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?
- When to include value of import in Box 7 61 1
- employer pension contributions - OMB company 160 2
- Accounts production software license expiry & possible alternatives 300 7
- Capital gain? 76 3
- Are clients getting more stupid? 1,245 21
- Construction Industry Allowable expenses 266 8
- Recharge for private use of a company car 346 8
- How could I be identified for VAT purposes in UK? 412 8
- vat help for catering concession 274 10
- IHT dilemma 1,153 17
- Tax return software for remote working 231 3
- CGT 331 14
- Problems with Sage 50 Payroll v21(2015) pension module 319 1
- Interest paid to non-UK company - Deduction 109 2
- Compliance check 511 13
- sole trader accountant 785 14
- Entrepreneurs Relief 400 15
- Capital Allowances and Building Improvements 604 21
- More AE! 498 11
- How to classify an asset 159 3
- Auto enrolment excuses 1,079
- Feedback on accounts production software for IFRS 777
- Add T&Cs to Sales Order in Sage 462
- Digita Hosted Software 279
- Call Centre Data Costs 251
- Are any of you agents for doctors? 223
- Credit where credit's due....... 216
- Buying goods in US and selling them to company in US 205
- Married Couples Allowance wasted? 186
- Director phone costs 149