Tax advice for music businesses
Accounts preparation work for tax purposes
This starts with getting your accounting processes in place from the outset, which can save you an enormous amount of time, money and frustration further down the line. At the start of your career, it makes sense to keep a handle on your own business administration, mainly to save on costs, but I also encourage people to develop a financial understanding of their music business from the outset, which will help you with making tough business decisions in the future. The main reason for this is that there are always seemingly more important things to be doing, like making and performing music that will earn you money. You will need to decide who in your team is responsible for collecting income and making payments usually the most organized member so make sure you delegate these responsibilities early on.
Have your voice
We also handle accounting for musicians in bands, helping them stay on top of the income from recording, performing and touring, and on top of their tax bills. The music industry is about more than musicians — our clients include music studios, gig venues, indie record labels and innovative tech startups with music as their focus. Some want a music accountant to help lay the foundations of a successful business, such as reliable bookkeeping or the preparation of thorough management accounts. Others need strategic advice — for example, is it best for a musician or producer to operate as a sole trader, or offer their services through a limited company? Hotel accommodation on tour is another that often gets overlooked, as are complimentary tickets to gigs for publicity purposes. If you work in production, you might also be eligible for research and development tax relief.
Here at Linda McGowan Pty Ltd we have been providing accounting, tax and financial planning solutions to musicians and artists for over 15 years. Our clients span the whole musical spectrum - solo recording artists, bands, songwriters, publishers, studio musicians, freelance classical musicians, well known pop groups, music and instrument retailers plus small record labels. In fact, the music industry has become a real niche area within the practice. She recognises that you invest heavily in your craft and that your world is evolving with uploading music to the internet and virtual distribution costs with itunes, mp3 and cdbaby. We are not your average accounting firm that just keeps the score. We aim to help you convert your creative capabilities into profits and make your financials more meaningful. Our extensive knowledge of the music industry has enabled us to develop a portfolio of services that meets the exact needs of our niche clients and we invite you to download our accounting for musician's brochure from this page.