What Musicians Should Know About Taxes

[sam.kim168960]

Musicians, especially those who are self-employed, must understand several key tax responsibilities:

• Income Tax: All income from performances, royalties, and teaching must be reported.
  
• Allowable Deductions: You can deduct business expenses such as instruments, travel, and studio fees.
  
• Capital Gains Tax (CGT): If you sell assets like music equipment or property at a profit, you may need capital gains tax accountant near me to pay CGT, depending on the gain.
  
• VAT: If your earnings exceed £85,000, VAT registration is required.
  

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[tbyunomi]

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