Hourl Pay for hobby

hobbyman

If I went to an accountant, my profit would certainly be a lot less than it is! I declare everything for tax and at the same time, I claim all the expenses that I can. I don't need an accountant to do that for me.

I have not been complaining about my profit here, or tax or anything like that. All I was trying to find out was if my new rate of £10 an hour plus expenses was unreasonable. Since reading the above replies, I have decided that it isn't unreasonable. I have only given one quote on my new rates though, but it was declined - probably too much!

One of the biggest problems when dealing with tax is that they will never put anything in writing, and the advice changes depending on who you speak to!

hobbyman

HappyMJ

hobbyman wrote: »

If I went to an accountant, my profit would certainly be a lot less than it is! I declare everything for tax and at the same time, I claim all the expenses that I can. I don't need an accountant to do that for me.

I have not been complaining about my profit here, or tax or anything like that. All I was trying to find out was if my new rate of £10 an hour plus expenses was unreasonable. Since reading the above replies, I have decided that it isn't unreasonable. I have only given one quote on my new rates though, but it was declined - probably too much!

One of the biggest problems when dealing with tax is that they will never put anything in writing, and the advice changes depending on who you speak to!

hobbyman

Accountants have skills in finding expenses that you didn't think are claimable but are actually OK to claim. You might find a chat with them quite profitable. They'll usually have a chat for 20 minutes or so for free in the hope of gaining a new client. I earn in excess of £300 per week but due to expenses (which to me feels wrong as I would have paid them anyway like travel to the clients site and back home, gas, electric, phone, broadband, mobile and rent) all that cuts my profit down to £35 per week. I'm a self-employed contract worker with usually only 1 client at a time.

It's very hard to nail down a rate £10 might be too much but even then £100 an hour might be undercutting yourself too. Artistic work could pay anything at all. You sell at whatever the market is willing to pay.

ermintrude1

I hear exactly what your'e saying, however, you are relying on people (hmrc) to advise you, when their function is to extract as much tax as they can from you.

Proper financial advice in this area will usually pay for itself several times over.

This is my personal observation and experience.

I am also aware that hmrc, in many intances, try to apply hmrc 'guidelines' to taxation advice/instruction which does not comply with actual legislation, and unless you are fully conversant with tax legislation yourself, you are totally at the mercy of the individuals working at the tax office.

geordie_joe

hobbyman wrote: »

I am finding it very difficult to find out how much and hour skilled artistic work normally fetches. No-one seems inclined to say.

I don't think it works like that. An artist produces something and people decide how much they are willing to pay for it. They don't care how long it took to make.

What they care about is how it looks and who the artist/craftsman is.

Anyone can spend the same number of hours on a painting as Claude Monet did, but their painting would not sell for the same price as Claude Monet paintings.

hobbyman wrote: »

All I am wanting to confirm is that I am in line with other artists.

To be in line with other artists, you have to be just as good, just as popular and your works have to be just as desirable.

People don't need art, they buy it because they want it, so it's only worth what they want to pay for it.

hobbyman

In my case, it has evened out over the years. At auctions, I have occasionally got 5 times more than I thought reasonable for items that didn't take all that long to make. On other occasions, my best efforts have only gone for a fraction of what they are worth. Anyway, I have finished with auctions now their commissions and fixed charges have soared. There doesn't seem to be anyone else in the world that can produce what I produce for as low a price as I do. I am at an age where it doesn't really matter all that much as I have a good pension and as I say, it is only a hobby to me although it is regarded as a business by HMRC. I can't really loose because I will either get what I am now asking, or I will not. If not, I can take things easy and slow down. I am finding all the advice useful though and am taking it all in. Looks like I can post pictures now. By the way, this one is no longer in my possession. Sold it ages ago.
hobbyman

pinky2681

Hello - i dont know much, no experience with anything like that, BUT if someone told me they were going to spend 83 hours building a model ship then i'd expect to pay alot of money! Personally (i dont know how u do it) but i wouldnt 'tell' people the £10 a hour, just the total cost e.g £870 inc vat (£100 material costs + £770 labour).
They charge £500 (+) to fit a kitchen which takes 2 days (16hrs) max? ppl dont bat a eyelid about paying that soif someone wants to buy one they will be willing to pay.

hobbyman

Hello Pinky,
You are right to a point, but a lot of them seem to want some sort of breakdown about why such small models cost so much. But I may well change in future and, as you suggest, just give a price and see what happens. Have just got a quote for covering a small bathroom floor with linoleum (6 feet square floor area) and the labour is about £120 and it will take about two hours to fit!
hobbyman