Richard Stanton - DJ / Music Producer
Richard Stanton is a music producer and DJ from London. Over the last five years he has been working hard at a warehouse investing whatever cash he can to start up in business as a professional DJ and music producer.
During this time, he has been busy networking, learning music production and generally preparing to get ready to give the music scene his full dedication.
Richard knew that he needed an accountant to help him with his affairs. Once he had contacted QuickRebates he piece of mind that there was a good Tax strategy in place going forward. In fact, QuickRebates made use of the Early Trade Losses Relief as allowed by HMRC which generated a repayment of £2,619. Richard used this extra cash flow to finance new equipment, a new website and also allowed him to invest some into advertising.
- Richard Stanton
- Aid Provided
- Early trade losses relief claim
- Repayment Time
- 11 days from claim being filed
- Tax Rebate
Early trade losses relief is a fairly common relief used by accountants and Tax advisors to offset first year losses against income for three years previous. Facts important to this case included:
- Early trade losses relief
- Carrying back losses against his warehouse earnings for 2013
- A great deal of capital expenditure, e.g. mixers, turntables and laptops
Are You a DJ / Music Producer?
Richards position is similar to many other musicians, once they decide to become professional, they don’t know where to turn for advice on accounts or Tax. Like other trades, DJ’ing and producing can extremely expensive to get established and this particular case was no different.
Fortunately Richard contacted QuickRebates well in time to make a sizeable claim. HMRC will only allow pre-trading expenditure for a certain amount of time. Had he waited much longer, then he wouldn’t have been able to claim for certain items of expenditure.