Art Business Info. for Artists

News Subscribers are moving from Feedburner to follow.it

4/7/2021

As many of you will already know (if you read your emails!), Feedburner is terminating its email subscriber service in July - so I need to find a new home for my subscribers to Art Business Info for Artists - NEW.

I'm trialling follow.it for the email service for all those subscribed to this blog.

This should be the last email you get via Feedburner - when I work out how to switch off the Feedburner code for transmission! Should you get two sets of emails by mistake, I'd appreciate if you could let me know!

The good news is you shouldn't need to do anything! That's because I'll be getting my list of email subscribers imported into follow.it tomorrow. (Somebody has to do that for me as I have more than 100. It's a precaution against spammers!)

All future emails from this NEWS blog should come to you from follow.it and will look something like the one below which comes from my Making A Mark blog which I started at the end of last week.

I personally like the nice clean presentation.
Once you get an email, to continue reading you just click the link bottom left which says "Continue Reading".

Example of an email to a subscriber from follow.it

The other main difference is that the subscription link - for new signups - is in the right-hand column of this blog (which you won't see if you're on a mobile/cell phone but will see on a desktop or tablet/iPad - and now looks somewhat different and, I think, a little easier to see.

If you want to recommend this new blog to friends or colleagues, then this is the link to refer them to.

Another difference is that there's a new photo of ME in the right-hand column, due to the fact I'm five years older and 35kg lighter from the previous one! (I'm getting fit for surgery, which will happen this autumn).

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Making tax digital

21/10/2020

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Covid or no covid, in the UK:

if you are self-employed
AND run an unincorporated business
AND generate total business income (that's turnover not profit) of more than £10,000 per year
you MUST submit Income Tax Self Assessments ONLINE from April 2023.

I'm guessing most artists are already online with their tax returns - but for those of you who are not, now is the time to get your act together if you generate more than £10k turnover p.a.

HMRC are providing a lot of help in terms of how to make it easier to get your tax right and manage your tax affairs more efficiently.

The new Making Tax Digital Image from HMRC

HMRC Info and Guides

Essentially what happens with Making Tax Digital for Income Tax is you have to report your earnings in a new way to HMRC.

Self Assessment tax returns per se are out
Replaced by you needing to use software to keep digital records and send Income Tax updates
plus sending quarterly updates rather than an annual return.

These are guides to how the new system works

Making Tax Digital for Income Tax
Follow the rules for Making Tax Digital for Income Tax
Guidance: Help and support for Making Tax Digital - Watch webinars and videos for help with Making Tax Digital for Income Tax and VAT if you’re an agent or a business.

These are a couple of Guides around software. It's ESSENTIAL that the accounting software you use can connect with HMRC’s Government Gateway, to allow quarterly summaries to be submitted directly.

Subscribe to Art Business Info. for Artists - NEWS by Email
and receive every post via email.
Your subscription is only activated AFTER you VERIFY the link in the email you will receive

Plus social media for HMRC
Facebook: https://www.facebook.com/HMRC/
Twitter: HMRC Customer Support @HMRCcustomers

Making Tax Digital for Income Tax Self Assessment
You can register for live webinars providing

an overview of Making Tax Digital,
the latest position regarding Income Tax Self Assessment and
You can ask questions using the on-screen text box.

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Artists' Unions - past and present

25/9/2020

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In times which are stressful, artists are apt to form groups to support one another - including unions.

There are some interesting examples from the past where this has happened in relation to once in a lifetime events, such as the Irish Potato Famine and World War 2.

Art Business Info for Artists has a new page about Artists Unions.

The page includes brief information organised according to geographical area

name of the union
brief extract from what they are about
membership subscription details
information about what they do and packages of support information are available via their website

It includes unions from both the past and present

Those current unions recognised by the new page include:

Artists Union England
Scottish Artists Union
Artists Equity Association (a.k.a. New York Artists Equity Association)
Philadelphia/Tri-State Artists Equity Association, Inc.
Art Workers Union (Seattle)

Past Unions include:

The Artists Union or Artists' Union
Artists Equity Association (1947 - ??)
The Art Workers' Coalition
The Royal Irish Art Union

Do let me know if there are more in your part of the world.

You can find out more on https://www.artbusinessinfo.com/artists-unions.html

NOTE: I'm still having a think about how to list other organisations which provide support for artists.

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UK: Making Tax Digital - update (July 2020)

24/7/2020

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IF - in addition to employment income you earn - you earn (or aim to earn) more than £10,000 per annum from your self-employment you need to be aware that "Making Tax Digital" (MTD) is becoming MANDATORY for

all unincorporated businesses (that includes sole traders) and
landlords
with TOTAL business or property income above £10,000 per year
as from April 2023.

Basically this means any artist or art organisation that aims to earn a living or significant income - 0f £10k p.a. or more - other than from being employed by others will need to comply with the requirements of MTD.

DO NOT DELAY checking out what this means!!

What you need to know

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:
- more effective
- more efficient
- easier for taxpayers to get their tax right
Overview of Making Tax Digital (update July 2020)

The extension of scope of Making Tax Digital relevant to other groups was originally deferred after representations following initial announcement of HMRC's intentions - to make sure the system worked before it was rolled out to smaller businesses.

KEY POINTS AND TIMELINES as at July 2020
as per the Overview of Making Tax Digital.

Key points are:

Making Tax Digital (MTD) is already mandatory for all VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been required to follow the Making Tax Digital rules since April 2019 by
- keeping their records digitally (for VAT purposes only)
- provide their VAT return information to HMRC through Making Tax Digital compatible software
- i.e. If you’re a VAT registered business with a taxable turnover above £85,000 you should be keeping digital records NOW.
- HMRC have published a VAT Notice which explains the rules for Making Tax Digital for VAT and about the digital information that must be kept.
- see also Keep digital records for Making Tax Digital for VAT
MTD for VAT became mandatory from 1 October 2019 for businesses that fall into any of the following categories:
- trusts;
- not for profit organisations that are not set up as a company;
- VAT divisions;
- VAT groups;
- public sector entities required to provide additional information on their VAT return (such as Government departments and NHS Trusts)
- local authorities;
- public corporations;
- traders based overseas;
- those required to make payments on account; and
- annual accounting scheme users.
From 1 April 2022 all VAT registered businesses MUST follow these rules regardless of turnover.
From 6 April 2023, Income Tax Self Assessment (ITSA) for all unincorporated businesses and landlords with total business or property income above £10,000 per year - becomes mandatory from their next accounting period starting on or after 6 April 2023.
If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return.

REFERENCE
Besides references to paperwork in the HMRC website above,

Making Tax Digital | Association of Accounting Technicians (who tend to do a lot of tax work) - a useful simple summary
Making Tax Digital | Accounting Web - also have a useful series of articles
Find software for Making Tax Digital for VAT | HMRC

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Brexit Transition Info. for Artists

15/7/2020

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The UK Government this week launched a new campaign to help businesses and individuals prepare for the end of the Transition period - out of the EU - on 31 December 2020.

This is a video published by the Cabinet Office.

There is a new page on the Gov.Uk website for the UK Transition
i.e. all matters relating to the transition period after the UK leaves the European Union on 31 December 2020.

If you need to keep up to date with matters relating to the transition out of the EU I suggest you sign up for the regular updates - which can be personalised to your interests

Answer a few questions to get a personalised list of actions for you, your family, and your business. Then sign up for emails to get updates when things change.

The information contained on the Transition webpage is particularly relevant to ALL ARTISTS who:

want to stay living in the UK if you are an EU Citizen or come from or from Switzerland, Norway, Iceland or Liechtenstein.
- Check what you need to do to stay in the UK
Continue living and working in the EU if you are a UK citizen
- Check what you must do in the country where you live
travel within the EU in relation to art matters (eg. exhibitions, teaching on art holidays etc)
- Check what you need to do to travel to Europe from 2021
send (or receive) artwork across borders to the EU
- to exhibitions in the EU (or UK)
- because of sales of artwork to collectors based in the EU (or UK)

From 1 January 2021 you will need to make customs declarations to move goods into and out of the EU. You should:
- get an EORI number if you do not already have one
- decide how you want to make customs declarations and whether you need to get someone to deal with customs for you

Once I've read through the information I shall be

updating my page about International Art Shipping: How to ship / export art to other countries
Plus adding links to the pages Brexit Guidance for Art and Artists

Below are two NEW very simple videos (by HMRC) about importing and exporting goods to and from the UK. These are the current rules relating to all countries outside the EU - but will also apply to the EU from 1 January 2021.

Note that the UK government plans to introduce import controls on EU goods at the border after the transition period ends on 31 December 2020.

Subscribe to Art Business Info. for Artists - NEWS by Email
and receive every post via email.
Your subscription is only activated AFTER you VERIFY the link in the email you will receive.

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Art Business Info: NEWS

News Subscribers are moving from Feedburner to follow.it

Making tax digital

HMRC Info and Guides

Artists' Unions - past and present

UK: Making Tax Digital - update (July 2020)

What you need to know

Brexit Transition Info. for Artists

Art Business Info. News for Artists

Visitors so far

GET Art Business Info. NEWS by Email

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Art Business Info: NEWS

News Subscribers are moving from Feedburner to follow.it

Making tax digital

HMRC Info and Guides​

Artists' Unions - past and present

UK: Making Tax Digital - update (July 2020)

What you need to know

Brexit Transition Info. for Artists

Art Business Info. News for Artists

Visitors so far

GET Art Business Info. NEWS by Email

Author

Archives

Categories

HMRC Info and Guides