I'm gearing up to do the online Tax assessment, so do not want to get anything wrong. I have been doing my own nails ever since I opened last December, therefore I have been using my stock products rather than buying and using personal products.
The way I see it is I am doing my nails to promote my business.
Do I put money in the pot (cost price) every time I do them? But, then do they become a business expense because of using them to promote myself?
How do you all manage this side of the documenting?
I did attempt a search, as I can't believe this has never been asked. But didn't really know how to word it, so won't take offense if pointed in the direction of a previous thread.
Thanks.
The way I see it is I am doing my nails to promote my business.
Do I put money in the pot (cost price) every time I do them? But, then do they become a business expense because of using them to promote myself?
How do you all manage this side of the documenting?
I did attempt a search, as I can't believe this has never been asked. But didn't really know how to word it, so won't take offense if pointed in the direction of a previous thread.
Thanks.