david_l_perry Posted October 25, 2009 Share Posted October 25, 2009 [quote name='warwickhunt' post='636323' date='Oct 25 2009, 05:48 PM']Hmmm if you declare earnings to the tax man etc does that then affect things like car/house insurance etc?[/quote] No reason why it should that I can think of. It never has for me at any rate. Quote Link to comment Share on other sites More sharing options...
warwickhunt Posted October 25, 2009 Share Posted October 25, 2009 [quote name='david_l_perry' post='636396' date='Oct 25 2009, 07:15 PM']No reason why it should that I can think of. It never has for me at any rate.[/quote] The only reason I ask is that insurance companies weight the premium depending upon your job and I'm fairly certain that they'd take a 2nd income of 'Musician' and use that upon which to base your premiums, rather than a softer option which your first job might be (I base this assumption on the fact that insurance companies are money grabbing tw*ts who will try and worm there way out of paying out whilst happily increasing your premium at the drop of a hat ). I do know that as a Musician you'd be in a higher risk bracket than say a shelf stacker/production line worker/teacher/whatever. Though if you were getting tax rebates that may offset some of the cost and would it be possible to claim any excess premium back from the taxman? Quote Link to comment Share on other sites More sharing options...
WalMan Posted October 25, 2009 Share Posted October 25, 2009 [quote name='Sean' post='636086' date='Oct 25 2009, 01:13 PM']How do you show what you've spent on purchases from fellow Basschatters? Loads of us spend huge sums without any paperwork changing hands. It's quite a concern of mine. Shoule we be asking fellow Basschatters for receipts?[/quote] [quote name='david_l_perry' post='636394' date='Oct 25 2009, 07:14 PM']If you declare your tax then yes, get a receipt of sale. This could just be a printed email confirming the funds have been transferred via paypal for example. Its just about a paper trail to back up what you are claiming for. Obviously you also should declare your sales as well as purchases....[/quote] What he said. There's no harm in a receipt anyway - though I don't think I have ever worried either way - but you PayPal account if you use that [quote name='warwickhunt' post='636323' date='Oct 25 2009, 05:48 PM']Hmmm if you declare earnings to the tax man etc does that then affect things like car/house insurance etc?[/quote] Declare or not it [i]could[/i] have an effect on the car insurance certainly - just try getting a quote through Confused or somesuch without mentioning a second source as a muso, and then adding it in and see how the quotes change House I don't think it should unless you specify gear on your contents, but I think in other threads re insurance (contents or not) it has been suggested that separate and specific insurance for gear may be a better option (though I am happy to stand corrected on that). Quote Link to comment Share on other sites More sharing options...
warwickhunt Posted October 25, 2009 Share Posted October 25, 2009 [quote name='WalMan' post='636465' date='Oct 25 2009, 08:42 PM']Declare or not it [i]could[/i] have an effect on the car insurance certainly - just try getting a quote through Confused or somesuch without mentioning a second source as a muso, and then adding it in and see how the quotes change [/quote] I hadn't thought of doing an online quote but just out of interest I had a go... made a difference of £325 (give or take the pennies) to my quote! Quote Link to comment Share on other sites More sharing options...
aud Posted October 26, 2009 Share Posted October 26, 2009 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! Quote Link to comment Share on other sites More sharing options...
sdgrsr400 Posted October 26, 2009 Share Posted October 26, 2009 (edited) If you turn over basses regularly in theory you could be described as a trader. That would have a lot of implications for insurance and even for council tax. Edited October 26, 2009 by sdgrsr400 Quote Link to comment Share on other sites More sharing options...
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