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This video is going to deal with the legalities of setting up your business, self assessment
and tax, Hi I'm Katy Fryd and I'm an artist and I'm making these videos to help other
artists who are just starting out. If you haven't already, go ahead and subscribe to
my youtube channel so these videos can come straight to you, in addition if you like this
video and you find it useful please like and share the video with others now I don't know
what country you are watching this video in this video will be specific to the UK however
your own country will have it's own tax issues and laws that you need to find out about . There
is a certain amount of money that you can earn and it just be considered a hobby so
you don't actually need to register as a business but if you are hitting that threshold of income
then you do need to set yourself up as a business you need to find out what that threshold is
and if your business does make more than that amount then you should really be registering
as a proper business for tax purposes in the UK you would need to contact the HMRC or visit
their website and look up the information about registering as a self employed person
you need to keep good accounts by keeping all your receipts and noting down all your
income and expenditure and doing your accounts every year Once registered you will receive
a self assessment form every year or if you are registered online you will get access
to that through your email you will also need to fill out a national insurance exemption
form if your business is still earning quite a low amount or if you hit a threshold for
the national insurance contributions then you will have to start paying those as well.
But you can fill out the form for exemption if you think you are not going to earn that
much. I hope this video has been helpful to you please do like and share it if it has
been and I'll see you soon. Bye!