Pet Shop License/Tax Question

[SiUK]

thats a hell of a lot of frozen mate, blooming heck

[wozza_t]

Originally Posted by SiUK

thats a hell of a lot of frozen mate, blooming heck

or one bloody big one lol

[madaboutreptiles]

Thanks Christie......lots of good information there....

I should be up and running in my own buisness byt the end of the year

PLUG PLUG PLUG............

[BecciBoo]

Originally Posted by Mason

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.

Well said

[Faith]

Its easy to remember the people who need a PSL
Here it is
If you buy to sell you need a PSL
In other words if you buy with the intention of selling (with your own money) then your going to need a PSL.
I agree with PJ over the tax issue there are so many different tax rates and also sole traders, partnership businesses and LTD companies if you are a LTD company your not self employed according to the tax offive you are an employee of that company.
It goes on forever a great site is Business support, information and advice | Business Link
Tax office
HM Revenue & Customs:Starting in business
Dont forget you have 3 months to become self employed from the date you start trading or you could be facing a fine.
Any one with children should also contact working family tax offices as well as child tax credits etc, all can be found on the tax office site.

[SiUK]

Originally Posted by wozza_t

or one bloody big one lol

half a capybara

[purejurrasic]

Woo hoo....


Got our VAT number today !

[Athravan]

Originally Posted by purejurrasic

Woo hoo....


Got our VAT number today !

Don't celebrate, wait until you get your quarterly VAT returns, took us all last week to decipher ours and get it sorted. Although the bonus is you can fill it out online now so no more really long and annoying forms where if you make one mistake you have to apply for another form and start again. And the tax man actually owed me money on VAT - so I guess it can be a good thing after all.

[purejurrasic]

mm, brings back sweet memories of my last business !

[Graylord]

If anyone has any doubt what position they are in they should get a PSL they are not dear and not hard to get hold of.
You only have to prove you show good animal welfare they are not interested whether you have a shop or not.

G