Registering a company
- Thread starter ripoffthemonkey
- Start date
Caporegime
Speak to your accountant, the band may well be able to claim back certain costs. Possibly instruments (although they will probably come out of capital allowances), travel costs (as long as it's not from a "regular place of work") and so on. Key thing is to speak to an accountant. I am not an accountant.
Instruments will almost certainly be capital, assuming they have a useful life of over 2 years.
So just go Pete Townshend on them every now and again and you can deduct all the guitars you want from your profits...
Right.
Annual turnover is about £25,000 a year. 2 Directors and 2 employees is the model I was working on.
I wanted a company registered instead of a partnership incase any member of the band decided to leave.
Basically we have got to a point where we need to consider that the tax man will turn up and say where is my share.
It is essentially a wage we are earning at each gig, so we need to work out how to tax it all and be all legal so to speak.
Annual turnover is about £25,000 a year. 2 Directors and 2 employees is the model I was working on.
I wanted a company registered instead of a partnership incase any member of the band decided to leave.
Basically we have got to a point where we need to consider that the tax man will turn up and say where is my share.
It is essentially a wage we are earning at each gig, so we need to work out how to tax it all and be all legal so to speak.
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Its true, the turnover is low and well out of the VAT band.
Im just unsure of the best route of doing it. A limited company seems like a good idea. Plus it looks good form a professional point of view. It might be a lot easier for each member to be self employed and declare our income each march.
Im just unsure of the best route of doing it. A limited company seems like a good idea. Plus it looks good form a professional point of view. It might be a lot easier for each member to be self employed and declare our income each march.
So far it has not, however with the predictions for next year it will, so we have to start thinking about it.
My money is on this mate..
What Liabilities could you invisage racking up if it went pear shaped??
Little to none in my eyes, so a Ltd company wont offer you any advantages that I can see.
On another note you could register the band as a ltd company but keep it dormant until you decide to use it. This'll protect the name from being taken.
What Liabilities could you invisage racking up if it went pear shaped??
Little to none in my eyes, so a Ltd company wont offer you any advantages that I can see.
On another note you could register the band as a ltd company but keep it dormant until you decide to use it. This'll protect the name from being taken.
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It was just the professional image and the dealing of the money and tax. Plus the writing off of expenses that we buy together as a band, eg: the PA.
Soldato
What if you registered the company as a PA hire company? Then you can buy and insure all the gear in the companies name, and then when it's used you can hire out the stuff to yourself... This may sound a little silly but I've known people that do this and it can work well.
Plus you can hire out your gear for extra money if you need to...
Caporegime
You can only claim capital allowances on those costs anyway, so it's not quite like writing them off, and you can do that via a partnership anyway.