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aud

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Posts posted by aud

  1. Re:Tax
    As a Chartered Accountant preparing accounts and tax returns for lots of small businesses, i have read these posts about tax with interest.
    It is possible to keep the odd amount from a gig out of the tax net if it could be described as "financing a hobby" but there is a grey area between that and being in business as a musician.
    I agree that I would recommend keeping a list of receipts, expenses, mileage, telephone costs, etc and showing any profit or loss on a tax return. It sounds like most people manage to show a loss most years - relief for the loss can be claimed on the tax return to ask for a tax refund.
    I normally suggest that there ought to be a better year once in 5 years and actually pay some tax, since loss relief is only given if there is an intention to make a profit.
    If there is a business, there is a possible liabilty to the self-employed NI contributions, but you can apply for an exemption if you expect your profit to be below £5075.
    It is normal to claim an allowance in the profit calculation for using a home as an office for the business - £3 per week is a good starting point.

    Hope that helps
    I am a newbie as far as playing an upright bass and don't expect to be able to earn anything so am unlikely to take my own advice!

  2. Having read lots of advice on the forums I still dont know how to choose what to buy!
    Ive had some lessons on a hired acoustic DB but would like to buy an EUB
    I found shops where I could try a Stagg and a NS WAV, but is there anywhere to have an Eminence demonstrated in the South or Midlands in England?

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