Richie Rich's Diary

Jon

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Hi everyone. There’s not much to say really. I’ve literally stopped doing most of the things I was doing as my store is doing well. £1300 in sales this month so far. I’m still doing Lionbridge every day so that’s another £300. And IntelliZoom studies when they come through as they’re quick and easy. Hope everyone is ok and doing well!
Great to read you're feeling better and going all guns blazing on Etsy!

It's good hearing success stories like this in the current climate!
 

Sherliarty

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Hi everyone. There’s not much to say really. I’ve literally stopped doing most of the things I was doing as my store is doing well. £1300 in sales this month so far. I’m still doing Lionbridge every day so that’s another £300. And IntelliZoom studies when they come through as they’re quick and easy. Hope everyone is ok and doing well!
That's awesome news. Well done.
 
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Jon

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It’s going so well but I’m not going to lie I’m struggling to keep up. Had so many sales on Etsy it’s unreal. Thanks for asking, how are you?
what's your plan then to scale up?

Take on staff? Produce more products?
 

rich110991

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what's your plan then to scale up?

Take on staff? Produce more products?

I think I need to see how it goes after Christmas, I can’t think straight at the minute lol too much to do. I have been thinking about getting someone to help me in some way but I haven’t cracked it yet aha, there’s a lot of ifs and buts...
 
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Tsonga87

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It’s going so well but I’m not going to lie I’m struggling to keep up. Had so many sales on Etsy it’s unreal. Thanks for asking, how are you?

I am still so keen to get in on this, but I left the UK for Iceland on the 12th Oct and now not coming back to the UK until the 4th Dec.

I have got the printer at home, got the artwork but just not in the right part of life to get this going.

I WILL get it done before you hit 1k sales (which is incredible btw). What is your monthly take-home on this atm?
 

rich110991

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I am still so keen to get in on this, but I left the UK for Iceland on the 12th Oct and now not coming back to the UK until the 4th Dec.

I have got the printer at home, got the artwork but just not in the right part of life to get this going.

I WILL get it done before you hit 1k sales (which is incredible btw). What is your monthly take-home on this atm?

Thanks mate. Last month’s sales were £2,300, so around £1,500 profit. This month’s sales are £2,300 already. I’ve got 80+ orders to get done at the minute, it’s mental.
 

Tsonga87

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Holy Heck!! That's amazing, mate!

If it is not rude to ask, what is the tax situation?
 

rich110991

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Holy Heck!! That's amazing, mate!

If it is not rude to ask, what is the tax situation?

I just wasn’t prepared for it lol, nearly every day this week has been £200 or more in sales, mostly £12 each print.

The tax I still can’t get my ahead around but my plan is to just see what happens, I’ll be honest with what I declare and I’m saving now and keeping all my receipts for expenses so whatever they ask for I’ll pay.

I haven’t got a clue what I’m going to do at Christmas. Can remember the last time I had a full day off. Feel like I’ve been nonstop since February not even joking. I don’t know if it will go quieter sort of the last week up to Christmas or whether people will still be ordering and asking me to deliver it on time. I don’t know whether to pause the orders just before Christmas and have a couple of weeks off, I need to look into whether pausing the orders has a big impact on Etsy, like when I switch the orders back on. I don’t want to completely kill it by pausing them but I do want a couple of weeks to myself. I thought I could maybe change the amount of time for delivery to 2 weeks instead of pausing them, at first I had it set to 2-3 days but at the minute I’ve got it on 3-6 and it’s definitely more like 6 right now because of the backlog. If I sit for 12 hours straight I can do between 15-20 orders. It’s hard going. Don’t want it to come across like I’m moaning, I’m just stressed lol and it’s not easy.
 

Jon

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I just wasn’t prepared for it lol, nearly every day this week has been £200 or more in sales, mostly £12 each print.

The tax I still can’t get my ahead around but my plan is to just see what happens, I’ll be honest with what I declare and I’m saving now and keeping all my receipts for expenses so whatever they ask for I’ll pay.
Just put 40% aside from every sale and you'll be fine

The 'payment on account' you have to pay for cover your next year which is projected on this years earnings might sting you but you'll have to wait and see
 
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rich110991

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Just put 40% aside from every sale and you'll be fine

The 'payment on account' you have to pay for cover your next year which is projected on this years earnings might sting you but you'll have to wait and see

You lost me lol but I’ll keep you posted
 

Jon

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You lost me lol but I’ll keep you posted

Payments on account​

‘Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed).

ExampleYour bill for the 2018 to 2019 tax year is £3,000. You made 2 payments on account last year of £900 each (£1,800 in total).

The total tax to pay by midnight on 31 January 2020 is £2,700. This includes:

  • your ‘balancing payment’ of £1,200 for the 2018 to 2019 tax year (£3,000 minus £1,800)
  • the first payment on account of £1,500 (half your 2018 to 2019 tax bill) towards your 2019 to 2020 tax bill
You then make a second payment on account of £1,500 on 31 July 2020.

If your tax bill for the 2019 to 2020 tax year is more than £3,000 (the total of your 2 payments on account), you’ll need to make a ‘balancing payment’ by 31 January 2021.


Basically if earned £20k this year (2020-2021) then they would expect you to earn similar the following year so ask you to make an advanced payment for the next tax year. From memory, I'm sure @OCTOPUS got caught out by it the first time so just be prepared
 

Jon

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A non HMRC explanation which is probably easier to underatnd

Self Assessment and payments on account are the bane of many self-employed people’s existence.

The annual rush to get your tax return in on time, only to be presented with a whopping great bill, is one of the least entertaining parts of the year.

Payment on account is one of the most commonly misunderstood elements of the Self Assessment process, especially for the newly self-employed. Although it was devised as a way of helping self-employed people spread out their tax bill, it often results in increased financial hardship for those who are already having difficulty paying

What is payment on account?​

Payments on account are tax payments made twice a year by self-employed people to spread the cost of the year’s tax. They're calculated based on your previous year’s tax bill, and are due in two instalments.

The payment on account can be thought of as a way of paying off some of your tax bill in advance. The first instalment is due on 31 January (the same day as your 'balancing payment', which clears your tax bill for the previous tax year), and the second is due on 31 July. It's meant to help you spread your payments out during the year – and simultaneously provides the Exchequer with a financial boost in the middle of the year.
 

rich110991

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It’s a long way off yet, I think?? Jan 2021 I’d have to pay by?? I best get saving lol.
 

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