Hi
Would be grateful for your opinion on the tax situation please.
A group of friends got together last year and started to play as a small band for their own entertainment.
They were asked to play at a local music festival and from there on have been playing by request at a local pubs.
They have had payments of £100 per session for these evenings, which for 10 people for 2-3 hour sets is only a token payment.
Going forward we can see £2000 approximately per year being earned by the band. The instruments are going to wear out at this level of playing and there are some travel expenses.
What are the implications of this situation please?
Do we need to file accounts at this level of earnings?
Would be grateful for your opinion on the tax situation please.
A group of friends got together last year and started to play as a small band for their own entertainment.
They were asked to play at a local music festival and from there on have been playing by request at a local pubs.
They have had payments of £100 per session for these evenings, which for 10 people for 2-3 hour sets is only a token payment.
Going forward we can see £2000 approximately per year being earned by the band. The instruments are going to wear out at this level of playing and there are some travel expenses.
What are the implications of this situation please?
Do we need to file accounts at this level of earnings?