No Accounting for Taste ep91: MTD, Brexit and musicians

The impact of coronavirus and Brexit has been disastrous for musicians and the arts sector. This week on the show we find out what the knock on effect will be for accountants specialising in this sector, especially with MTD on the horizon. The arts and culture industry has been profoundly affected by the Covid restrictions. Many musicians work a combination of self-employed and PAYE work and fell through the cracks of the Chancellor’s coronavirus support. In addition to this, the post-Brexit rules have also added further complications to those musicians travelling to the EU for work.  Accountants specialising in this sector have had to carry these stresses, as their clientbase face a future of uncertainty or leaving the industry for a more stable career.  Lousise Herrington knows the challenges that lay ahead for this sector all too well. Louise runs Performance Accountancy, a firm that specialises in the music and arts industry. On the podcast Louise summarises the impact Covid and Brexit has had over the past 12 months for the sector and her firm. While Louise is relieved to see the arts sector gradually re-open, she has trepidation about the future and how her practice will cope with Making Tax Digital.  In addition to examining the struggles musicians have faced and the knock-on effect this has had on accountants, Louise joins PracticeWeb’s Ray Newman and host Richard Hattersley to review the three biggest accountancy stories from the past seven days.  This week’s big stories include the latest start up hoping to dethrone Excel, mini umbrella companies and KPMG embroiled in a £6m legal battle over alleged slipshod advice.  If you want to read more on the stories discussed in this episode, visit accountingweb.co.uk.