Songwriter License

byllsong · Post by **byllsong** » Mon May 18, 2020 10:15 am

Hi, guys
I'm in the Bahamas.
As a songwriter, do I need to have a business license?
And, when royalty payments are sent to my bank, do I have to pay vat/tax on the amount.
Thank you.

Zaychi · Post by **Zaychi** » Mon May 18, 2020 2:47 pm

lol, I don' t think you'll find many experts on the Bahamian tax system here... maybe try a local board? Or a phone call to the tax office?

byllsong · Post by **byllsong** » Mon May 18, 2020 5:37 pm

Hi, Not necessarily the Bahamas, just in general.
Do I treat it like a hobby or a business?
Don't want to get in trouble...

lesmac · Post by **lesmac** » Mon May 18, 2020 9:27 pm

Re: Songwriter License
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Unread post by byllsong » Tue May 19, 2020 10:37 am
Hi, Not necessarily the Bahamas, just in general.
Do I treat it like a hobby or a business?
Don't want to get in trouble..

In Australia you can treat your music revenue as a hobby up to a limit to which I have failed to reach.[not sure of the figure]

By the time you declare all your costs, depreciation etc. it isn't worth the tax offices time or yours to lodge.

When you are a big enough fish I guess you will know.

cosmicdolphin · Post by **cosmicdolphin** » Tue May 19, 2020 3:17 am

byllsong wrote: ↑
Mon May 18, 2020 10:15 am
Hi, guys
I'm in the Bahamas.
As a songwriter, do I need to have a business license?
And, when royalty payments are sent to my bank, do I have to pay vat/tax on the amount.
Thank you.

It depends. Some countries have agreements where they take out tax for any royalties at source before you get them but here in the UK we have agreements in place so this doesn't happen in the major territories and you declare your own earnings in what's called a self assessment. However, where I live if it's below the threshold then you don't need to declare it.

byllsong · Post by **byllsong** » Tue May 19, 2020 4:52 am

Thanks guys.

Kolstad · Post by **Kolstad** » Wed May 20, 2020 2:43 am

lesmac wrote: ↑
Mon May 18, 2020 9:27 pm
In Australia you can treat your music revenue as a hobby up to a limit to which I have failed to reach.[not sure of the figure]

By the time you declare all your costs, depreciation etc. it isn't worth the tax offices time or yours to lodge.

When you are a big enough fish I guess you will know.

+1 same thing here in northern europe (Denmark)

The limit here is about 10.000 usd/year

byllsong · Post by **byllsong** » Thu May 21, 2020 5:39 am

Checked several sources...Local PRO, Chamber Of Commerce, Local Musicians Union.
I do need a business license and no vat until over 100,000 dollars.
Thanks again.