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Northern Soul Deejay Pay

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Picture the scene at an Allnighter, verbal commences ....

 

"Alright mate, having a good night" :thumbsup:

"Yep, brilliant"

"Where your from?"

"There's a load of us come up from Stoke"

"What you on then?" :shhh:

"Oh. Income Support and Council Tax Benefit - :thumbsup:  :shhh: "

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I wonder if he was worried about the Soul Police snooping at his labels too much when really it could have been the Benefits Police..remember a pseudonymn Twink,Frank,Soul Sam,Poke,Soul Twins etc etc.

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Just as a matter of interest, can professional DJ's claim the cost of buying records as a tax deductible expense?

Just curious.

They could claim it but I doubt if they'd get it. :yes:

Keep on trucking. mick L

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Just as a matter of interest, can professional DJ's claim the cost of buying records as a tax deductible expense?

Just curious.

 

I would say, very much yes............why not?

 

 

Cheers,

Mark R

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Just as a matter of interest, can professional DJ's claim the cost of buying records as a tax deductible expense?

Just curious.

 

Of course!. You can't do a job without the 'Tools', just like a Tradesman.

 

Your problem comes when you want to sell the record that you've claimed tax relief on.

Edited by Zed1

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The next new member will be "HMRCSOUL BOY " , checking on all of us , certainly would think of turning

a punter away if they turned up with one of those satchel things and a sheaf of papers

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I know that in the 90s when I was working at Acid Jazz, our accountant warned us that their was an HMRC unit - based in Watford - that kept an eye on the music world. The looked at adverts in the papers, noted down names and would investigate if they thought people were avoiding their tax.

Whether they still exist, I don't know.

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Very few will make a profit out of DJing on the NS scene given the cost of buying OVO, in the circumstances it is probably worth writing to HMRC and explaining this and state you would suggest it be treated as a hobby with no profit and no loss.

Detail the last few months record purchases and the income received, the former heavily outweighing the latter.

If they wish formal accounts then you will be submitting a large loss relief claim.

That way you have been upfront with the authorities and if they want to push matters they are gonna be issuing refunds.

Personally I won't take payment and leave the money with the promoter to donate to a charity of his choice.

Atb

Stu

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Absolutely!.....tools of the trade just like any other profession.

 

This is really interesting. One would assume that, as a capital purchase, the records would be a depreciating asset on your books. The longer you hold on to them the less they are worth. If you then sold them for let's say the same price you paid for them, would it be a capital gain against the value on your books? Any accountants out there?

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Always baffled me this, offsetting the cost of records against the fee for playing them,

Aren't DJs invited to play their records because they already have them, and if the DJ wants to add to his/her collection along the way then that's up to them? They can always be sold on again, often (but not always) for a profit,

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Always baffled me this, offsetting the cost of records against the fee for playing them,

Aren't DJs invited to play their records because they already have them, and if the DJ wants to add to his/her collection along the way then that's up to them? They can always be sold on again, often (but not always) for a profit,

 

Depends on what scene you are on I guess. NS, you could make a profit (Eddie Parker etc)….sure. Modern soul, take your CDs and 12s to a shop and you'll get feck all for em…. :rofl:

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Depends on what scene you are on I guess. NS, you could make a profit (Eddie Parker etc)….sure. Modern soul, take your CDs and 12s to a shop and you'll get feck all for em…. :rofl:

 

 

The header says 'Northern soul Deejay Pay',

 

By profit I didn't mean necessarily in the Eddie Parker bracket, I reckon Northern Soul records in general are worth more today than anytime previously,

My main point though was, regardless of the profit of selling on the vinyl, the cost of records should not be factored into a DJ fee,

 

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This is really interesting. One would assume that, as a capital purchase, the records would be a depreciating asset on your books. The longer you hold on to them the less they are worth. If you then sold them for let's say the same price you paid for them, would it be a capital gain against the value on your books? Any accountants out there?

That only works with Fixed Assets.  I would expect that records/CD's would be classed as Inventory Assets as they will have a "cash value" (can be sold within a year, for however large or small it may be).  From an accounting perspective they'd probably classified something like "available for sale", so wouldn’t have depreciation amortization overlay applied to them.

Edited by John Reed

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I guess this is why there are no professional DJ's on the Northern scene......kind of doesn't work if the tools of the trade cost more than your potential earnings! !

Cheers,

Mark R

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Always baffled me this, offsetting the cost of records against the fee for playing them,

Aren't DJs invited to play their records because they already have them, and if the DJ wants to add to his/her collection along the way then that's up to them? They can always be sold on again, often (but not always) for a profit,

Remember back when I was at art college and Paul Madden had a stall in the covered market in Hull that he had dreadful problems with the taxman trying to differentiate between personal collection sales and 'record dealing'.

Dx

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Depends on what scene you are on I guess. NS, you could make a profit (Eddie Parker etc)….sure. Modern soul, take your CDs and 12s to a shop and you'll get feck all for em…. :rofl:

But read the multitude of threads on here Steve, where people state that when they bought EP etc for a pound at Wigan they never realised what they'd be worth now......and the "if only we knew....."

I was talking to a well known record dealer/seller at Bully's party and he said the thing that's really rare now/future are actually the indie CD's etc......it's just whether there is any market for them.

Odd items are fetching money......William Mininfield £100 anyone.

You just never know, but it's fair to say that music should be bought because you like it, not as an investment. Stick to that mantra and you'll never be disappointed!!

Cheers,

Mark R

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But read the multitude of threads on here Steve, where people state that when they bought EP etc for a pound at Wigan they never realised what they'd be worth now......and the "if only we knew....."

I was talking to a well known record dealer/seller at Bully's party and he said the thing that's really rare now/future are actually the indie CD's etc......it's just whether there is any market for them.

Odd items are fetching money......William Mininfield £100 anyone.

You just never know, but it's fair to say that music should be bought because you like it, not as an investment. Stick to that mantra and you'll never be disappointed!!

Cheers,

Mark R

 

Yes agree with all of that, someone has to want them….. if you've got a desire to hear new music, you'll just keep buying. :thumbsup:

Bully's party, when was that? :rofl:

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Yes agree with all of that, someone has to want them….. if you've got a desire to hear new music, you'll just keep buying. :thumbsup:

Bully's party, when was that? :rofl:

Two weeks ago mate.

Cheers,

Mark R

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