squeezouk started this topic @ 15:21 on 08/03/2006
Hi I work full time at the moment as a solicitor and want to set up a wedding consultancy as a side line job/hobbie. I understand that I need to register the business as self employed and sorry for being so thick but what happens regarding tax if I dont make any money or get any offers within the first year?
RE: Setting up Business Part Time
gullbeard | 08/03/2006 03:33 PM
Hi
sorry I cannot offer tax advice - but I was wondering where you were based
Regards
Tony
RE: Setting up Business Part Time
James Smith | 08/03/2006 04:25 PM
If you don’t make any money you don’t pay any tax on it, although you will still need to do a tax return. Presumably if you are a solicitor you will already be completing an annual self assessment form as a higher rate tax payer.
If you have losses (ie lots of start up costs but not many sales) these can be offset against your day job.
hope this helps,
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
