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Selling crafty things - what about tax?
SkintMonkey
Posts: 830 Forumite
Hello all. I've been making crafty things for family for a while and now a few friends have asked me to make them things for payment. This got me thinking that maybe I could make a few pounds from my little creations.
I've asked my friends to spread the word etc, but wanted to find out if I do start selling a few bits and pieces (and it will only be a few, I'm never going to earn big money from this), do I need to declare it?
I thought I should check this out particularly as have been thinking once I've built up a bit of a collection of stuff to sell I might approach my local gift shop to see if they'd sell it for me (or buy it off me to sell).
Any advice would be hugely welcomed. x
I've asked my friends to spread the word etc, but wanted to find out if I do start selling a few bits and pieces (and it will only be a few, I'm never going to earn big money from this), do I need to declare it?
I thought I should check this out particularly as have been thinking once I've built up a bit of a collection of stuff to sell I might approach my local gift shop to see if they'd sell it for me (or buy it off me to sell).
Any advice would be hugely welcomed. x
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Comments
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Anything you make to sell should to be declared. When you sell your first item, you should register as self employed, you will be required to fill out self assement tax returns detailing your profit and loss.0
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Yeah you need to register as self-employed with HMRC.-->♥<-- Sugar Coated Owl -->♥<--
If you believe, you will survive - Katie Piper
Woohoo! I'm normal! Gotta go tell the cat.0 -
You actually need to register as self-employed from when you start trading not from when you make your first sale - ie when you place your first listing on Etsy or do your first fair.
You do have 3 months within which to do this though
Debt at LBM Apr 2010 £28,767 Debt free as of Nov 2013 :j0
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