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Topic History of: Should you register a band as a ltd co?
Max. showing the last 5 posts - (Last post first)
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Martin k |
Another point on this brought to my attention by Mr Bean Counter...
All the food and travel arrangements are paid for by myself, and this cuts down on paperwork for everybody involved, notably not for me, but I know where everything is coming from, as does the accountant.
I do agree with democracy in bands, but there has only ever been one person at the end of the phone, which was and still is me, in my case. |
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bean counter |
You should register as a partnership with the Inland revenue when the band makes money. That is, a profit.
Do you really want to sack a band memebr then contact companies house to deregister him as a director? you have to pay an annual fee to be a company and you must send in audited accounts.
as a sole trader you will only be able to claim your share of expenses leading to all sorts of turf wars. Petrol is not recoupable as a ltd, you have to set an allowance which the taxman may ask you to prove.
Where is your manager in all of this? |
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Martin K |
Difficult one.
The way I have allways done it, is to operate as a sole trader, as I found it easier to contemplate the reality of taking gigs up to a year in advance, when personnel in the band(s), tend to change.
I also have found it cheaper, in the long run to hire vehicles for stints away. I hated it , when I bought a bus, and it was stuck on my driveway for six monthes, I didnt see it as an asset, just a hindrance.
When the band went into the VAT bracket, it convinced me that I had made the right decision, as I did not simply have time to self manage the band, and do all the paperwork and of course, I then avoided the annoyance of chiucking the paperwork into the band forum, which would not have been conduscive to creativity.
All that said, I bet U2 and Oasis are limited companies. |
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Rods |
Just wondering if I should be registering our band as a ltd company as it's been suggested to me. We seem to be making some progress and generating more interest in Europe.
Obviously thinking of buying a splitter van now as opposed to renting them as we have done previously and recent purchases of merchandise and printed material, on top of all the accomodation, fuel costs, ferry crossings etc offset against our income would still account for a loss at the moment but this summer could see us turning the corner as far as income against running costs is concerned.
So if I shouldn't register the band as a ltd company what should I be doing? |
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