the much-needed professional help to have peace of mind! After all, creativity does not flow when the mind is preoccupied with mundane affairs.
Tax Advisory for Musicians
In the UK, many musicians make money by playing at live gigs, studio recordings, royalty payments, or teaching music lessons to survive as full-time musicians. However, many also earn money by selling their beats and collaborating with major brands. We also know that many musicians now love to release their music online through various music distribution platforms and earn handsome money. Their ways may differ, but all of them are required to meet their tax obligations. Our music business accountants advise them about the allowable expenses they can claim, tax-reducing tips, changes in the tax rules to comply with, and so on.
Tax Tips
Bespoke Accounting for Musicians
Accountants at CoreAdviz not only efficiently manage your business accounts but also ensure the accurate submission of your financial statements on time. We are adept in the preparation and submission of your tax returns as well as tax planning. Our accountants for musicians are well aware that creative professionals like musicians need bespoke accounting services. We are, in fact, committed to helping you in every possible way with our bespoke accounting services to make you financially successful in the long run.
Yes, they need accountants to ensure the smooth handling of their accounts, taxes and other related obligations without experiencing any stress.
An accountant specializing in art and entertainment helps musicians and record labels with various tasks, such as timely tax return submission, tax planning, review of royalty statements, contract analysis, and tracking financial statements.
Some allowable expenses that a self-employed musician can claim are expenses on musical instruments and equipment, trade subscriptions, accountant fees, sound engineer fees, instrument maintenance, and so on.
If you are a self-employed musician, there will be a tax on your earnings in a tax year. This includes money from gigs, concerts, tips and bonuses, playing music in the street, CD sales, online tracks, and merchandise. Moreover, you are also obliged to pay a certain amount for national insurance as per your earnings.
We do the digits you live your Lifestyle
Accounting for eCommerce package starts at £45 per month
Our Guidance on the “To do list”
As accounting consultants for an eCommerce business, we would suggest you with the following
Standard accounting procedure
The inflow of funds can be recorded when a bill is raised or the actual amount is received. Maintain a single standard throughout
Keep your invoices organized
Invoices play an important role in determining your tax liability. Keeping them organized and chronologically minimizes the changes of computation errors.
Keep your tax records handy
Tax invoices and receipts of the last 5 years are required to be preserved. In case the HMRC wants to verify data, they will ask for previous receipts.
Know your company’s status
As an entity your taxation will depend on your size. If your eCommerce is a private limited company, then its taxation policy will be different from self-employed and partnership.