All of the big record labels in the UK (And the world) are registered. But do you want to register your record label? Is there any point registering your record label? Well, unless you’re a big label that’s turning over a good amount of profit, the answer is no.
In early stages you will only really need a record label to help raise your brand awareness and to allow others to keep track of what you’re releasing. As your record label starts to get bigger however and starts turning over noticeable profit, you’d want to register your record label as a business and with the tax man to insure everything’s legal and you will survive in the long term.
If you’re turning over profit but not paying your taxes, the tax man could catch up with you in future. As they wouldn’t be sure of the exact amount of money you’ve made, they’d usually charge you a lot more tax then you should be paying. So if you are making more money then you’re spending it’s a good idea to register your record label with the relevant authorities. This is also why it’s important to keep all paper work and records on all financial things you’ve been doing.
