Hi
I have registered for self assessment with HMRC today, as I am attempting to startup a phone repair business from home as a sideline, as well as a full time job.
I've been doing it for a couple of years for friends/family, and think I can take it off.
I have been looking into what expenses are classed as non taxable, like advertisement.
I would like to do a couple of free prize giveaways to get noticed to the wider audience. Question is, what ever is bought for the prizes, would this be out of my own pocket, or can these such items go on my books? And if so, is there a limit of how many you can do?
Many Thanks.
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