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Art Business Info: NEWS

​about art for artists

The bonus if you're selling art - but not a lot!

7/4/2018

1 Comment

 
There's a bonus for the lots of "hobby artists" living in the UK who make money by selling their art - but n0t a lot. You may not have to pay tax on that income!

Why not check out if you're one of the lucky ones?
Picture


HMRC updated its guidance Tax-free allowances on property and trading income yesterday (6th April 2018) for the 2018-19 tax year

Here in brief are the rules:
  • If your annual gross trading income is £1,000 or less, from one or more trades you may not have to tell HMRC, however there are circumstances when you must register for Self Assessment and declare your income on a tax return.
  • You must keep records of this income. This is known as ‘full relief’
  • ​If your annual gross trading or property income, from one or more trades or businesses is more than £1,000 you can use the tax-free allowances, instead of deducting any expenses or other allowances.
  • If you use the allowances you can deduct up to £1,000, but not more than the amount of your income. This is known as ‘partial relief’.
  • If your expenses are more than your income it may be beneficial to claim expenses instead of the allowances.
  • Gross income means the total amount you would put on your tax return before any allowances or expenses are taken off. This applies whether you use the cash basis or traditional accounting.

However you must still KEEP PROPER RECORDS. HMRC can charge you a penalty if the records you keep aren’t accurate, complete and readable or if you don’t retain them for the required period of time.
If you use the trading or property income allowances you must keep a record of your income.
Examples of the records you may need to keep are:
  • - copies of your invoices, paper or electronic
  • - a spreadsheet of your income receipts
  • - emails confirming income received
  • - statements from the company who paid you which show the amount you received
  • - bank statements
  • - bank deposit pay-in records
  • - a diary or appointments book showing your income from each customer


​If your income is more than £1,000

However, You must tell HMRC if you have:
  • gross trading income over £1,000 - register for Self Assessment
  • other gross income over £1,000 up to £2,500 - contact HMRC
  • other income over £2,500 - register for Self Assessment

More about Tax

You can read more Tax Tips for Artists on my website
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1 Comment
Henrietta link
25/4/2018 10:24:27 am

This is a great visual for organising. Thank you for sharing :).

Reply

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  • Home
    • Art Business Information Index
  • NEWS
  • PRACTICE
    • Starting Out - Tips
    • Being a Professional artist >
      • Working Lives of Professional Artists
      • Artists' Side Hustles
      • Artists' Residencies
      • Artists Unions
    • Best Art Business Books
    • Learning Opportunities >
      • Art Schools in the UK
      • Art Business Courses
    • Image Management for Artists >
      • How to photograph art
      • How To Scan Artwork
      • How to back up image files
    • Law for Artists >
      • Legal Matters
      • Data Protection for Art and Artists
      • Brexit Guidance for Art and Artists
    • Business Management for Artists >
      • Risk Management for Artists
      • How to spot Art Scams / Fraud
      • Life in an Art Market Recession
      • Coronavirus COVID-19 and Art
  • MARKETING
    • How to write an Artist's Statement >
      • What is an Artist Statement?
      • Why you need an Artist's Statement
      • TIPS How to write an artist statement
      • The Language of an Artist's Statement
      • What an artist statement should contain
      • Examples of Artists Statements
    • How to write an Artist's Resume or CV >
      • Social Media summaries
      • CV for Artists
      • Resume for Artists
      • Biography for Artists
    • How to sign a painting, drawing or fine art print
    • Business Cards for Artists
    • How to write a press release for an artist
    • The Private View Invitation
    • Publicity for Juried Exhibitions
    • Websites for Artists >
      • Why websites matter
      • Options for Websites
      • Web content for Artists
      • Web design for artists
      • Keeping Google Happy
      • Writing for the Web
    • Image & Video sizes for Social Media Sites
    • How to be mobile-friendly
  • SELL ART
    • Trading Law & Regulations for Artists (UK)
    • E-commerce for artists
    • Art Exhibitions & Competitions >
      • Juried Exhibitions & Art Competitions
      • Juried Art Exhibition Checklist for Artists
      • How to cost a juried exhibition entry
      • How to make labels for an art exhibition
    • A Guide to Art Agents and Consultants
    • A Guide to Art Dealers & Galleries >
      • How to find the right gallery
    • The Artist-run Gallery
    • The Vanity Gallery
    • Art Fairs
    • Alternative Options for Exhibitions
    • How to Sell Art from Home
    • Open Studios
  • FRAME ART
    • List of Recommended Picture Framers
    • Conservation Products
    • Framing for open exhibitions and art competitions
    • Framing Videos
    • How to hang a picture
  • SHIP ART
    • How to pack artwork >
      • How to pack and ship pastel paintings
    • Packaging materials
    • How to ship art internationally >
      • Rules of Origin
      • Export Licences for Cultural Goods
    • How to ship art to exhibitions
    • How to mail art - Post & Parcel Services
    • UK & Ireland: Art Transport Services
    • USA Art Transport Services
  • COPYRIGHT
    • Copyright and artists' rights
    • BASICS: Copyright Infringement and Fair Use
    • How to protect artwork online
    • How to do a reverse image search
    • What to do about copyright infringement - for artists
    • Global Conventions on copyright >
      • Copyright in the UK
      • Copyright in the USA
      • Copyright in Canada
      • Copyright in Australia
  • MONEY & TAX
    • How to work out profit from an art sale
    • How to Price Your Art >
      • How important is price when buying art?
      • Options for Pricing Art
      • Terminology and Formulas for Pricing Art
      • Art Experts on Pricing Art
      • How artists price their art
      • The price of affordable art
    • Payments to Artists >
      • Paying Artists
      • How to create an Invoice
    • VAT for Artists
    • Tax Tips for Artists >
      • Tax on prize money
      • UK Tax Tips for Artists
      • UK: Self-Assessment Video Tips
      • USA Tax Tips for Artists
      • Ireland: Tax for Artists
      • Australia: Tax Tips for Artists
    • Insurance for Art and Artists >
      • Insurance for Art Teachers
      • UK Insurance Policies for art and artists
      • USA & Canada: Insurance Policies for Art and Artists
    • Artists' Grants & Scholarships
    • Retirement and Pensions for Artists
    • The Art Legacy >
      • Estate Planning for Artists
      • Estate Planning for Art Collectors
      • Famous Artists Estates
      • Artwork Inventory
      • After the Death of an Artist
      • Copyright and Resale Rights after Death
      • Art and Inheritance Tax
  • About + Help
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