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Where Taxpayers and Advisers Meet

Second Income

june0385
Posts:1
Joined:Sun Apr 16, 2017 7:27 am
Second Income

Postby june0385 » Sun Apr 16, 2017 7:35 am

Hi, I have a full time job, earning about £21 000 per year. I am also a hobbyist artist and I would like to start selling some of my crafts online, via an online page, (not my page). I am not really thinking of setting up my own business, as I do not know if I am going to sell anything. But, to be on a safe side, when do I have declare my additional income?

RMC
Posts:435
Joined:Wed Aug 06, 2008 3:35 pm

Re: Second Income

Postby RMC » Sat May 06, 2017 10:55 am

There are many painters and sundry artists and most do not make any money. But just in case you are an exception to the rule, maybe best if you keep records of your costs, register as self-employed and if the work turns profitable, you will be able to reduce your income from painting by losses from the previous years.

For detailed info on losses see HMRC helpsheet HS227 Losses (2017).


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