As a musician, your instruments are your tools of the trade – but are musical instruments tax deductible if you\u2019re self-employed? (Yes, unfortunately not even music can escape the world of taxes!)<\/p>\n\n\n\n
If you\u2019re self-employed, you\u2019re required to complete a Self Assessment<\/a> tax return for HMRC each year to declare any earnings made. But one of the benefits of doing your own taxes is that you\u2019re able to claim back some of the costs as expenses. <\/strong><\/p>\n\n\n\n As long as you can prove that it\u2019s a business expense, you can pretty much deduct anything. We\u2019ve put together a quick guide on where HMRC stands on musical instruments, and whether they\u2019re eligible for a deduction.<\/p>\n\n\n\n As a self-employed worker, the Tax Acts state that you are entitled to claim expenses incurred \u2018wholly and exclusively…for the purpose of trade.\u2019 So rest assured that there are plenty of expenses available for musicians, including those related to instruments.<\/p>\n\n\n\n What qualifies for a tax deduction varies from job to job. For example, as a musician, purchasing a new guitar would be accepted by HMRC as necessary expenditure, but this wouldn\u2019t be the case if you’re a builder trying to do so. <\/p>\n\n\n\n So are musical instruments tax deductible? In short, yes, as long as you can demonstrate to HMRC that the expenditure was incurred as a direct result of your work as a musician or performer. It covers a variety of musical instruments such as:<\/p>\n\n\n\n For further information on what HMRC allows as a deductible expense, you can read their advice here<\/a>.<\/p>\n\n\n\nDo HMRC recognise musical instruments as being tax deductible? <\/h2>\n\n\n\n
\n