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Author Topic: Original Work?  (Read 4838 times)

Offline APH

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Re: Original Work?
« Reply #15 on: May 24, 2018, 11:56:52 AM »
Quote from: bodrighywood on May 24, 2018, 11:39:31 AM
I have been doing this for 12 years so believe me I do know what I am talking about.
Sure and many of us here will have been running our own businesses for much longer than that. What happens is that people tend to know a lot about their own personal situation which is likely to be different to other people's.

The fact remains it's not any sort of obligation to register as a sole trader in this situation.
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Offline Davidm

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Re: Original Work?
« Reply #16 on: May 24, 2018, 12:25:04 PM »
Hello Guys and thanks for all the replies.

I have decided not to sell that particular item as the shape in my eye was just too similar.  I will just have to put that one down to experience.

Thanks again

Dave
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Offline The Bowler Hatted Turner

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Re: Original Work?
« Reply #17 on: May 24, 2018, 04:21:32 PM »
I hope you are not making things in wood, I make things in wood and that was my idea first!! ;D ;D ;D
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Offline John Plater

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Re: Original Work?
« Reply #18 on: May 25, 2018, 10:30:44 AM »
I cannot but agree with the technicalities of the information offered. And for me it was no big deal. For the last eleven years I have sold through a number of contexts from major national exhibitions through to a table top in a church hall and have worked to commissions acquired in person or through my website. I keep an excel spreadsheet of the activity and though I don't need to, I use an accountant as they know best what to do with the numbers. I would be the first to admit that I am only "playing at it" to top up my pension but I have gained the satisfaction and peace of mind through doing things properly
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If I had a better lathe, I would be able to show my ineptitude more effectively.

Offline Mark Hancock

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Re: Original Work?
« Reply #19 on: May 25, 2018, 12:07:19 PM »
Quote

And Fuzzy you can also declare expenses.I know a number of people in your situation who get regular tax rebates as their 'income' from their 'hobby' is in the negative and is balanced against their full time income.

Pete

Pete is totally right here with expenses including equipment, tools etc which soon mounts up to a nice tax rebate for those with PAYE earnings including pensions. I've never understood people's reluctance to do this - maybe they like paying tax  :)
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Offline fuzzyturns

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Re: Original Work?
« Reply #20 on: May 25, 2018, 03:34:22 PM »
No, it's not that I like paying tax. It's the fact that if you do this for a number of years, and the end result is always negative (i.e. HRMC has to pay you back some money), then I believe they will turn around and sue you for fraud. At least that's what happened in Germany when we tried to run our band as a company (30 years ago).

And although I dislike paying taxes, I dislike being the defendant in a court case against HMRC even more.
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