Create and sell your own product: intellectual property and paying yourself

successThis month we’ve been looking at what to do if you want to create and sell your own product.

One further benefit of registering a design, creating music or writing something, is that you are able to receive royalty payments on each item sold. This can have benefits both in ensuring that you get a flow of payment as the money comes into your business, and can help you qualify for schedule D, or self employed, status, for tax. This is particularly useful for home based business, as you can count a proportion of your household costs against your business income.

 

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