When Hobby becoming Job - Tax question
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xerxes
Apprentice
Joined: 12 Sep 2005
Posts: 4
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 Posted: 05/23/09 - 04:24 Post subject: |
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| I have had a hobby for over twenty years. I love designing stuffing animal toys. So far it has all been done during the summer holidays, sometime over weekends, too. However, since I have quit my job, I was thinking of starting a business, and making this my job. I would like to know how does taxing work for me. Thanks in advance. |
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giffard
Apprentice
Joined: 20 Dec 2006
Posts: 9
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| Posted: 06/22/09 - 02:56 Post subject: |
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| When it comes to taxes, it is not too important that your hobby has become your job. It is of secondary importance in that respect. It is important, however, that you start thinking much more about economic aspects of your business, not just the content of it. Try to get advice from anyone that has experience with running their own business, calculating budgets, doing research in marketing. You pay your taxes for the business with regard to your income. If you cross certain threshold, then you register for VAT and start paying it. I hope you find the information helpful. |
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