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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am currently self-employed as a musician (performing,

Resolved Question:

Hi,
I am currently self-employed as a musician (performing, teaching and composing). I set up last year a ltd company for the composing part of what I do as wanted to expand this, however, this has not worked out and almost all of my income comes from teaching and performing. Ideally, I do not want put my teaching and performing income under the ltd as this is too complicated for what in essence a sole trader activity. Is this possible or do I need to put all my income under the ltd. To be honest ideally I would like to stop the Ltd (classed as artistic creation in the business codes) as think it was a wrong decision. Please can you advise thank you.
Alex
Submitted: 7 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your question..

It was your intention to treat income from composing music as that of a LTD company. It is possible to treat that as your principal and only business activity if you so wish.

You don't have to put all income through the LTD company.

If you have not traded at all as a LTD company, you can apply to Companies House for the company to be struck off by completing form DS01.

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.

Customer: replied 7 months ago.
Thank you for this. I have sold some composing work (as albums and under license) and have received this money into my account, approx £350. However, this was not sold under the name of Freqmuse Ltd, but sold under my name 'Alex Bett' via online channels before I created the business. Should I put declare this money under the Ltd company or can I just put through via self assessment. Just to let you know I have no loans under the Ltd company, so I am assuming it will be relatively easy to dissolve. Thanks Alex
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your reply.

I would declare all income as self-employed sole trader.

As you have no debts in the Ltd company, it is a relatively straightforward process to get company struck off.

I hope this is helpful and answers your question.

I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.

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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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