Moving Craft Business to Finland

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Chaapa
Posts: 30
Joined: Mon Aug 10, 2015 4:43 am

Moving Craft Business to Finland

Post by Chaapa » Sun Jun 05, 2016 4:19 pm

I am a US/Finland dual citizen planning to move to Finland at the end of this year when my husband and I retire. I have a small hobby/craft business on the side but would like to bring it along and perhaps expand it when we move ( I make dog collars, leashes, etc.). I have specific suppliers in the US and market my goods through Etsy and Ebay. I use Paypal for nearly all my financial transactions. I have a few questions for you folks:
1) If I am not able to source my supplies from within the EU how much trouble will it be to import quilting fabrics and buckles,etc. from the US? I can't see that they are readily available in Finland, but I could be missing something.
2) What kinds of sales outlets will I have available in Finland. I see that Etsy has some Finnish sellers, is that easy from Finland? Can I continue on Ebay? Are there craft fairs and other kinds of markets I might consider?
3) What are the financial ramifications? Here in the US for tax purposes this is considered a hobby. I report my income and expenses along with my income from my real job every year. In Finland we will be living on two Social Security incomes plus a pension so we won't be depending on this income stream. Will this somehow complicate my taxes? Will I have to report it at all? Will I be able to use Paypal?
Any comments or suggestions are appreciated. Thanks.



Moving Craft Business to Finland

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betelgeuse
Posts: 2643
Joined: Thu Aug 29, 2013 1:24 am

Re: Moving Craft Business to Finland

Post by betelgeuse » Sun Jun 05, 2016 5:12 pm

Chaapa wrote: 1) If I am not able to source my supplies from within the EU how much trouble will it be to import quilting fabrics and buckles,etc. from the US? I can't see that they are readily available in Finland, but I could be missing something.
You or someone on your behalf will have to deal with customs to get them in. I don't know how much trouble this will be. If they are not available from Finland, you have an easier time if they are available somewhere in the European Customs Union.
Chaapa wrote: 3) What are the financial ramifications? Here in the US for tax purposes this is considered a hobby. I report my income and expenses along with my income from my real job every year. In Finland we will be living on two Social Security incomes plus a pension so we won't be depending on this income stream. Will this somehow complicate my taxes?
Taxation is pretty easy to deal with even for sole traders in Finland.
Chaapa wrote: Will I have to report it at all?
You will have to report it and pay income taxes on profit. You will have to report them to the tax authority. You become VAT liable if your revenue is over 10k/year.
Chaapa wrote: Will I be able to use Paypal?
Yes


inkku
Posts: 605
Joined: Wed Apr 04, 2007 8:26 pm

Re: Moving Craft Business to Finland

Post by inkku » Mon Jun 06, 2016 12:51 pm

This is a big chain of pet stores in Finland.
https://www.mustijamirri.fi/


Chaapa
Posts: 30
Joined: Mon Aug 10, 2015 4:43 am

Re: Moving Craft Business to Finland

Post by Chaapa » Tue Jun 07, 2016 5:50 am

Thank you for your comments. I had once been thinking of abandoning this little hobby when we move. But now I think there are enough positive reasons to bring it along.


AldenG
Posts: 3334
Joined: Wed Apr 29, 2009 3:11 am

Re: Moving Craft Business to Finland

Post by AldenG » Tue Jun 07, 2016 7:09 am

You will want and need some such thing that reminds you that you are capable and something that reinforces your sense of identity.

It might also help you make social connections.
As he persisted, I was obliged to tootle him gently at first and then, seeing no improvement, to trumpet him vigorously with my horn.


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