Art Business Info: NEWS
about art for artists
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
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.
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:
Besides references to paperwork in the HMRC website above,
An email in my inbox this morning announces that HMRC have got NEW HMRC online customer forums to provide help to those in the UK with tax queries.
Do you know that HMRC have a new online customer forum where you can post questions on a range of tax topics that are answered by HMRC experts?
Two key links on the homepage for the HMRC Community Forums are
You can VIEW the Community Forums without registering on https://community.hmrc.gov.uk/forums/customerforums/ - and below I've got a screendump of some of the topics they're covering
As one might expect "Making Tax Digital" is very popular!
The Forums seem to require a registration to create a profile that appears to be completely separate to your official ID on the GOV.UK website - and as always with forums we are seeing some interesting ID names!
You can then read the individual threads relating to things of interest to you.
For example, here's one relating to the £1,000 Trading Allowance.
Note that, when registering, those acting as agents for taxpayers have to make themselves known as acting in a professional capacity. I'm guessing this means an eye will be kept on any comments they make.
I'll certainly be bookmarking the link to the Knowledge Base - and keeping an eye on the Forums!
I'll be giving a talk on Tax Tips for Artists on 5th March 2018 at 4.30pm, in my capacity of Visiting Lecturer at The Heatherley School of Art,
The talk is FREE but my talks tend to get a lot of students and artists attending so it very much works on the basis of first there gets a seat!
The talk is for all those who want to get on top of their tax affairs before any omissions or errors catch up with them!
This page tells you where Heatherley's is and how to get to it by car and public transport.
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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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