Preparing for year in English music festival (8)
I believe the answer is:
readying
'preparing' is the definition.
('ready' can be a synonym of 'prepare')
'year in english music festival' is the wordplay.
'year' becomes 'y'.
'in' is an insertion indicator.
'english music festival' becomes 'reading' (I am not sure about this - if you are sure you should believe this answer much more).
'y' placed within 'reading' is 'READYING'.
'for' is the link.
Can you help me to learn more?
(Other definitions for readying that I've seen before include "Preparing" , "Getting prepared" , "Coming into state of preparedness" .)