Art Business Info: NEWS
about art for artists
Do you make a second income from your art?
As well as knowing what you can claim against tax, it's important to know what you need to declare.
Do you know that Her Majesty's Revenue & Customs (HMRC) in the UK are trying to recover more tax from those with second incomes?
Other tax authorities in other countries are also trying to do the same thing.
In particular, they're very interested in "the black economy" - i.e. those that don't declare that income for tax purposes (a.k.a. tax evasion)
business activity and income that people do not record in order to avoid paying tax on it
There are lots of websites highlighting how you can use your talents and skills to make a second income.
However very few tell you about the tax implications of a second income.
Bottom line - if you get found out, the result can be very significant punitive fines and possibly a criminal record..
On the other hand, some tax authorities realise that the right tax might not get paid at the right time by the people who need to - because not everybody understands the system. They want to make it possible for people with unpaid tax to remedy mistakes before the taxman contacts you.
AN EXAMPLE OF CONFUSION
Some people believe that it's possible to earn a certain amount of additional income before you need to declare it for tax purposes.
A second income from your art
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Katherine Tyrrell writes about art, artists and the art business and has followers all over the world. She also delivers workshops for art organisations and reviews websites and career strategies for artists.
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