Do you know about tax in the Entertainment business
I have a new client who is a sole trader and trades as a composer of musical score.
Business is good and he turns over around £200k making £130k in profit and paying substantial tax through self assessment.
A substantial part of his income is in the form of royalties paid every year and he is also credited with the copyrights of the work
We want to incorporate him to give him a better tax position but we want to understand the implications of this action.
Specifically whether or not the rights to the royalties and payments due to the copyright holder can be assigned to a limited company and if so whether a transfer of these rights could be considered a transfer of a business asset and attract relief under TCGA 1992 S165 transfer of business assets to avoid any capital gain.
Anyone with experience or anyone who may know an specialist in Entertainment Law please get in touch.
Any comments also welcome?
- Benefit in kind calc, s.106 ITEPA 234 5
- Sage 50 - How do I find the column headings when I export to CSV 37 1
- printer paper for Certificate of Incorporation 49 1
- Quote for client 280 7
- Investment Unrealised Gains Accounting Treatment 70 1
- PAYE 54 1
- Annual Report - How to? 51 1
- Can a company act like a charity, without being a registered charity? 279 6
- Reversal of Warranty Provision 267 10
- Investment property? 569 4
- error on companies house accounts 907 20
- Director's personal expenses paid by the Company 188 3
- Do you get your clients to sign their EOY EPS submission? 1,001 13
- ATT Exam tips and study help 119 2
- Client's company struck off 1,832 21
- Separate Pay runs for salary and commission 86 1
- Refurbised Pub 179 4
- Amend this years FPS's - any HMRC penalties? 183 4
- Directors obligation to notify 395 6
- Tax relief in respect of rental property/withdrawing of capital 94 2
- HMRC BENCHMARK EXPENSES 516
- write off loan or loan to equity swap or both 452
- EPS and CIS deductions 319
- Sole trade business in UK, but the owner works from EU 302
- Construction CIS LLP Company 293
- Stamp duty on house transfer between spouses 277
- Tax Investigation - Employee Travel 224
- SAGE winforecast 213
- Overdrawn director account 201
- LIVE: Budget aftermath webinar 199