Do Hobby Artists Ask To Consummate Revenue Enhancement Returns?

This weekend I got my Notice to consummate a taxation return from HM Revenue & Customs. It shouted at me "It's fourth dimension to consummate your taxation return"!

My taxation render - alongside the personal bits removed

Do y'all intend y'all require to consummate Tax Return?

Do hobby artists require to consummate Tax Returns?

The uncomplicated answer is "it depends".

In the UK, a hobby creative soul tin detect out if they stimulate got to consummate a taxation render yesteryear completing a real uncomplicated questionnaire called Check if y'all require to fill upwards inwards a Self Assessment taxation return which is available on the primary authorities website.

Here are roughly reasons why people who are non total fourth dimension professional person artists living inwards the Great Britain mightiness require to consummate a taxation return:

• you were self-employed - y'all tin deduct allowable expenses. I'm retired as well as self-employed (on a part-time basis) as well as hence I consummate a taxation return.  All serious artists should last completing a taxation return.
• you got £2,500 or to a greater extent than inwards untaxed income (contact the helpline if it was less than £2,500)
• you had income from abroad that y'all needed to pay taxation on - for all those selling artwork or otherwise generating income exterior the Great Britain - no affair how picayune coin y'all made as well as no affair which concern human relationship it's currently sitting in.

Essentially the source deviation betwixt beingness self-employed as well as casual income is the score of intent as well as organisation. Income mightiness qualify equally casual income (eg hobby artist) if making AND SELLING fine art is occasional and/or non real organised and/or of real depression value (say, nether £2,500 per year). The mo deviation is the extent to which y'all tin claim expenses. You tin claim expenses related to running a concern if that's what y'all are doing.

You are likely self-employed if you:

• run your ain concern as well as accept responsibleness for its success or failure
• have several customers at the same time
• can determine how, when as well as where y'all create your work 
• are gratis to hire other people to create the locomote for y'all or assistance y'all at your ain expense
• provide the primary items of equipment to create your work

You tin reference Tax Tips for Artists on my Art Business - for Artists website - which includes advice for hobby artists from those who suggest almost tax.

Do read my Ten Tax Tips for Artists and Ten More Tax Tips for Artists

Don't Forget

The taxation twelvemonth is from vi Apr to v Apr the next year

If y'all teach an electronic mail or missive of the alphabet from HM Revenue as well as Customs (HMRC) telling y'all ship a return, y'all must ship it - fifty-fifty if y'all don’t stimulate got whatever taxation to pay.

Plus y'all must pay taxation on all earned income (net of allowable expenses) inwards a higher house your personal taxation allowance.

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