Are PRS royalties recorded as part of turnover in a musician's sole trader's trading accounts together with all other earned income eg gigs etc: or instead recorded under 'other income' in TR and left out of the trading accounts? If the musician's accounting end date is 05 April then I can see that it would not matter -although may not be strictly correct -as the tax calc. would be the same. However, in this case the accounting date is not 05 April and so |I am not sure if I shd be preparing trading accounts to his accounting date but leaving PRS royalties out but instead recording strictly 06 April to 05 April (in accordance with their statements) to TR. In this case the tax calc. would be different.
As I said above this is a sole trader and not a ltd company. The majority of the royalties are earned abroad (I am conscious I am using the word 'earned') and there is recorded witholding tax in the April year end PRS statement. Can I assume that I can offset/reclaim against tax due?
Thank you to all, I wish you all a merry Christmas and happy New year and look forward to your replies!!!