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‘Withholding tax’ is an amount held by the party making a payment to a payee, which will be paid to the taxation authorities.

Basics of Working as an Artist

Postbag

There has been a mountain of correspondence from readers who have written to me, each with a different problem.

When to pay income tax

Oh! My Precious

One fine day composer John Casken arose to discover that he had won the first Britten Award for composition worth £10,000.

This guide discusses the main points you should consider in the early stages of starting out as a self-employed art practitioner, designer or creative business.

Starting a creative business

Step 7: Registration

If you have been earning money from sales or other activities outside regular employment and have not registered as self employed, then you have three calendar months to notify HMRC before you are subject to a penalty.

When to pay income tax

Taxation of Prizes and Grants

Booker, Whitbread, Turner, John Moores - are the winners of those prizes liable to pay income tax? What about other minor awards and prizes given by public and private donors? What about competitions,'buying time' awards, bursaries and artist in residence schemes, which are common features of the financial framework supporting artists in the UK?.

Starting a creative business

Step 2: Cash strapped

Before starting the process of business start-up we need to think about money.

Pricing artworks

Material cost

How much did your materials cost?  Before you do anything else, you should consider your expenses in making the physical work and make sure to factor in covering them.

Paying tax

Assistance with tax

If you are registered as Self Employed once a year you will need to fill in a tax return – or Self Assessment form, in the HMRC jargon – to let HMRC know how much you have earned, how much your deductions are and what profit you have made.

Since the Chancellor of the Exchequer doubled the VAT rate to fifteen percent, many artists, administrators and gallery proprietors have raised queries about the tax.

Artist-led studios

Second Anniversary Edition

October 1978 marks the second anniversary of the birth of this column and of Art Monthly itself; it also sees the establishment of Artlaw Services Limited, a non-profit distributing company limited by guarantee, registered as a charity to provide legal services for the arts community.

When to pay income tax

'One for you, nineteen for me'

George Harrison's pre-decimalisation crie de coeur is everyone's concern, particularly at this time of the year and especially in the arts when organisations and individuals are busy making up and presenting, accounts and budgets, applying for and awaiting receipt of grants, subsidies, awards and bursaries; and drawing up returns for the taxman.