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?
- Pay-slip date & Pay-ment Date 58 3
- EIS/SEIS capital gains exemption 164 3
- What is the role of an accountant? 64 2
- Sole Trade - Losses B/Fwd 149 9
- Scottish but not UK 183 4
- Construction Industry Scheme Age Limit 57 3
- VAT on introducer fees 67 1
- Company Accounts 378 7
- Statutory Maternity Pay (SMP) 277 17
- VAT Fuel Scale Charge for Fuel on Private/Personal Car 264 4
- P11D Query 89 3
- CIS 303 10
- VAT1 Form- Question 7 201 7
- Lexis Nexis 3 Month Cancellation Notice 222 5
- Any Scottish members out there? 10,056 358
- Complicated freehold purchase and CA 144 2
- Accountancy packages for FRS 102 200 5
- Tax relief on investmement in holding company 90 3
- FRS 102 and loans from a director 373 2
- Pension Contributions Relief 220 7
- Raiders of the Lost Tax File 1,217
- Chartered Accountant in County Down N.Ireland 425
- National Insurance 324
- IPP (International Pension Plan) income 318
- Unnecessary S9A Enquiries 248
- Non Resident 245
- Cass 5 FCA Client Money Software recomendation 239
- A question for the payroll-only bureau's out there 218
- Franchise income and costs 216
- Hands on experience of Digita 152