Amanda Spinks CA FTI’s Post

Thinking of putting a hold music compilation CD together... Hands down the greatest track has to be... Opus Number 1! If you know, you know... There's a similar one, all mysterious and digital There's the nice little acoustic guitar one There's a pretty popular panpipey type one Then you get the companies that put actually released songs out there, but they always sound like you're listening underwater - Why is that!? Can you tell it's a smashing the phones day...? Link to Opus Number 1 in the comments just because... We don't keep you waiting at Contractor Umbrella. We get that phone answered very quickly, so we don't need any of these bangers to keep you entertained, soz. #payroll #cis #contractorpayroll #umbrella

A truly independent contractor arrangement provides parties with the freedom to contract without many of the constraints applicable to employment relationships. However, not all contractor relationships are the same. While some contractors are truly "independent", others are "dependent" on their relationship for livelihood. In the latter case, the freedom to contract can be limited by implied obligations such as notice of termination requirements, and by express obligations, such as the statutory right to form and be part of unions. https://lnkd.in/efmabXH3

VAT Guide for Artists: Applying 10% VAT to Invoices📝📑 Interpreters, artists, directors and technicians, may apply the reduced tax rate of 10% VAT on their invoices... read the details here!👇 #entrepreneurs #Spain #artists https://lnkd.in/dGVZa4h5 

A year working in Italy sounds dreamy, and with a visa like this on offer, employers are hard pushed to refuse. However, not only does Andy make a great point below around permanent establishment, tax, social security and payroll risk, but employers need to look at the downstream effects on their #employeebenefits programmes. Yes, there is a requirement for individuals to take out medical insurance (and employers can choose not to fund this), but employers should also look at other parts of their benefits - it's not unknown for life insurance to become invalid for long absences out of the country of employment. Rights to contribute to pensions may also fall out for longer periods, eg if breaking tax residence. Such risks can be mitigated (through #expatpolicies, for example), but puts cost and admin burden on employers unless they adequately indemnify themselves. Let me know if you'd like to discuss! (I should note that this is not an Italy-specific issue - but Italy is the latest country to offer a #digitalnomadvisa, and it got me thinking about a nice Aperol spritz sitting on a piazza...)

50% of self-employed musicians overpay tax Half of self-employed artists and musicians overpay taxes due to unclaimed deductions for essential expenses and less than a third use an accountant A significant number of artists do not fully utilise tax-deductible expenses when completing their self-assessment tax returns. Essential expenses such as music subscription services, studio time, and travel costs are often overlooked. When discussing financial aspirations, 21% aimed to clear debts, 14% to save, another 14% to buy a house, 10% sought more music-focused time, and 6% were working towards affording the essentials like bills, food, and rent. Only 30% of artists used an accountant to handle their tax affairs, although one in four used an accountancy app.

VAT Guide for Artists: Applying 10% VAT to Invoices📝📑 Interpreters, artists, directors and technicians, may apply the reduced tax rate of 10% VAT on their invoices... read the details here!👇 #entrepreneurs #Spain #artists https://lnkd.in/dVR2uG_i 

Are you a self employed artist or musician? If so could you be paying too much tax? According to an article published by Croner-i Accountancy Daily on 16 February, half of self-employed artists and musicians overpay taxes due to unclaimed deductions for essential expenses and less than a third use an accountant. A significant number of artists do not fully utilise tax-deductible expenses when completing their self-assessment tax returns. The most commonly missed tax-deductible expenses are music subscriptions, studio time, travel to and from shows, and equipment cost and maintenance. The research also highlighted that only 30% of artists used an accountant to handle their tax affairs and while we wouldn’t suggest that it is essential for everyone to use an accountant, we would advise that you at least talk through your situation with an accountant to see if it would be beneficial. If you would like to have a chat to see if we could support you, get in touch. accounts@cubeaccounting.co.uk 01788 815017    #cubeaccounting #accountantsinrugby #accountantsinwarwickshire #accountingrugby #selfemployedmusicians #selfemployedartists #whyuseanaccountant

What is the UK’s Foreign Entertainers Unit (FEU)? A specialist division of HM Revenue & Customs (HMRC) that oversees tax payments for non-UK performers, artists, entertainers, and sportspersons who perform in the UK. Read Mark Carter's latest insights, where he outlines key considerations for tax planning to maximize UK earnings, the reduced rate application, allowable deductions, and tax withholdings for global entertainers and sports figures. View key takeaways below and read the full article here: pragermetis.co/4gYXHch #PMEntandMusic #Advisor #UK #FEU

Part 2 of my blog. Delving into how I designed a session to bring together freelancers and salaried staff members to delve into the quality of our professional relationships. https://lnkd.in/eZxXmDDA

## A Lesson from Makhadzi's Tax Woes In the vibrant world of music, artists juggle many roles. Beyond creating captivating melodies and engaging with fans, there’s the often-overlooked administrative side of the music business. Makhadzi's recent tax woes highlight this challenge. Despite her success, she faced issues due to unpaid taxes, a common problem among artists who neglect essential financial and administrative tasks. ### The Hidden Pitfalls of Success Many artists focus on their craft but overlook tax compliance, royalty collection, contract negotiations, and financial planning. These can lead to significant legal and financial troubles, overshadowing their achievements. ### The Role of Music Business Consultants Music business consultants specialize in the industry's intricacies, offering invaluable support. They provide: 1. **Financial Management:** Ensuring tax compliance, managing royalties, and offering financial guidance. 2. **Time Management:** Handling admin burdens so artists can focus on their music. 3. **Strategic Planning:** Assisting with career planning, brand development, and market positioning. 4. **Risk Mitigation:** Staying on top of legal and financial requirements to prevent career derailment. Makhadzi’s experience shows the need for professional support in managing the business side of music. By enlisting music business consultants, artists can blend artistic excellence with business acumen, ensuring a thriving, sustainable career. Let her story inspire you to take proactive steps in managing your career holistically Take wise action today! Contact a Music Business Consultant: https://lnkd.in/dRU2Ytrr #MusicBusiness #ArtistManagement #MusicIndustry #Makhadzi #CreativeEntrepreneurs #AdminSupport #RoyaltyManagement #MusicCareer