You will actually find one of the people who contacted me is who you think this refers to. It actually refers to nobody but is based on several pms from questions I could not answer and not about one seller like you presume.

If you have read what I have read then not everyone needs a PSL do they.

__________________
Previously known as Fazer600sy



Member 687

I have no idea if this thread is aimed against anybody at all, this is not a personal opinion this is fact.

If you are on benefits of any kind you MUST declare any extra money that you are earning.

As for the tax implecations there are certain criterias that any income is matched against, namely the badges of trade. These are judged on how often something is done, weather it is done for profit, the initial outlay, these are normally used to see if you are employed or self emplolyed but they can be used to see if you a trader in addition to being an employee.

As for the comment that people are doing things for people, ie helping them out the tax people would not see that as a reason. No one does anything for nothing and therefore there is a value to it and as such it can be taxable.

Value added tax can only be reclaimed if you or your company are VAT registered. A person can be VAT registered by choice.

I have no idea about the pet shop licence thing.

__________________
www.bigyellowgecko.com

If you actually read my posts you would see that the PSL and taxes apply to almost no breeders on here at all!

I have helped a LOT of genuine people who have talked to me on MSN regarding the legalities because i've personally had to go through it all myself. If you don't find it helpful, don't bother reading it, but don't ruin it for people who may be interested or may actually find this information useful.

__________________

Also available right now for rehoming: 1 x Juvenile Male Bearded Dragon, 1 x Adult Female Curlytail Lizard

This is a very interesting thread

__________________
"Revenge is scared into my soul. Agonizing for its arrival our
wishes become our relief---Sleep where you are equable"
genesis- from 'loveles

At the end of the day if someone is above board and doing things legally they have nothing to be bothered about this thread.

__________________

wow, thanks christy, thats an amazing amount of info.. good stuff.

__________________
2010 corn and royal savings scheme... LOOK NOW
http://www.reptileforums.co.uk/snake...s-payment.html

BIG deals.. southern run 21st november.. dont miss out
http://www.reptileforums.co.uk/snake...ml#post5072532

A fantastically useful thread - thanks!
Maybe it should be cleared up and pinned so that we can find it easily again if we need it?

__________________

IMHO, the PSL advice is right,

Regarding the tax and VAT, best advice I can give is talk to your local tax office and ask them.

There are limits, of the top of my head its 3k turnover. If you are under that an informal letter to them declaring income and expenses could well be enough. Higher than that and you will need to fill in a tax return if your trading as a sole trader, or annual returns if a Ltd Company like me.

Tax liability depends on your own situation, so no real advice can be given.

I may well be that if you make a loss, and have other taxable income, you could offset the two to reduce your tax payments.

VAT is a tricky subject again, if your turnover is over the limit, you HAVE to register , otherwise you can select to do so.

Once you are registered, you have to charge VAT on all vatable goods or services. Many businesses do this by way of a single tax inclusive value, others a lower sales price to which vat is added.

Either way, it has to be charged, recorded and declared. From the vat thats collected, vat paid out on business expenses etc can be off set, and the balance paid to HMCE.

My very best advice, TALK to the right dept and get advice to suit you !

That's actually a good point PJ,

If you are making a loss on your "business" of breeding reptiles, but you pay taxes on employment elsewhere, you can actually sometimes get a tax deduction, meaning you pay less taxes per year. So for some breeders, it may be of interest to just check into that for some people.

__________________

Also available right now for rehoming: 1 x Juvenile Male Bearded Dragon, 1 x Adult Female Curlytail Lizard

Come off it will you....

We breed some reptiles, we keep expenses accounts wherever possible.

Thusfar theres over 15k 'invested' in the animals themselves, another 5-10k in housing. My electricity is £130 PER MONTH, water £50 per month, frozen food approx £180 per month, substrate minimum £20 per month and I could go on..... (everything bulk purchased at the best price I find)

So then...which part of the few quid we make back from selling snakes is taxable again? This year we'll probably make maybe 500-1000 from selling hatchlings, this should (hopefully) increase a little year on year but when offset against the (so far) what must easily be 30-40 grand spent that rises each and every month.

This is why I laugh when informed I "do it for the money"

Snakes are the reason I have no money, they will never make me rich and I honestly couldn't care. Money isn't why I started, money isn't why I enjoy it.

__________________
---
Mason

1.0 of "Quixotic_Axotlotl"





http://masonexotics.co.uk/ourcollection.aspx

Locality Boas and Retics A Passion.