Make this simple
The Artist provides a Gallery with work on a sale or return basis, involving no risk to the Gallery.
Depending on the gallery the percentage the artist receives can vary from 50 % to as little as 5%.
Question does the artist pay tax on the point of sale or on the percentage they earn?
The reason for question is that my new accountant states that myself and my last accountant have been doing it wrong for years now; I have been paying tax on what I earn and not what the gallery charges for the paintings.
I cannot believe I should pay tax on the point of sale; in some circumstances the tax on the point of sale would be greater than what the artist would receive in remuneration and even take them over the VAT threshold.
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