Do you pay into your business when using products on yourself?

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nicole333

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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.
 

collin

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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.
i really think you dont need to put money in the till for doing your own treatments
 

SJK

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Technically, you are taking stock from the business for your own use. This is drawings. You should value what you use (I know this isn't easy) and keep a record. At the end of the year, you should deduct this value from the cost of the products you purchased.
 

gemied

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If you record it at all I would put it down as advertising. Apart from loving having my nails look good one of the main reasons I do them is advertising my products and services. Advertising is a cost to the business and tax deductible so works in your favour!

xx
 

persianista

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I wouldnt bother to record it. There is always a certain amount of wastage every year, so it would be in that area.
 

nicole333

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Thanks so far. It's interesting that there are different ways of looking at this. My automatic feeling (not born out of knowledge or experience) was that I was using stock, so should pay cost price. But then it seems a waste of time to document this if I am then referring to it as advertising, as it seems to cancel it out.

What I am keen to show is where my products are going. I have had to replace a bottle of D-Solve for example, but so far have not soaked off any paying customers nails.
 

Tess Warwick

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:idea:
Just a thought outside the box but why don't you buy the products that you use and keep them for your own use? That way you get it at cost price and it doesn't involve the taxman ..
:wink2:




Thanks so far. It's interesting that there are different ways of looking at this. My automatic feeling (not born out of knowledge or experience) was that I was using stock, so should pay cost price. But then it seems a waste of time to document this if I am then referring to it as advertising, as it seems to cancel it out.

What I am keen to show is where my products are going. I have had to replace a bottle of D-Solve for example, but so far have not soaked off any paying customers nails.
 

nicole333

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Thanks, but that means doubling up on everything, all my stock.

:Scared: I can't afford that!
 

JoJo1980

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If I have extensions, I pay for the hair myself, but dont pay for the fitting. If Im having a colour, I wouldnt pay for the tint!
To be honest, Its more hassle than its worth to record it on company drawings, I wouldnt worry about it.
xx
 

Geminikelli

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Perks of being the boss isn't it???
 

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