Registering my band for tax

puremule

Any views or advice on registering a band for tax purposes etc??

lootle

I think there may be a clause where you don;t have to register your band for tax reasons until you make around 60k then you have to. I think not 100% sure

Frankiestylee

Are you playing originals or covers?

eoin1981

contact www.imro.ie. They might know.

puremule

Frankiestylee wrote:

Are you playing originals or covers?

We only do cover versions.

Savman

Jaysis, shocking advice so far.

IMRO are not a tax consultancy or accounting firm. The Revenue Commissioners are the higher power here so be very careful who is advising you at all times.

As a band you have 2 main options, register your band as a Limited Company with loads of hassle and paperwork or just set yourself up as a Sole Trader which can be done without much furore.

Either way, the income you generate from gigs is taxable but with the help of an accountant you can offset your tax bill with expenses and running costs such as Fuel, van repairs etc etc etc.

Revenue dont care whether you play originals or covers, although it's widely known original bands hardly earn enough cash for it to be considered income, in fact most original bands are probably running into the red paying for rehearsals and recordings and stuff.

lootle wrote:

I think there may be a clause where you don;t have to register your band for tax reasons until you make around 60k then you have to. I think not 100% sure

Absolute nonsense. There is NO threshold for income tax, legally speaking if you have any extra income, music or otherwise, the law states you must declare it. There are no exceptions.

Do not confuse Income Tax with VAT, you don't have to be VAT registered to start trading but you cannot charge any VAT on invoices if you do not have a VAT number. They are pretty ruthless when it comes to VAT so screwing around is not advisable.

www.cro.ie and www.revenue.ie has all the answers you need before you even ask.

unclebill98

As Savman said.......simply put.