{ "products": [ { "available": true, "title": "Advanced Enamelling", "vendor": "London Jewellery School" }, { "available": true, "title": "Advanced Jewellery Diploma", "vendor": "London Jewellery School" }, { "available": true, "title": "Beading Evening Class", "vendor": "London Jewellery School" }, { "available": true, "title": "Beads and Hollow Forms in Metal Clay", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners and Intermediate Wax Carving", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Beading", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Enamelling", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Metal Clay", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Silver Jewellery Bundle 1/2/3", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Silver Jewellery I", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Silver Jewellery II", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Silver Jewellery III", "vendor": "London Jewellery School" }, { "available": true, "title": "BEGINNERS SILVER JEWELLERY IIII", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Wax Carved Jewellery Evening Class", "vendor": "London Jewellery School" }, { "available": true, "title": "Beginners Wire Wrapping", "vendor": "London Jewellery School" }, { "available": true, "title": "Chain Making", "vendor": "London Jewellery School" }, { "available": true, "title": "Claw Setting", "vendor": "London Jewellery School" }, { "available": true, "title": "Cold Connections", "vendor": "London Jewellery School" }, { "available": true, "title": "Collet Setting in Silver", "vendor": "London Jewellery School" }, { "available": true, "title": "Diploma in Silver Jewellery (summer intensive)", "vendor": "London Jewellery School" }, { "available": true, "title": "Ethical Jewellery Day", "vendor": "London Jewellery School" }, { "available": true, "title": "Fold Forming", "vendor": "London Jewellery School" }, { "available": true, "title": "Fused Glass Jewellery", "vendor": "London Jewellery School" }, { "available": true, "title": "Gemstone Masterclass", "vendor": "London Jewellery School" }, { "available": true, "title": "Grain Setting in Silver", "vendor": "London Jewellery School" }, { "available": true, "title": "Granulation and Fusing", "vendor": "London Jewellery School" }, { "available": true, "title": "Hand Stamped Silver Jewellery", "vendor": "London Jewellery School" }, { "available": true, "title": "Intermediate Beading", "vendor": "London Jewellery School" }, { "available": true, "title": "Intermediate Metal Clay", "vendor": "London Jewellery School" }, { "available": true, "title": "Intermediate Silver 5 weeks evening class", "vendor": "London Jewellery School" }, { "available": true, "title": "Intermediate Silver Jewellery", "vendor": "London Jewellery School" }, { "available": true, "title": "Intermediate Stone Setting", "vendor": "London Jewellery School" }, { "available": true, "title": "Introduction to Beading", "vendor": "London Jewellery School" }, { "available": true, "title": "Introduction to Gemstones", "vendor": "London Jewellery School" }, { "available": true, "title": "Jewellery Design", "vendor": "London Jewellery School" }, { "available": true, "title": "Jewellery Design and Drawing Evening Class", "vendor": "London Jewellery School" }, { "available": true, "title": "Jewellery Design and Rendering", "vendor": "London Jewellery School" }, { "available": true, "title": "Jewellery Photography", "vendor": "London Jewellery School" }, { "available": true, "title": "London Jewellery School Gift Voucher", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a Pair of Silver Cufflinks", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a pair of Silver Earrings", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a pair of Silver Pearl Earrings", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a Pearl Ring", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a Silver Bar Necklace or Bracelet", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a Silver Charm", "vendor": "London Jewellery School" }, { "available": true, "title": "Make a Silver Ring", "vendor": "London Jewellery School" }, { "available": true, "title": "Make Cocktail Rings", "vendor": "London Jewellery School" }, { "available": true, "title": "Make Silver Hoop Earrings", "vendor": "London Jewellery School" }, { "available": true, "title": "Make Silver Stud Earrings", "vendor": "London Jewellery School" }, { "available": false, "title": "Make Your Own Wedding Rings", "vendor": "London Jewellery School" } ] }
Call
0203 176 0546
Contact
info@londonjewelleryschool.co.uk
Store info

Mon-Sat, 9am-5pm

Directions

Ground Floor Studios

New House, 67-68 Hatton Garden, London EC1N 8JY

Ground Floor Studios

New House, 67-68 Hatton Garden, London EC1N 8JY

Mon-Sat, 9am-5pm

· · · Comments

Jewellery Business Week: Tax and the successful jewellery maker

· · · Comments

business-week-banner-2016

If you started a jewellery business alongside another job, it is likely that you contacted HM Revenue and Customs and registered as sole trader. This means you have to complete a self-assessment tax return and the end of each tax year. The HMRC then calculates what tax you owe for that past year with you usually have until January to pay.

However, if your jewellery business is a success, and especially if you reduce your other work and the business becomes a more significant part of your income, you may be surprised to find yourself switched to a system called “payment on account” and facing a larger tax bill than expected.

Payment on account comes into force when either the tax you owe when you submit your return exceeds £1,000 or it accounts for 80% or more of the total tax you pay for that year.

It means that you will now need to make payments in advance for your tax. The HMRC will estimate what your next tax bill is likely to be and you will be expected to pay half on 31 January and half on 31 July and then any extra tax or tax rebate calculated on your tax return will be due by the next 31 January (along with your next payment on account). Of course the year when you switch to payment on account you will have to pay the tax for the previous year and the first payment on account, making it a much bigger. The example make this much clearer.

Payment on account example:

Tax owed on 2014/15 tax return                    £1,100             due by 31 January 2016

Tax estimated for 2015/16                              £1,200

1st payment on account                                   £600                due by 31 January 2016

2nd payment on account                                 £600                due by 31 July 2016

Actual tax owed for 2015/16                           £1,250

Balancing payment for 2015/16                      £50                 due by 31 January 2017

This means that on 31 January 2016 the tax to be paid was £1000 (for 2014/15) + £600 (first payment for 2015/16) = £1, 600.

Another £600 is due on 31 July and then finally the balancing payment of £50 is due on 31 January 2017 – but remember the first payment for the next year will also be due so you may have to pay £50 + £650 (payment on account for 2016/17) = £700.

If the total tax owed for 2015/16 turned out to be £1,000, you would find yourself £200 in credit with the HMRC – £600+£600-£1000= £200 tax overpaid.

You could then use this payment against tax for 2016/17.

The payment on account system is designed to spread your tax payments out and make it easier for you and the HMRC to ensure you pay the correct amounts. But it is not well publicised when you are starting out and the big tax bill when you switch on to the system can be a shock.

It is also important if you are on payment by account to keep an eye on the tax you expect to pay each year because if you find that the HMRC estimate is well above what you are likely to pay, it may be possible to have your August tax payment reduced.

For more details check the HMRC website for guides.

 

Special Business Week offers

Don’t forget about our special offers on business courses for this week only.

These offers are only available on booking made during Jewellery Business Week 21-27 February 2016 inclusive. Call 020 3176 0546.

Click here for more details of all the business courses included in this offer.