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Old 01-15-2012, 08:53 AM
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Bees-in-Art Bees-in-Art is offline
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Re: UK Tax question

If you're still worried the best thing to do would be to phone the inland revenue help line. They'll tell you what's what. Or even ask an accountant. It's possible that you can argue that you're still in the market research stage of a business: ie. Youre trying out to see if it would be viable to become self employed in the art business.

And you're probably mistaken about making profit as when you add all of your start up costs etc up, it'll come to quite a substantial amount. Therefore = a net loss. My first accountant that I had when I left art school, made me write an itinerary and I had already acquired a significant amount of art materials, cameras, computer, tools, easels, bicycle (used for transport), objects, books, frames etc.

Whatever you do, KEEP your receipts from now own, whether you inform the IR or not. I hardly had any to start with, but I believe my accountant knew that there were acceptable costs involved in maintaining a studio and was able to put a figure down based on my itinerary. The IR doesn't waste money chasing ghosts (I think?).
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Old 01-15-2012, 09:46 AM
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soap soap is offline
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Re: UK Tax question

Alright, I’ll look into it!
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Old 02-22-2012, 11:35 AM
Aerodynamik Aerodynamik is offline
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Re: UK Tax question

Thanks for the advice everyone. I eventually got round to ringing the tax office today. I explained my situation and was told that I only need to let them know when I am making a profit, and that can be at the end of the financial year. Apparently if you earn less than £2500 through the hobby the tax you pay comes of your PAYE. Not really sure how this affects things but I feel a lot happier knowing that I'm doing things legally. Hopefully others of you will find this of use.
Steve
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