New business questions

[Lizzie586]

Hey!

Just need some advice when starting my hair extension business.

- If i work full time, what sort of tax would I have to pay on my profits from the hair extensions if any?

- how did you decide on how to market your Instagram?

- Do you have a website too?

- Do you have a specific way of taking bookings (e.g. text only, no DMs)?

- Do you make the client sign a type of contract at the consultation to cover yourself?

-how much of a deposit do you take at the consultation and why?

Any advice on any of these questions would be hugely appreciated!

 

[AcidPerm]

Re: tax. You pay income tax on anything you earn after the first £11,850 per tax year. So if you’re working full time in another job and currently paying tax, all of your profit from your hair extension business is subject to tax at either 19% or 20%. The difference is related to earnings from self employment but as I’m not living in the U.K., I’m not up to date on that.

https://www.gov.uk/topic/business-tax/self-employed