I received 2 sets of funding through 2 different crowd funding campaigns in the tax year 14-15.
One was for a music project I was doing on behalf of friends in Zimbabwe. The funds went into my bank account (personal bank account, not business bank account) but were not payment to me. I used the funds in my account to pay for cd manufacture, duplication and distribution, as well as artists fees to the musicians in Zimbabwe, and crowd funding expenses. I did not personally gain any money through the project
The second crowdfunding camapign was for a performance and film project in the UK. Again the funds went into my personal bank account and i used them to pay for artist fees, travel expenses, venue hire, materials, publicity and crodfunding expenses. Some of this money was payment to me for my role int he project
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
thanks for your reply. Am I legally required to show project funding as personal income or is it just that you suggest this in this situation? Is it because its going through my bank account?
For future, would it be better to open a project bank account and then just show the income to me in my accounts?
And finally, is there a limit to the amount of money my parents can gift to me without ne having to pay tax on it?