Tax discussion -was -At the risk of being flamed !!

arushofblood

cafenervosa wrote:

I don't want to give my information away but my general feeling on £60,000 turnover is not that brill. I mean if you only make 10% profit per sale after all expenses thats only £6,000, then theres the tax and NI on top. This is why I want to rethink my ideas because from 60k you need to be making 40%+ profit per sale to make a living from it at least, that is not easy to do when clearly there are competitors happy to work on 10-20% profit for the same item!

Sorry cafenervosa, I hope you didn't think I was being nosey ! I wasn't really enquiring about your profits...

cafenervosa_2

arushofblood wrote:

Sorry cafenervosa, I hope you didn't think I was being nosey ! I wasn't really enquiring about your profits...

Its ok, I understand

arushofblood

Interesting list there, lot's I hadn't really considered and also the way you've listed things.

apprentice_tycoon wrote:

he also enters an amount for the use of the house

Do you mean costs you can claim back through working at home ? Eg. My heatings always on when I'm working on this pc cause I get so cold just sitting around !

apprentice_tycoon

Yep, he enters £200 in the schedule thing as 'use of home'

cafenervosa_2

apprentice_tycoon wrote:

Yep, he enters £200 in the schedule thing as 'use of home'

Thats a good tip thanks as I do work from home too.

Man it gets like a warehouse here sometimes

arushofblood

That should cover my daily heating bill then

£200 a year is that ? Is there a general rule of thumb for mileage ?

apprentice_tycoon

cafenervosa wrote:

Thats a good tip thanks as I do work from home too.

Man it gets like a warehouse here sometimes

Yep, here too - my shed was included (storage facility) as an expense too

cafenervosa_2

I don't count car mileage as my Post Office is only 2 streets away.....although I do drive there most times :cool:

arushofblood

apprentice_tycoon wrote:

Yep, here too - my shed was included (storage facility) as an expense too

Lovin' it !!!! I'm desperate for a shed !!! *cough* For storage of course

Ooo, can I board my loft too ?!?! That's another thing that desperately needs doing... yes, I honestly do store things across the rafters

The Taxman'll be oweing me money soon, lol !! Oh, it doesn't quite work like that

apprentice_tycoon

The £200 for use of home is per year.

You just have to keep notes/ receipts for anything that you need to do your work, I couldn't work without the shed, so maybe your loft considered to be important too.

All my storage crates got entered and things like silver cleaner (I sell silver) glue (sometimes things need a little restoration) pine wax ( I sometimes sell antique pine items that need TLC) spray starch (I sell linen sometimes too) plus file boxes, repair of my PC, memory card for the didgi camera.....you don't have to be 'creative' it's all legitimate expenses because I actually needed these items