Declaring tax?

[Beautifulbrowss01]

Hello

Can anybody tell me do you deduct tax off your gross or net cost per treatment?
I am just unsure because I will be getting charged a transaction fee per treatment so would I take the VAT off after the card charge?

Ie
Cost of a set of nails £24 - 1.65% card transaction fee = £23.60

Do I deduct the 20% Tax of the £23.60 or the full cost of treatment?

Thanks in advance xx

 

[Trinity]

20% of the £24 for earnings purposes, then you would claim back the fees for the card machine as part of your expenses.

 

[Beautifulbrowss01]

20% of the £24 for earnings purposes, then you would claim back the fees for the card machine as part of your expenses.

Thank you so much for this!! Do you know of anywhere I can get a form fill out as I go along? X

 

[Trinity]

Thank you so much for this!! Do you know of anywhere I can get a form fill out as I go along? X

If you google you should find an excel spreadsheet forcsmall businesses

 

[Beautifulbrowss01]

If you google you should find an excel spreadsheet forcsmall businesses

Thank you x

 

[BannerPenguin]

Or you can use free accounting software like waveapps.com and just fill in your invoices for each client and expenses and have it all automatic for you.

 

[Beautifulbrowss01]

Or you can use free accounting software like waveapps.com and just fill in your invoices for each client and expenses and have it all automatic for you.

Thank you so much x

 

[Beautifulbrowss01]

Or you can use free accounting software like waveapps.com and just fill in your invoices for each client and expenses and have it all automatic for you.

Did you add your bank account to this? I have been asked to do this and the site is asking for me to login using my banking ID password and memorable info?
I haven’t done this yet just wanted some advice x

 

[BannerPenguin]

Totally your choice. It allows you to sync your transactions to the platform from your bank to make things easier but this feature is going away at the end of the year anyway as it's deemed too expensive to upkeep for a free platform. They literally have just been bought out.

 

[Beautifulbrowss01]

Totally your choice. It allows you to sync your transactions to the platform from your bank to make things easier but this feature is going away at the end of the year anyway as it's deemed too expensive to upkeep for a free platform. They literally have just been bought out.

Thank you x