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User Name Thread Name Subject Posted
English Jon How do you make money in folk music? (132* d) RE: How do you make money in folk music? 15 Jan 04

You dont. and this is why...

if you make loads of money, as a self employed businessman/woman you are liable for loads of tax.

so: in the income column, you put gigs, educational work, corporate events, music lessons, cds, other merchandise - whatever you do that brings it in:

then in the outs, you put strings, stageclothes (ie all clothes), basic subsistance (11 a day), petrol, phone bill, ISP, new instruments etc.(don't forget about depreciation) then there's musicians union subs, equity, efdss membership, prs, mcps etc. Then there's business accomodation (1 room in your house up to a value of 1 seventh of your rent, I think)

Add it all up - hopefully you should now have a minus figure, or a low figure - way below tax threshold, so then you get a positive tax return.

If you make more than the tax threshold, divide your activities into multiple seperate companies with seperate accounts.

lets face it, in a normal job, you spend everything you earn - what's the difference? Essentially, if you are making loads of cash, you aren't doing your books properly. you'd be amazed what you are legally entitled to claim for.

Hope that helps

English Jon

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