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Bands and Income Tax

  • 11-05-2007 9:13am
    #1
    crosstownk
    Registered Users, Registered Users 2 Posts: 12,863 ✭✭✭✭


    Does anybody know what the official read is with money earned by bands when it comes to income tax?

    Basically all members of the band work in regular day jobs and we all earn a bit of money on the side in a covers band. I'm curious to know whether or not we are liable for tax as one particular venue is now looking for invoices :eek:
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Comments

  • #2
    Savman
    Closed Accounts Posts: 8,323 ✭✭✭Savman


    crosstownk wrote:
    Does anybody know what the official read is with money earned by bands when it comes to income tax?

    Basically all members of the band work in regular day jobs and we all earn a bit of money on the side in a covers band. I'm curious to know whether or not we are liable for tax as one particular venue is now looking for invoices :eek:
    Simple really, you have to declare it by registering for Self Assessment/Self Employed and send in returns every year, paying income tax on whatever you earn. Whether you do or not is your own choice but the flipside is if you do everything properly you can claim expenses on gear, fuel etc.


  • #3
    crosstownk
    Registered Users, Registered Users 2 Posts: 12,863 ✭✭✭✭crosstownk


    Thanks for that. I had heard that you are entitled to earn up to a certain amount form a 'hobby', but I wasn't sure whether or not it was just an urban myth.

    Thanks again.
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  • #4
    Savman
    Closed Accounts Posts: 8,323 ✭✭✭Savman


    crosstownk wrote:
    Thanks for that. I had heard that you are entitled to earn up to a certain amount form a 'hobby', but I wasn't sure whether or not it was just an urban myth.
    LOL! If you're only getting a small amount they may not bother with you, but its best not to be fooled into a false sense of security. Let's say you play 1 gig a week and get €100, that's €5200 per annum on top of whatever other income you have. If you, for example, already earn €25-30k from the day job the extra gig income could, very easily, push you above the Standard Tax Rate threshold into the higher band of 42% :eek:

    A lot of bands/Djs etc. get away with it, but if you do ever get "the call" you don't really have a leg to stand on with the Revenue. They'll want details and figures, if you cant provide them they'll prolly make their own assumptions on what you have earned.

    Personally I don't think its worth the risk especially if paid gigs are something you'll be enjoying for the medium to long term future. But some folks like living dangerously :D


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