I will be receiving and holding £4-5,000 during Jan-April 2016 which will be paid to a teacher after the event in mid-April 2016.
Will the held amounts be required on my self-assessment return for 2014-15? I must hold the money until the workshop is complete, for the need to return it if it is cancelled for any reason.
Thank you in advance for advice.
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14/15?
You didn't receive the cash in tax year 14/15 (year ended 5 April 2015) so why would you?
Lack of info
Assuming you are not using the cash basis, when will the income be earned/costs incurred?
Will any of the work relating to the workshop be performed pre 5 April, one-off or series of workshops?
If you are using the cash basis it is income when received so you will pay tax on it one year and get relief for the associated costs the next, just one of the reasons I wouldn't touch the cash basis with the proverbial stick (although in certain circumstances it may work for some).
The first question is is it ever your income regardless of timing?
As you say it all has to be paid over to a teacher after a workshop has taken place, it sounds as though you may simply be collecting workshop fees paid in advance (acting as the event's banker in effect). If that's right it's never your income, any more than if you sell raffle tickets for your local charity the money you collect is your income.
Your question about timing is irrelevant if it's never your income anyway, but you seem to be mixed up about the years. The question is whether it's income in 2015/2016 (when it's received) or 2016/2017 (when it's earned). 2014/2015 doesn't come into it.