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HAIL Tip Sheet 26: Tax Issues - What about Expenses?

A good accountant will advise you as to what constitutes a proper expense, but the obvious include:

  • Travel and accommodation expenses relating to tours and recording (hotels, trains, planes and car/van hires)
  • Instrument maintenance (equipment servicing, spares, strings, and so on)
  • Telephone/fax/e-mail costs incurred when arranging work
  • Advertising and hire charges
  • Personnel hired for recordings and tours
  • Other services such as commissions, legal and accountancy charges
  • Equipment purchase (including Instruments) and vehicles are classed as 'capital allowances' that can be carried over and used partially over several years if you wish
  • National Insurance contributions are payable on a weekly stamp basis. You are advised to pay the maximum contribution allowed as soon as possible.

Keeping Records

Keeping records of accounts can be as simple as a small book purchased in the high street with amounts received on the left hand side of a page and expenditures on the right hand side, together with an envelope or box containing payslips, bills and receipts filed by date.


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