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Can anyone help
bronzedg
Posts: 68 Forumite
in Cutting tax
Am trying to work out how much a deal is going to cost me in tax this is what i am thinking about doing
purchasing an item for £4.50 selling it for £9.99
The seller is then keeping 40%
I am selling around 1500 so say getting back £8891 then minus my stock which is leaving me with £2141
I am a sole trader but normally make around £16000 profit so have to pay tax but am not tax registered.
How much tax do you think this will cost me ?
purchasing an item for £4.50 selling it for £9.99
The seller is then keeping 40%
I am selling around 1500 so say getting back £8891 then minus my stock which is leaving me with £2141
I am a sole trader but normally make around £16000 profit so have to pay tax but am not tax registered.
How much tax do you think this will cost me ?
0
Comments
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Im fairly sure you should be registered with HMRC if you have a business.
Tax Allowance for the year is £7475, anything over that is taxed at 20%, you should also be paying 2 lots of NI stamp if you are a sole traded.
Ring HMRC up and they will send you an information pack.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
which is leaving me with £2141
How much tax do you think this will cost me ?
You will be paying 20%. So the tax on the £2141 profit will be £428.so have to pay tax but am not tax registered.
........ presume that was 'not VAT registered'?If you want to test the depth of the water .........don't use both feet !0 -
Dont forget NI, it affects any benefits in the future and goes towards paying your own state pensionmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
oh yes i know that i am a registered business thats what i meant not vat registered i have an accountant so i pay tax & national insurance none of thats a problem just wanted to know tax thanks0
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