- Original Poster
- #1
Hi so I play in a rock band mostly just for fun, some covers and original material. We play some small, low paid (or no paid) gigs and have released a few original songs. on streaming platforms. All of us have jobs or self-employment income, the band is not a living nor are we looking at it as a future career or anything like that.
I set up the band name as an Ltd company on 22nd April 2023 because I was thinking that if we started earning a decent amount of money from gigs and selling/streaming our music, the income would have to be declared. I registered with WebFiling too.
I am now getting emails saying I must file a tax return by 22nd January and there will be 'serious consequences' if I don't. I am stuck as to how to do this as I've never run an Ltd company nor filed accounts for one.
Really we've only played about 3 paid gigs (making around £300 per gig) and made less than £10 from streaming platforms. The gigs were paid in cash and the money from streaming/music sales went via Paypal. I did open a business bank account (with Monzo) in 2023 but no money has gone through it. Everyone in the band has bought their instrument / musical equipment using our personal money, not via the Ltd company.
I have not used any accounting software to keep records of the band's income and we do not have an accountant. So how do I prepare accounts for the band and submit them to Companies house (and HMRC online)? The emails from Companies house say I can file accounts online, via an accountant or via software. What should I do here? And for what period are the accounts on Jan 22nd for (as I said, the Ltd company was set up on 22nd April 2023 so what dates need declaring on 22nd Jan?).
It's also saying I need to submit a balance sheet with assets (and liabilities) but as I said we bought our equipment using personal money not via the Ltd company.
Would I be better off closing the Ltd company and just running the band as a sole trader and declaring income that way? We make less than £1000 a year from the band anyway (at least at the moment, but that could change in the future if we start getting a steady stream of gigs). Do I still have to file a tax return by 22nd Jan if I close the Ltd company? Or should I make the company dormant or apply for an extension for filing the accounts?
I am already self-employed as a sole trader in another line of business so I know how filing tax returns for that works. It's just the Ltd company tax stuff that is really complicated and I don't know what I'm doing.
Thanks in advance for any advice and help.
I set up the band name as an Ltd company on 22nd April 2023 because I was thinking that if we started earning a decent amount of money from gigs and selling/streaming our music, the income would have to be declared. I registered with WebFiling too.
I am now getting emails saying I must file a tax return by 22nd January and there will be 'serious consequences' if I don't. I am stuck as to how to do this as I've never run an Ltd company nor filed accounts for one.
Really we've only played about 3 paid gigs (making around £300 per gig) and made less than £10 from streaming platforms. The gigs were paid in cash and the money from streaming/music sales went via Paypal. I did open a business bank account (with Monzo) in 2023 but no money has gone through it. Everyone in the band has bought their instrument / musical equipment using our personal money, not via the Ltd company.
I have not used any accounting software to keep records of the band's income and we do not have an accountant. So how do I prepare accounts for the band and submit them to Companies house (and HMRC online)? The emails from Companies house say I can file accounts online, via an accountant or via software. What should I do here? And for what period are the accounts on Jan 22nd for (as I said, the Ltd company was set up on 22nd April 2023 so what dates need declaring on 22nd Jan?).
It's also saying I need to submit a balance sheet with assets (and liabilities) but as I said we bought our equipment using personal money not via the Ltd company.
Would I be better off closing the Ltd company and just running the band as a sole trader and declaring income that way? We make less than £1000 a year from the band anyway (at least at the moment, but that could change in the future if we start getting a steady stream of gigs). Do I still have to file a tax return by 22nd Jan if I close the Ltd company? Or should I make the company dormant or apply for an extension for filing the accounts?
I am already self-employed as a sole trader in another line of business so I know how filing tax returns for that works. It's just the Ltd company tax stuff that is really complicated and I don't know what I'm doing.
Thanks in advance for any advice and help.
