Here we are running a Company producing small scale and unheard of musicals minding our own business. We have no Committee or members - myself and my partner run the Company and parts are offered by invite. Then we find that the Company has become popular and last year we grossed nearly ?50k - this year it will definitely be over that amount!

Then some bright spark mentioned VAT - do we need to worry about VAT and are there any other taxation or legal implications that we should be thinking about?

Any ideas anyone

Lee - From the details you have given, I think it might be worth spending some time looking at VAT. It is a technical area, and you should have a word with a suitably experienced accountant. Most will give some general help during an initial consulation free of charge.

Alternatively, contact your local VAT office - under H M Customs & Excise in the phone book - their help line is user friendly.

Not sure if the "company" you talk of is a company registered at Companies House (with limited liablity for its members) or a more informal group or partnership. Either way, you might be subject to the standard rules for payment of tax in your personal capacity, so best advise would be to investigate further.

Keith