UK UK tax for small business


Joined
Jan 8, 2022
Messages
1
Reaction score
0
Country
United Kingdom
Hi guys, I have a personal question.

I have a full time professional job that I pay just under the higher tax bracket on (so somewhere not too far under 50k a year).

I have started to look at little extra jobs I can do to make a little extra cash, such as handyman jobs and gardening etc.

So far I have spent nearly £200 in clothes, equipment, PPE and fuel. And made about £150. So I am not even in profit yet.

Do I legally have to declare myself as a business and file any taxes? Presumably I would be classed as a sole trader?

How would I go about filling taxes and would I benefit from registering as a ltd company to benefit from some VAT returns on some costs?

I think I recall you dont have to even register a business at all unless you make at least £1000 a year profit, is that correct? And is it impacted by the fact that I earn from a PAYE salary also?

Any advice on what I need to do to operate legit and maximise profitability will be much appreciated.

Many thanks.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top