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Selling Art - tax advice needed

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  • 31-12-2014 10:07pm
    #1
    MikeTango123
    Registered Users Posts: 4 ✭


    Hi,

    Myself and my wife are working fulltime. I have started to do art as a hobby. However I have been approached by a business who wants to buy my framed prints wholesale to be sold online.
    If this is a success, I will continue to supply my work wholesale with the intention of growing sales.

    The business who contacted me will need an invoice etc.

    Thing is, I'm not sure how this will affect me tax-wise. I want to be above board with everything.
    Does the Artists Tax Exemption apply to me? How do I go about this?

    Is there anybody out there who works fulltime but also sells their art?


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I think you need to ask in the tax section in biz.

    A few years ago I was in the same situation, I told the tax office how much profit I had made and they reduced my tax free allowance by that amount the next year.

    Profit is the key, keep note of your costs.


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    #3
    rahmalec
    Registered Users Posts: 193 ✭✭rahmalec


    Check out this resource:
    http://visualartists.ie/the-manual-a-survival-guide-for-visual-artists/the-financial-side/tax-and-self-employment/


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    #4
    Mr. Incognito
    Registered Users Posts: 9,798 ✭✭✭Mr. Incognito


    Get advice from an accountant or tax advisor. If you pm me i can recommend


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Just remember too- that the artists exemption is only on income tax- not VAT- if you're over the threshold, you still need to collect VAT etc.


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    #6
    MikeTango123
    Registered Users Posts: 4 ✭MikeTango123


    Thanks for all advice - I am going to drop in to citizens information centre to start with.


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    #7
    MikeTango123
    Registered Users Posts: 4 ✭MikeTango123


    So a quick uodate:

    I went to citizens advice and was advised to register with revenue.

    I was also advised by another person to see how it goes for the year and submit a 'Form 12' to revenue which shows any additional income I make. I presume that may be suitable if there is only one single declaration?

    However lets say I would like to attend trade shows, art and craft shows, advertise online etc and I get approached by a number of people to purchase my art. Can I use that same Form 12 to declare my earnings?

    The grey area in all this is I might only earn a few hundred euro or it may skyrocket. Its unknown territory for now.


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