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.
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.