C
Carol29
Guest
I set up a small jewellery making business from home earlier this year, I have a website and have been getting in orders steadily, so far mounting to €4,000 approx. I'm just breaking even at the moment but will be in profit in the next few months. My husband is the main bread winner and we are jointly assessed. He has been reluctant for me to set up the business with Tax registration initially as he thought it was just a hobbie but now that I'm getting orders in he's worried it might affect our tax situation and he thinks I'll be heavily taxed on any profit. We are currently taxed at 42%.
As this is a very small venture and I'll probably only make a few thousand profit each year, could registering as a sole trader and registering for tax make much of a difference? If I take a salary and claim for some of our heat, phone line etc there won't be much profit to declare therefore not much tax to pay?
Our accounts are submitted by an accountant and she is away at the moment so I'd value your imput.
As this is a very small venture and I'll probably only make a few thousand profit each year, could registering as a sole trader and registering for tax make much of a difference? If I take a salary and claim for some of our heat, phone line etc there won't be much profit to declare therefore not much tax to pay?
Our accounts are submitted by an accountant and she is away at the moment so I'd value your imput.