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TAX RETURN FOR MUSICIANS


Specialist Accountants for Musicians

To be a great musician, you need lots of natural talent with a drive to keep practising and developing your knowledge and skills.

There are many paths available for a musician to take, from different genres, to singing, playing in a band, or playing solo.

What jobs can a musician do?

There are countless areas you can work in as a musician. Here are just a few:

  • Playing in an orchestra
  • Television, advertisements, and films
  • Events such as birthdays, weddings, and funerals
  • Live performances
  • Studio performances

What attributes does a musician need to succeed?

There are many skills needed to turn a good musician into a great one.

Here are a few:

  • Passion and self-discipline: You’ll need to spend long periods practising, and often alone, requiring lots of self-motivation.
  • A sense of rhythm and timing: This is so obvious it’s hardly worth mentioning.
  • Lots of self-confidence: You’ll be playing in front of people, so self-confidence is vital to succeeding.
  • Knowledge of sheet music and music terminology: This will help you write and interpret music, and help you communicate with other musicians.

Becoming a better musician – training and qualifications

Since playing music mostly comes down to natural talent, many working musicians don’t have a qualification specific to music.

However, like in any field, the more knowledge you have, the better you’ll be, so it’s a good idea to look into studying music academically.

For specific information on the kinds of music courses you can take, check out the links below:

  • Access to Music
  • The Open University
  • Careers in Music

How do freelance musicians find work?

Like all creative industries, there is a lot of competition for musicians, so you’ll have to market yourself to get work.

However, there are organisations that can help you in your career.

Below are a few examples:

  • Music Jobs UK: Music Jobs is a recruitment website for the music industry, featuring a jobs board.
  • BPI: BPI represents the recorded music industry in the UK. Becoming a member entitles you to resources, promotion, legal support, access to education, and more.
  • Your own website: You should set up a professional website to show your contact details and samples of your work.

Accounting as a freelance musician

There are various benefits to freelancing as a musician, from the freedom and flexibility to work with a variety of businesses and individuals to more take-home pay.

But there is one downside – accounting.

As a full-time employee, your tax is usually taken care of on your behalf in the form of PAYE.

As a freelancer you’ll have to keep a range of financial records and then prepare and pay a Self-Assessment tax return at the end of each business year.

Accountancy can be very confusing and can distract you from your music.

Getting tax and accountancy advice

With most accountants, you’ll pay them to do your year-end accounts, and then they’ll forget about you until the next year.

But for your business to be run smoothly and successfully, you’ll need advice on tax and accountancy throughout the year, especially in the early days.

Pearl Accountants is different

Pearl Accountants provides an affordable and specialist accountancy service designed just for freelancers.

Throughout the year we’ll be on hand to give you any tax and accountancy advice you might need, including things like:

  • Take-home pay
  • Which VAT scheme to register for
  • Expenses
  • Tax allowances
  • Choosing between sole trader and limited company
  • Running your business in a tax-efficient way

We charge for our accountancy services in a clear and simple way, which means you’ll never receive an unexpected bill, and you can get in touch for advice whenever you want without the worry of being charged a fortune like you would with many other accountants.

Get in Touch for a FREE Consultation

Get in touch for more information and advice 

Schedule a meeting for a free consultation.

Accountants London
Company Registration No. 07078392