talkmagic.co.uk

Tomo wrote:

DrTodd wrote:British Legion gig would be great for Lady of Mystery! I did an impromptu one on Cornwall and then passed the hat! They love something new and different.

That's a damned fine idea. Being paid in tips might mean heavy pockets, but you might get more money the better you are.

...and false teeth...

...just do it though, if you're comfy with your patter, your effects, your moves and most importantly - you....then just go for it...

Tomo wrote:Being paid in tips might mean heavy pockets, but you might get more money the better you are.

I only hope the Inland Revenue bods don't view TM!

Mandrake wrote:

Tomo wrote:Being paid in tips might mean heavy pockets, but you might get more money the better you are.

I only hope the Inland Revenue bods don't view TM!

I'm afraid I'm one of those strange people who gets a parking ticket and rejoices that the system actually works.

I always wonder about traders on e-bay, I'm sure most keep proper accounts and pay appropriate taxes but perhaps not everyone on there does!

As has been mentioned elsewhere, if you receive money for work there's a legal obligation to declare it and pay tax but at the same time you can also deduct costs to cover props and other expenses.

http://www.hmrc.gov.uk/individuals/fgca ... ment.shtml

and

http://www.hmrc.gov.uk/manuals/bimmanual/BIM50151.htm

might be useful...

CF10 - Self-employed people with small earnings

I read that as 'small earrings' and loudly wailed that 'they'll tax anything these days the penny pinching..... !

Mandrake wrote:

CF10 - Self-employed people with small earnings

I read that as 'small earrings' and loudly wailed that 'they'll tax anything these days the penny pinching..... !

i wonder what they'd do with pirates? apart from confiscate their fake small earings?

i too am going to start promoting myself very soon. i have been doing magic for a while now and need to take a jump.

abraxus wrote:

Mandrake wrote:

CF10 - Self-employed people with small earnings

I read that as 'small earrings' and loudly wailed that 'they'll tax anything these days the penny pinching..... !

i wonder what they'd do with pirates? apart from confiscate their fake small earings?

Make 'em walk the plank!

Arrrrr! Matey!

I.D wrote:The reason I ask is because my beautiful, ever supporting wife wants me to make money.. or quit magic

Or more likely, she wants you to stop spending money one magic

I would be inclined, as others have suggested, to do unpaid work and build both confidence (which you seem to have) and experience. You'll get a reputation if you're good enough and won't need to cold call so much.

I'd just turn up to some random things and ask if you can try out some new tricks on people.

(Hiya - my first post!) I was thinking about trying to go the unpaid route to gain experience as well, at least that way the pressure is off a little until you build your confidence. Also it gets you out and known. I was wondering having broken through the 'tax discussion barrier' whether I could broach the idea of insurance, how many of you guys perform with public liability insurance or is that something that only the full time professionals need to worry about? Also are you pro's / semi pros out there member of equity? (the actors union)

Mandrake wrote:As has been mentioned elsewhere, if you receive money for work there's a legal obligation to declare it and pay tax but at the same time you can also deduct costs to cover props and other expenses.

You can also claim costs for up to seven years before you start trading as "pre-trading expenses". This includes the "capital allowances" you can claim on equipment.

Sorry to have to say this, but as a retired Chartered Tax Adviser I consider that the UK tax system is so complicated that any self-employed person has no chance of doing his own tax return correctly - if you want to go pro, you need an accountant. I use computer software for my accounts and tax returns, and I still find it an almighty pain.

Barry

magicofthemind wrote:if you want to go pro, you need an accountant.

I pay my accountant 350 quid to do my tax return and she saves me well in excess of that in tax. AND I don't have to do my tax return.

That is a win win situation for me.

magicofthemind wrote:any self-employed person has no chance of doing his own tax return correctly.....you need an accountant

I couldn't agree more! My tax returns are done professionally for other reasons and my time and involvement is minimal, the costs reasonable and the results well worth it in terms of his doing all the dealing with the Revenuers. On more than one occasion the IR have made errors, in their favour of course, which our Accountant has dealt with very successfully!

I forgot to mention that you must register as self-employed, both for tax and national insurance, within three months of the date you "start trading". You will be liable to a penalty if you don't!

Have a look here:
http://www.hmrc.gov.uk/selfemployed/iwt ... oyed.shtml


Also, if you opt out of Class 2 NIC under the small earnings exception, your entitlement to benefits will be cut.

I'm so glad I gave up working in tax.

Barry