Apologies as I’ve seen the odd thing on here before regarding registering. I was just hoping that someone would be able to provide me with a little information first.
Basically- I work full time (37 hours a week) in a permanent job. I therefore pay (a lot!) of tax and NI through my wages.
However in my spare time I obviously make and sell. For a while it was just for fun to friends & family and not making a profit. But since August last year I’ve been selling with an aim of making a profit.
I’ve looked on the HMRC website where it says 'Register as soon as you can after starting your business. At the latest, you should register by 5 October in your business’s second tax year.'
So I’m still within that time frame.
But my question really is over the amount of tax that will be paid.
Does anyone have any idea? I’m now making about £200 roughly a month (sometimes a bit more, sometimes less) on my artwork (on top of my normal wages) but that £200 may not all be profit due to material costs, postage (which I always take a hit on) fees, mounts/frames etc.
Basically I just don’t want to get a shock at the end of the tax year. As far as I’m concerned I pay enough in tax and NI anyway through my normal job.
Also- are filling out self assessment tax returns easy enough? It says on the website I don’t have to register for VAT or anything (as unfortunately my artwork doesn’t make over £28,000 a year) so that’s something I guess.
Sorry for all that- just wondering if someone has done it recently and can offer some info or advice!