MusoTax is delighted to offer this awesome discount to musicians who are just starting out.  

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Who needs to do a Self Assessment tax return?

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Good question, well... in the last tax year (6 April to 5 April), were you gigging and earning more than £1,000 (before taking off anything you can claim tax relief on)?*

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Yes? Then that's you.  Don't panic, you may well have no tax to pay, but you are legally responsible for declaring this income.

 

You must tell HMRC by 5th October if you need to complete a tax return and have not sent one before. You can tell HMRC by registering for Self Assessment.  Your tax return is then due for submission by 31st January.

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But I’m still a student. I don’t pay tax?

Sadly, this is not true. One of the most common myths regarding Income Tax is that you needn’t worry about tax until you graduate.  The truth is, students have the same tax-free Personal Allowance as anyone else. If you start to earn freelance fees (as above), you have to declare it.

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Need help? Find out more here, or contact us for a quote.  info@musotax.com