Good source of information - self employment tax etc.
Discussion
I'm currently working 2 days a week PAYE, and running a small business from home. I've been doing this for years, completing a "short" self assessment tax form on a simple profit basis. I don't claim anything for the space I use in my house or for my car, capital equipment, etc.
As most of my work comes by word of mouth, the business grows each year. It's at the point where, with a bit of advertising (website, sign written van) I could go full time. I'm considering this, as I'm fed up with my PAYE job.
I'd also set up a "proper" workshop by converting the garage, rather than just using 2 spare bedrooms.
I'm basically earning a wage for supplying a service, rather than supplying goods for profit.
Looking for a good source of information on what I could potentially claim against tax.
As most of my work comes by word of mouth, the business grows each year. It's at the point where, with a bit of advertising (website, sign written van) I could go full time. I'm considering this, as I'm fed up with my PAYE job.
I'd also set up a "proper" workshop by converting the garage, rather than just using 2 spare bedrooms.
I'm basically earning a wage for supplying a service, rather than supplying goods for profit.
Looking for a good source of information on what I could potentially claim against tax.
Using an accountant once I'm up and running undoubtedly makes sense, but I'm just looking at the feasibility of going full time, trying to get an idea if it's worth it financially.
The way I'm doing it now, it just takes me a couple of hours to balance the books and fill out a paper tax return.
The business doesn't have much earning potential, which is one of the reasons that it's a dying trade (quite literally - skilled people die, very few enter the trade). The demand is there, just most customers aren't willing to pay much in this area. It's very rare for me to make more than £10 an hour on a job. If it wasn't for the fact that I enjoy what I do, I wouldn't bother.
The way I'm doing it now, it just takes me a couple of hours to balance the books and fill out a paper tax return.
The business doesn't have much earning potential, which is one of the reasons that it's a dying trade (quite literally - skilled people die, very few enter the trade). The demand is there, just most customers aren't willing to pay much in this area. It's very rare for me to make more than £10 an hour on a job. If it wasn't for the fact that I enjoy what I do, I wouldn't bother.
Most accountants will give you a free initial consultancy. From personal experience this is worth its weight in gold as they will explain in simple terms what you can claim as expenses, benefits of being a LTD co, VAT registration, salary/dividend mix and so on.
Obviously, this is a precursor to you registering with them, but I felt under no obligation or hard sell.
Obviously, this is a precursor to you registering with them, but I felt under no obligation or hard sell.
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