New Biz-Advice needed

[Flutterby]

Hi all,

I am looking to set up my own business from home offering hairdressing, waxing and lashes and have seen the comments about setting up a company with HMRC, but my question is this, does anyone know if the costs of these 3 course can be offset against any income to be earned as self employed or is this just with a limited company?

I'm aware I need to see an accountant anyone, but I was hoping to find one that specialises in this industry (if thats at all possible-i'm clearly a total novice!!)

Any advice would be gratefully recieved.
Thanks
x

 

[weezie]

Hi all,

I am looking to set up my own business from home offering hairdressing, waxing and lashes and have seen the comments about setting up a company with HMRC, but my question is this, does anyone know if the costs of these 3 course can be offset against any income to be earned as self employed or is this just with a limited company?

I'm aware I need to see an accountant anyone, but I was hoping to find one that specialises in this industry (if thats at all possible-i'm clearly a total novice!!)

Any advice would be gratefully recieved.
Thanks
x

I was told extra training after setting up your business in order to keep trading is non taxable but training to get you there before is taxable. But don't quote me!

 

[weezie]

Training Expenses you could get round it I guess by starting up with one course then registering and adding on courses after that but definitely speak to an accountant to keep it above board. The courses would all need to be specifically beauty related only. But if you have already done the training then it's too late and you can't claim it as non taxable.

Nothing ever gets offset as such you always have to pay the initial costs it's just whether you pay tax on it or not.

 

[salonworldwide]

Hi all,

I am looking to set up my own business from home offering hairdressing, waxing and lashes and have seen the comments about setting up a company with HMRC, but my question is this, does anyone know if the costs of these 3 course can be offset against any income to be earned as self employed or is this just with a limited company?

I'm aware I need to see an accountant anyone, but I was hoping to find one that specialises in this industry (if thats at all possible-i'm clearly a total novice!!)

Any advice would be gratefully recieved.
Thanks
x

You'd be better off going to someone at buisness link..they will help you with everything+could possibly give you a grant to help with costs

 

[Flutterby]

Thanks guys, I have signed up to business link and am reliably informed there are lots of offset-able things however I agree professional advice is best so I'm off to call an accountant to help me plan it out.

Thanks again.
Tammy