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MU General Secretary Election 2022 Learn more

Webinar 08 December 2021

What You Need to Know: Tax and Accountancy for Working Musicians

This presentation by Stephen Jones FCA (a former practising Chartered Accountant) will be essential for any musicians responsible for their own tax & NI payments, through the self-assessment process.

An open laptop leans against a tall stack of books set up on a desk.
Date Wednesday, 8 December 2021
Time 2:00 pm - 5:00 pm
Location Midlands, Online
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An open laptop leans against a tall stack of books set up on a desk.

About the event

Covering the fundamentals of your financial responsibilities in terms of HMRC and the law, the following topics will be covered:

  • The financial year – key dates & deadlines you need to meet.
  • Earnings from employment and `trading income' from self-employment.
  • What is required in terms of record keeping.
  • Pitfalls to avoid when using PAYE and self-assessment.
  • Tax bands, personal allowances & NI contributions.
  • The self-assessment process.
  • Methods of record keeping & preparation of accounts for self-assessment.
  • Different methods of accounting.
  • Professional expenses definition (“wholly and exclusively,” “for the purpose of trade” etc).
  • Simplified expenses for mileage etc.
  • MU subscriptions – are they allowable?
  • Capital allowances, writing down allowances, and allowable investment allowances.
  • Basic intro to VAT, thresholds, and reporting requirements.
  • Foreign tax credits for income earned/taxed overseas – requirement for certificates of tax deducted.

In addition, there will be the opportunity to get answers to the specific questions you may have.

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