@Bathsheba Brilliant you really should be on the Sewing Bee , I bet you would win it hands down .
Was you in the Rag Trade by any chance , I was trained to be an Overlock machinist , but lost interest of making things some years back when I struggled to thread a Needle, Ive still got both machines Overlock and Lockstitch , carnt bare to part with them .
@Maver-rik you made me laugh @LionQueen you already make such fab things - you wouldn’t have time to sew as well! @Eliza oh no I really couldn’t cope with Sewing Bee, I couldn’t work to those time limits - I’d go to pieces, haha! No I was never in the rag trade, but have sewn for over 60 years, first self taught and then I had an excellent sewing teacher at school. @brokenvows I’ve often thought of selling at a craft fair, but then I’d have to declare my earnings and I don’t think I could cope with all that record keeping. I mean, lots of stuff I make is using fabric I’ve had for years, no idea what it cost, no receipts. Plus lots are made from leftover scraps. How the heck do you account for that?
I used to do book keeping and tax returns for small businesses & I promise you it is very easy!
If you ever want to use your great talent to make money, let me know & I will give you a simple routine where you keep a list of what you buy to make things & what you sell the items for (obviously not if you give them away ).
To be honest Bathsheba,i don`t think you would have to declare any income from any sales you may make,as it is a one off so to speak.
An example being a christmas fayre.
You are right Bathsheba! I think the rule is that all earnings should be declared, although if they don’t exceed your personal tax code you don’t always get taxed on them!
It is always wise to let the tax office know as if they discover you are earning money you don’t declare you can get into trouble…as some online sellers have found out & had to pay quite large amounts!
If you make a dress for a friend and she gives you £20 for doing so, they see that as a gift , but if you do it often then you need to let the tax office know.
On a bright note, I manage to get 3 of my clients a tax refund, because running a small business they didn’t have the time to fill in tax returns accurately, didn’t know all the rules & couldn’t afford acountants fees.
I charged them just for the time I spent doing their books & tax return, so less than a tenth of what they would pay an accountant.
Doing that kept me from getting bored, when I had to stay at home to care for a diabetic cat after my mum died, so she couldn’t keep an eye on him!
So I could sell without declaring as long as my income doesn’t exceed £1000. Well that’s quite good to know actually, so thanks! But I guess I would still have to keep records in case the IR questioned it. And this is where it gets tricky, because how do I record my outlay on materials when I’m using fabric I bought way in the past and have no receipts or any sort of record of what it cost. And what about using scrap fabrics, leftovers from another project? How on earth do I record the cost to me of those scraps? Then there are other expenses - sewing machine maintenance and depreciation. It all gets too complicated for me, lol!