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Posted Mon, 13 Nov 2023 18:32:02 GMT by
I recently started to do photography as a hobby and I have few questions. I work for the full time 37.5 hours a week ,I already pay tax through tmy job, I am an UK resident I want to launch a website where people can buy my photographs as a downloadable file (digital product)via Wix my questions are : VAT - I read that you need to have threshold of £85,000 to charge vat tax so I dont have that threshold so I assume I wont have to charge vat tax ? what if I sell to people out of the UK is there anything I need to charge? In terms of self assessment , if I launch my website for example if it goes live by December 2023 or January 2024 when do I register would it be October 2024 ? Do I need to submit anything for tax purpose, I am assuming I am allowed the trading allowance of £1000, the first £1000 I dont have to pay tax unless it exceeds £1000 ? When I complete the online assessment what sort of documents I need to provide? (Please bear in mind I don't know how much money I will make ) what deadlines do i need to be aware of ? Thank you Maria
Posted Wed, 15 Nov 2023 15:30:13 GMT by HMRC Admin 5
Hi

No VAT will be due unless you reach the £85k mark. As possible selling overseas, you will still class this as part of UK turnover and make sure all foreign sales are converted to sterling.
Yes you can claim the trading allowance of £1000 but you cannot claim any other expenses if you opt for this.
For the 23/24 year, the registration date is 5/10/24 to avoid any penalties and you will already know your amount of income earned by that date.
You dont need to send in any documents at the time of submitting your return but you may be asked for these at a later date.

Thank you
 

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