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Where Taxpayers and Advisers Meet
Tax on a very small business
Hello, I want to start a small business buying items at car boot sales and selling them online i.e. on a website or auction site. But it would be a bit silly to have to ask a carbooter for a recipt for 10p etc plus they don't realy carry recipt books. Would I have to do this to prove to the tax man how much I purchased an item for or is there a way around this? I have lots of questions on this matter but I think I had better start at the begining. Thanks.
I suggest that you ask the Revenue how to get round this. A qualified accountant can do that for you, apart from being able to advice you on all aspects of setting up and running your business and ensuring you pay the lowest tax possible. Unfortunately, tax legislation is so complex nowadays, that it can be rather difficult for a layman person to get it right.
Other than that, in this sort of business there is always the risk of associating yourself with stolen goods and this is something that special care should be taken care of.
We have a FREE Special Report and several Articles on our website, written in plain language, on the subjects of setting up in business that you are welcome to check out. The special Report, on how to beat the taxman, is automatically sent to you if you subscribe to our FREE weekly newsletters on tax and business advice. It is packed with down-to-earth advice and practical examples from our long experience dealing with small business problems.
D. Savva BA FCCA
http://www.tax-accounting-london.info
constantinesavva@accamail.com
Other than that, in this sort of business there is always the risk of associating yourself with stolen goods and this is something that special care should be taken care of.
We have a FREE Special Report and several Articles on our website, written in plain language, on the subjects of setting up in business that you are welcome to check out. The special Report, on how to beat the taxman, is automatically sent to you if you subscribe to our FREE weekly newsletters on tax and business advice. It is packed with down-to-earth advice and practical examples from our long experience dealing with small business problems.
D. Savva BA FCCA
http://www.tax-accounting-london.info
constantinesavva@accamail.com
