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Business tax help please!?

Question: Business tax help please!?

(Posted by: on 2011-11-15 10:28:16)

I am 14 years old and I am starting a fashion jewellery business with my mum. We have done our calculations and would make around £30, 000 a year. What business taxes would we have to pay? And because we’d be doing it from home, are there extra taxes to pay to do with that? THANK YOU!


Answers:

Posted by: Onestep downfrom God on 2011-11-15, 12:28:31

Http:/ / direct.gov.uk/ en/ MoneyTaxAndBenefits/ Taxes/ BeginnersGuideToTax/ index.htm?cids= Google_PPC &cre= Money hmrc.gov.uk/ selfemployed/ register-selfemp.htm

  

Posted by: Petrusclavus on 2011-11-15, 14:13:31

£30’000 profit – split two ways? Self assessment, an account each; or SA with a partnership SA account and SA accounts each. From home – planning permission may be needed for the premises (check local council website) are you making or bulk buying and reselling? If part of the house is “set aside ” solely for the business then you can claim tax allowances. If you are confident of the profit perhaps a limited company? Hate to say it but you need to pay an accountant for a consultation.

  

Posted by: DR + Mrs Bears face on 2011-11-16, 00:08:32

In addition to Petruscl comments. If you have a mortgage the mortgage company may have restrictions on running a business from home.The house insurance may want to know too. If you claim tax benefits on using part of the house for business if you ever sell the house the part considered business rather than residential will be liable for capital gains tax.

  

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