Nadinelee22
Member
I am just starting to get my things together to open my nail business I was wondering if any one no's on how you claim all your product costing back, Thanks x
How to claim your product costing back
- Thread starter Nadinelee22
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HawkStane
Well-Known Member
How do you mean claim it back?xx
JERSEY JOCK
Well-Known Member
Don't quite understand your question?
HawkStane
Well-Known Member
Aww, you have a Yorkie too Jersey Jock!
Grace_Hair
Well-Known Member
Do you mean offset it against tax?
JERSEY JOCK
Well-Known Member
HawkStane
Well-Known Member
JERSEY JOCK
Well-Known Member
Love wee Yorkies!
Hey lovely.
You need to register as self employed with HMRC, also register for self assessment and NIC!
You can't get the money back (only by charging clients accordingly) but it will be deducted from your tax bill at the end of the year!
You are allowed to earn £10,500 (I think, may be more now) per year before you're taxed.
When you earn over that threshold, your expenses (products, bills, uniform, accountants fees, etc) will then be deducted off your tax bill!
Eg. You earn £11,500 but you've spent £1000 in products etc, you have no tax to pay . . . .
Hope this makes sense! I have an accountant so I don't have to worry about doing my tax return. Good luck!
You need to register as self employed with HMRC, also register for self assessment and NIC!
You can't get the money back (only by charging clients accordingly) but it will be deducted from your tax bill at the end of the year!
You are allowed to earn £10,500 (I think, may be more now) per year before you're taxed.
When you earn over that threshold, your expenses (products, bills, uniform, accountants fees, etc) will then be deducted off your tax bill!
Eg. You earn £11,500 but you've spent £1000 in products etc, you have no tax to pay . . . .
Hope this makes sense! I have an accountant so I don't have to worry about doing my tax return. Good luck!
Hey lovely.
You need to register as self employed with HMRC, also register for self assessment and NIC!
You can't get the money back (only by charging clients accordingly) but it will be deducted from your tax bill at the end of the year!
You are allowed to earn £10,500 (I think, may be more now) per year before you're taxed.
When you earn over that threshold, your expenses (products, bills, uniform, accountants fees, etc) will then be deducted off your tax bill!
Eg. You earn £11,500 but you've spent £1000 in products etc, you have no tax to pay . . . .
Hope this makes sense! I have an accountant so I don't have to worry about doing my tax return. Good luck!
Hi missy are you saying you don't have to pay tax on your profits if you earn less than £10,500? X
Grace_Hair
Well-Known Member
No. You only pay for any profits over £10500
eager beaver
Well-Known Member
This only applies if you have no other source of income ie if you also have another paid employment job elsewhere and your beauty /hair self employed income is on top of that. Everyone has a personal tax free allowance they are entitled to, but if you earn,for example, £15000 a year in a salon /retail job, your tax free allowance will be accounted for in that wage and then all your self employed income will be taxable x
Nadinelee22
Member
Thank you missy87 that helped, am going to see about accountant next week, think I've quite confused a couple of people sorry if I have xx
xx
jmoseley07
Well-Known Member
Phone hmrc or ask your accountant if you have one, they will give you all the info you need x
Nadinelee22
Member
Thank you x
