We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

What to self assess?

ViksB
ViksB Posts: 332 Forumite
Part of the Furniture Combo Breaker
I have recently gone self employed and have almost just completed my first self assesment without too many dramas. However I suddenly realised that I probably ought to self assess our small holding.
We have a small holding and I do mean small, where we have a few chickens, sheep and pigs. The principal aim of it is to have good quality meat and eggs for ourselves. However we do produce more meat and eggs than we can eat and we sell the rest to friends and family (all legal as we sell straight from the butcher, we just deliver). We sell them for pretty much for what it costs us to produce the meat. The eggs do make a small profit (approx £80 a year!!!). Do I need to include this in the selfassesment as it is only intended to be a hobby?
If I do include it, do I need to include the cost of the meat and eggs that we have eaten as part of the profit? Would this be at cost price or selling price (there isn't a huge difference except for eggs)?

The paperwork is going to be massive for such a small amount of money.

Any advice welcome!!

Regards
ViksB
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.