Business founders/entrepreneurs
Selling crafts - next steps
fridacakehole · 23/01/2023 03:55
I'm a crafter and this year have been experimenting with selling some of my bits and bobs.
I have had a stall at 6 arts and crafts fairs and sold 6 items on Etsy. I have P&P insurance.
My outlays are about £800 and have recouped about £600.
I work full time PAYE.
I'm having fun and want to carry on. Obviously won't be giving up the day job!
I'm looking for a course or advice on the financial/legal aspects. Tax returns, registering VAT...
All the courses I see are on marketing. I'm not worried about expanding. Just want to make sure I'm doing all the legal things right so I can carry on having fun!
Any advice you can share? 
elevenplusdilemma · 23/01/2023 04:35
Until you're turning over more than £1,000 a year, you don't need to declare the income:
www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade
You don't need to register for VAT until your turnover reaches £85,000:
www.gov.uk/register-for-vat
So for now, keep a good record of money out and in (a spreadsheet will do for now).
Legally you need product and public liability insurance.
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