Cover Artists Declaring Income? Revenue?

Steroo

Hi All,
Just thought I'd seek the benefit of all your experience.. If I have a friend who earned money in pubs playing cover gigs, and sometimes went through an agency and got paid into the bank (the agency is open to an audit possibly), would there be much to be concerned about if earnings were not declared by this friend?
Also, Are the Revenue targetting musicians who earn cash on the night?
Should this friend be wary of advertising gigs on social networks & posters etc?
I realise the risks, but has anybody actually been targetting or have any experience in this area?
Thanks a lot

Rigsby

There has been a few threads on this subject fairly recently. Here is one :

http://www.boards.ie/vbulletin/showthread.php?t=2056420446

Steroo

Perfect - Thanks

raindog.promo

Hey Mods.

Is there any chance any threads that come up that turn into a good read could be listed in the resources thread?

For instance the thread linked to in this post:
http://www.boards.ie/vbulletin/showthread.php?t=2056420446

Could be put in the resources under INCOME ISSUES or something similar.
BAND ETIQUETTE Could be another heading and so on.

Perhaps not in the resources but in another sticky covering the issues that have been discussed. So the first post could be an index of the issues covered with a seperate post for each issue showing links to the individual threads.

I hope that comes across on screen as it appears in my head

Rigsby

raindog.promo wrote: »

Hey Mods.

Is there any chance any threads that come up that turn into a good read could be listed in the resources thread?

For instance the thread linked to in this post:
http://www.boards.ie/vbulletin/showthread.php?t=2056420446

Could be put in the resources under INCOME ISSUES or something similar.
BAND ETIQUETTE Could be another heading and so on.

Perhaps not in the resources but in another sticky covering the issues that have been discussed. So the first post could be an index of the issues covered with a seperate post for each issue showing links to the individual threads.

I hope that comes across on screen as it appears in my head

The above is a good idea alright. However, it would be just as easy if people did a quick search before posting. They may get a lot of answers/information a lot quicker that way. All I did was key in "Revenue" into the search function, and it threw up a few threads, including the one I linked to the OP.

What could be easier ?

padraig71

Best thing to do is register as self-employed, keep accounts and file tax returns. That way you won't have to worry about it. Obviously, that doesn't help for gigs you've already done, but will put you on the right track for the future.

It's not that hard once you get used to it - an annual chore, but worthwhile for the peace of mind and not having to look over your shoulder or worry about advertising yourself. I've been doing it for the past five or six years and never earned enough to actually pay any tax, just the minimum PRSI contribution, which is something like €253 a year. (Admittedly, I do live on about five grand a year.) Don't forget all the expenses you can claim against your earnings, as well as capital allowances on equipment you buy. Every time you make a business-related phone call, buy a sandwich when you're on the road, put diesel in the tank or pay tolls on the way to a gig, buy new strings/sticks/batteries, use electricity or oil while writing/rehearsing, insure equipment, that's a legitimate expense. Learn to hang on to every receipt.

You can get a useful guide to self-assessment from revenue.ie.

raindog.promo

Rigsby wrote: »

What could be easier ?

Having a list of all the good topics that have been covered. Such that when searching the list to see if something you're interested in is there, you see another topic which interests you also and further explore that.

(That's not meant as a smart arse answer btw, doing a search is well and good but this would sort the wheat from the chaff. For instance I looked up poster distribution and had to go through threads speaking about poster design, poster printing, and threads referring to people as "posters", so there was a lot of off-topic threads to sort through first.)

Fandango

Is the OP talking about declaring earnings for tax or social welfare benifits? Surely the answers would be dependant on this. Like for example registering as self employed as this wouldnt be an option if you are relying on welfare payments also.

mel1

Have had the pleasure of being on the wrong side of the revenue, was lucky that it was not very important and didnt have to pay a fine because there was no evedience of any payment to the band. You might have to be concerned about the cheques from your promoters and if your on social benfits that could be difficult.

We did get registared after, its the only way a band is going to get on now as all pubs want to claim the VAT.

If you already have a letter from them just go to a decent accountant (not a dodgy one cause they know who they are) and he will sort it all out. ~If you have not had a letter yet dont be worrying about it as there is nothing you can do now anyway!

Something i have notice lately, by the way, we play in a lot of the decent music venues around the country and most have rang to ask if we are registared and want a reciept (printed not written) on the night! Noreciept no money!

Go get a VAT no. its not that hard, keep all your reciepts, employ and accountant for a few hours at the end of the year, most of what you owe the revenue will be written off against your expenses anyway, then you can advertise all you like and not have to always be looking over your shoulder for the next rat who is likely to report you anyway. And you will be doing your little part for your country as well!:D

Denalihighway

does anyone know what the procedure is regarding setting up as self-employed if you also have a PAYE part-time job?

I'm sure many would be in the situation that the have a job and music as a sideline but have put considerable investment into it and hope to make a few quid as a result.

can you have both? and then perhaps the capital allowances and expenses incurred through music can be taken of the your PAYE tax bill via reimbursement?

TheMutations

Denalihighway wrote: »

does anyone know what the procedure is regarding setting up as self-employed if you also have a PAYE part-time job?

I'm sure many would be in the situation that the have a job and music as a sideline but have put considerable investment into it and hope to make a few quid as a result.

can you have both? and then perhaps the capital allowances and expenses incurred through music can be taken of the your PAYE tax bill via reimbursement?

Very straight forward. Just go into your local tax office and they'll sort it out for you. Not sure if you can use capital allowances or expenses to reduce your PAYE tax bill though. However you do get a PAYE tax credit on top of your personal credit, which people who are only self-employed are not entitled to.

Parsley

i thought artists didn't pay tax, unless you're making over €250,000 or some figure like that?