Keep your finances in perfect harmony
Whatever style of music you represent, our financial experts can help to ensure you stay on top of your accounts and only pay tax due, so you can make the most if your earnings. So whether you perform for a national orchestra, teach music, are in a wedding band or you’re the next Ed Sheeran or Lady Gaga, you can be sure we’re singing from the same songsheet.
What can musicians claim for?
Expenses are defined as being necessary for the operation of your business. Here are some examples of typical tax deductions available for musicians:
- Marketing costs – flyers, posters, etc
- Website costs – hosting and maintaining a website to promote your music
- Travel expenses – train tickets, petrol costs
- Accommodation – hotels during overnight trip
- Instruments – guitars, drums, cellos or even a washboard!
- Instrument repairs – fixing equipment if it becomes damaged and stops you from performing
- Production equipment – laptops, editing software
- Gig equipment – sound equipment, lighting, microphones
- Instrument insurance – protect your livelihood
- Recording fees – studio rental, rehearsal room hire
- Commissions – fees paid to agents for gigs
- Music – backing tracks, sheet music
- Band purchases – understanding how to expense an item you buy as a group e.g. new sound system or lighting
If you are self-employed and work from home then we can advise you on household costs which can be offset including heating, using a room as an office and phone services.
Start making your money perform
Contact us for confidential advice and a no-obligation review on any aspect of accounting for people working in the entertainment industry.
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