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PRS (Performing Rights)Distribution

taxing PRS

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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!!!


Replies (3)

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By carnmores
18th Dec 2018 12:33

in my opinion prs and other performance and artist royalties are part of a composer / musicians trading income and taxable when received.

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By Jane S-D
18th Dec 2018 13:08

I agree, PRS royalties are taxable when received.

Any foreign tax deducted can be offset against the UK tax liability.

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Replying to Jane S-D:
By davidbarry
19th Dec 2018 10:23

Thank you for your reply. The tax that is deducted though and to be disclosed in the TR-in your opinion would be on an accounts basis or on a fiscal year basis-makes a difference to the ultimate tax take.

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