Hallmarking questions

[Patstone]

[QUOTE=silverlining;79471]That could be good

I think Pearlescent is right with regard to HMRC though, especially with taking commissions,having a website,potentially working with a shop combined with the fairs,you are essentially working commercially and should be registered as such. As soon as you start producing things in expectation of payment you are essentially self employed[

Its a HOBBY thats all. I am retired and play in my spare time. I have in 6 years had two commissions - neither were over £100. I only charge for the silver, solder etc to make it, no labour costs charged, which must piss people off that do it for a living, but having worked in a real job for over 50 years feel that now I have earned the right to do what I want to. We were at one of the two craft fairs we attend every month and a shop owner suggested that we put a case of cheap silver rings by the till for people if they wanted to buy a present for someone. We havent done it and probably wont. Neither of the craft shows are lucrative, if sales cover the cost of the table we are lucky, so not a commercial undertaking. We have had a website for about 5 years or so, and so far havent sold anything from it, we dont advertise it but its nice to have one. My daughter is thinking about cutting her hours from 49 a week to normal hours to leave her more time to make things and start it as a business in the future, but it wont be happening any time soon.

[pearlescence]

Indeed...but if you make a loss you can set that loss against other income to reduce your tax bill if you are liable for income tax

[silverlining]

How do you work out your pricing then,out of interest? Thing is HMRC are cracking down on such things and each of your pieces has a price that is far more than the material cost,so that combined with the regularity,website,commissions etc may make them view it as a business. If you sold everything you made,at the prices you set for them,would you not make a profit of some sort? Surely you would be gaining back more than you had spent on the materials for those specific items. Using the money to buy more materials doesn't mean it's not a profit as such,it's just what you choose to do.

Registering won't do you any harm and could prevent a snarky HMRC contacting you and your daughter whom they may be more interested in

[silverlining]

Indeed...but if you make a loss you can set that loss against other income to reduce your tax bill if you are liable for income tax

That's true and quite helpful!

[Patstone]

Most of the stones I import from abroad and some are quite pricey, add to that the cost of the silver/gold and solder, various chemicals etc, tool replacement, and travelling to the couple of craft shows every month. Just guessing really, but I dont think they are overpriced, and its what I would be prepared to pay for it if I were buying. If I were in the business to make money or at least a living, the price on them would probably more than double, but as an OAP my other income is taxed at source. If I were to add up all the money of the annual sales, it would still be under my tax threshold.