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tax on Etsy income

if you have a regula job in UK where you pay tax and also if you earn thru etsy (paypal) do you have to declare the money as this is your additional income. I dont know when and how much you are allowed before the tax man is after you.

7 Responses

please help as i dont want to be in trouble !
Your Etsy income is considered to be 'income' so its probably taxable in the UK just as it is here in the USA.

You may want to check with your tax authorities for a definitive answer as to what the limits are.
Samantha from SWShearts4paws

Changed from SlowWaterStudio on May 23, 2015

5:52 am Jun 26, 2012 EDT
I would say yes. You will have to declare your income from etsy less expenses and costs of your etsy business so you pay tax on your profit. I have to do the same here in NZ. I have taken vacation time on etsy to do my taxes as its our tax time of year now.
It certainly is declarable in New Zealand. We have a very low threshold before you have to declare the earnings - much lower than USA.

Editing to add... hey fellow Kiwi - it's pretty rough, eh? I withdraw all my Paypal income straight into my business bank account and use a credit card to pay for my Etsy supplies. Much easier to keep the books straight.

Yes. It's really easy - you just register as self employed with HMRC. :) You can be employed and self-employed at the same time. You'll be able to opt out of class 2 NI payments since those will already come out of your PAYE pay.

www.hmrc.gov.uk/selfemployed/register-selfemp.htm

There is a UK team if you have more questions too. :) This is just a chat team, our chat thread for June: www.etsy.com/teams/7428/uk-cake-eaters-and-chat-team/discuss/10396771/
And here's the "official" Etsy UK and Ireland seller team: www.etsy.com/teams/7332/etsys-uk-ireland-seller-support-team

Samantha from SWShearts4paws

Changed from SlowWaterStudio on May 23, 2015

6:01 am Jun 26, 2012 EDT
Hey there back to you Janne:)
So wish we could get a break from IRD, not look forward to doing my return later this week. Left it to the last minute again!
thanks everyone for helping with my question.

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