Expert Accountancy & Tax Advice for Musicians

Your employer will most likely be covering all expenses, leaving you with few expenses. To makeup for this, keep track of your itinerary and claim the per diem meal expense for each travel date (these can really add up! Find the rates at gsa.gov). Also keep track of any other music-related expenses you have during the year, even when you are not under their contract. Whether you’re a musician, DJ, influencer, podcaster, or media personality, we can help manage the financial side of your business. AccountantFor works with accountants from around the world, including those who understand the rock and roll lifestyle of a musician. However, if you do some freelance work on the side or work as a full-time self-employed musician or freelancer, you are required to submit your yearly income for the HMRC to calculate how much you owe in tax.

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Accountants at CoreAdviz not only efficiently manage your business accounts but also ensure the accurate submission of your financial statements on time. We are adept in the preparation and submission of your tax returns as well as tax planning. Our accountants for musicians are well aware that creative professionals like musicians need https://shop.gatesbuy.com/best-bookkeeping-services-for-august-2025-2/ bespoke accounting services. We are, in fact, committed to helping you in every possible way with our bespoke accounting services to make you financially successful in the long run. At CoreAdviz, we have dedicated accountants for musicians who understand the diverse needs of their clients and offer their services accordingly. We do not limit ourselves to just managing their expenses, including those that go into professional remixing, purchase of musical instruments, recording fees, and digital distribution.

Music CFO Support

Prices may range depending on what city you live in, and if you go with a CPA, which tends to be more expensive than a licensed tax preparer. If you feel overwhelmed or like there are terms or concepts you do not understand while preparing your own taxes, it is probably better to get help. Whether you’re a student, performer, or artist, located in London, Manchester, Leeds, Newcastle, Glasgow, or anywhere else in the UK, Spencer-Davis & Co. is here to cater to your accounting needs. Contact us today for a free quotation or professional advice, and let us help you achieve financial success. Music Business Accountants advise and work with musicians and music industry companies on financial matters. AccountantFor provides a comprehensive range of accountancy and tax services for musicians through our exclusive network of vetted accountancy talent within the United Kingdom.

• You can write off band expenses on the partnership tax return and personal music-related expenses on your personal return.
• The best arts and entertainment accountants are creative-minded, personable, articulate, cool-headed, and communicate well with their artistic clients.
• Some allowable expenses that a self-employed musician can claim are expenses on musical instruments and equipment, trade subscriptions, accountant fees, sound engineer fees, instrument maintenance, and so on.
• Before settling on this field, many arts and entertainment accountants work in other capacities in their arts-related industry—often similar roles to those held by their eventual artist clients.
• By meticulously managing your financial inflows, we help you maintain a steady cash flow and avoid financial pitfalls.
• Advancement in this role comes through working with well-known artists or getting hired by a prestigious firm, which means higher wages and more famous clients.

Bookkeeping & Taxes

With irregular income, royalties coming from multiple platforms, touring costs, international revenue, and constantly changing tax rules, staying on top of your finances can feel like a full-time job in itself. In a typical musician/artist scenario, would the amount they can save me be worth the additional expense? At Math LLC, we charge somewhere in the neighborhood of $200–350 to prepare a tax return for someone who is self-employed.

Music Industry

These reports can also tuck neatly into our business plan template that is designed to help you secure funding from external sources like a bank. Another useful tool is our business start-up checklist that walks you through key business registrations you might require, insurance options, legal issues, branding and domain name registrations for your website. They offer a range of accounting reports, mileage tracking through their mobile app, limited invoicing, and automatic import of your monthly bank statements (vs. having to upload them manually). Zoho Books is a great choice for startups (particularly if you use other Zoho apps). They offer free income and expense reporting, automatic transaction sorting, and the ability to link multiple accounts.

• Let’s say that I am about to tour as a hired gun for a pretty well known indie artist.
• In summary, if you’re contemplating starting a business you don’t need to reinvent the wheel as we have all the tools and resources to help you get off to a flying start.
• From making sure your next contract is in your best financial interests to making your money work for your future, managing your assets is important to your future financial security.
• The most legit way to handle the rising success of a new band is to set up the correct business structure as early as possible.
• Whether you should operate as a sole trader, limited company, or partnership depends on your income and long-term goals.
• Quickbooks is useful too, but there can be a steep learning curve with learning that software.

Music Career Finder

Conversely, if you claim one, two, or even three exemptions, less money will be withheld from each paycheck. My advice to filling out the W-4 is to get as close to zero exemptions as possible to avoid having to pay a lot at the end of the year. As far as tracking your income and expenses, I recommend opening a dedicated bank account for your music business and running all income and expenses through that account. At the end of the year, it simplifies the process to figure your total income and parse out your expenses when they are localized to one account. I have also seen people use spreadsheets or logbooks to track income and expenses. Quickbooks is useful too, but there can be a steep learning curve with learning that software.

Financial challenges in the music industry

Growth Group helps design the financial life of music businesses, because making money shouldn’t get in the way of making music. For a musician, your vehicle is https://www.bookstime.com/articles/salaries-and-wages arguably your most important business tool. To learn more about the alternative methods of claiming your vehicle expenses and the distinction between a business and private trip, you can read our Motor Vehicle Tax Guide. In addition, through our affiliate partners we can also assist with vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars. Through another affiliate group we can also help you source funds to finance your business purchase or equipment. Get in touch with Gorilla Accounting today or read on to learn more about the fantastic features we offer as musician accountants.

• In a business sense these foundations include the right tax structure and accounting software, adequate and appropriate insurances together with a marketing plan and a lead generation website.
• When you outsource your finances, that’s a huge administrative weight off your shoulders, giving you the breathing room to do your best work.
• Like the other tools on this list, it offers things such as automatic mileage tracking, basic accounting reports, and the ability to organize your receipts digitally.
• They offer a range of accounting reports, mileage tracking through their mobile app, limited invoicing, and automatic import of your monthly bank statements (vs. having to upload them manually).
• Our comprehensive financial planning services include retirement planning, investment advice, and strategies to grow your wealth over time.
• Over the past 30+ years, our firm has gained in-depth knowledge of the music industry, in part through our active participation and involvement in several music specific trade organizations.

Our Favorite Bookkeeping Tools for Musicians

• Whether you have a particular financial issue to discuss, would like more information about our services or are interested in joining our team, please do get in touch.
• Her company, Math LLC, provides tax preparation, accounting services, and financial consulting for individuals and small businesses.
• Explore multiple income streams beyond just gigging, such as merchandise sales, online music lessons, or songwriting royalties.
• For more than 70 years, our accounting firm has helped these clients navigate their current tax positions, protect their wealth, maximize tax savings, and prepare for their future needs.

We offer a full range of accountancy services to the music and theatre industry nationwide. Our services have become known among musicians and performing artists for providing them accountant for musicians with comprehensive and tailor-made account management. Over the past two decades our team of accountants have helped dozens of musicians and artists get their business off to a flying start. We offer you experience, technical tax knowledge, marketing expertise and most importantly, an intimate understanding of your industry. For years, Gorilla has tailored our accounting services to match the requirements of self-employed individuals in creative sectors across the UK, including musicians. At WallsMan Creative, we’re specialist music accountants who understand the unpredictable nature of creative careers.

The Power of Smart Financial Management for Musicians

Our clients range from individuals who are part-time entertainers to seasoned industry professionals who have carved out successful careers. Their needs vary from tax return preparation to consulting or audit work related to their recording label expenses. As advisors and accountants for the music industry and entertainment sector, we offer a range of services, providing talented professionals with the right advice. If you have a firm grasp on your business finances, such as travel expenses, other outgoings, and your forms of income, then yes, you can complete your own tax return. However, without using accounting services, you run the risk of missing out on potential tax rebaits, or worse, you risk accidentally committing tax fraud by getting your tax return wrong.