W
Wrench
Guest
Hello all,
Sorry If I'm asking silly questions here but I'd like to clear up a few things. I am in full time employment with a company (automotive related) and do "nixers" in my own time - evening's and weekend's in a similar field to my employer but in a corner of the market they have no interest in. I would like to expand this into a part time business with the view of going full time when the time is right. Considering I do not need to make any profit for myself at the moment - Is the best approach to become a sole trader for the time being..?
I intend to invest all monies earned back into the business (equipment, raw materials etc), will I have tax problems if I'm claiming to be making no profit..?
Sorry If I'm asking silly questions here but I'd like to clear up a few things. I am in full time employment with a company (automotive related) and do "nixers" in my own time - evening's and weekend's in a similar field to my employer but in a corner of the market they have no interest in. I would like to expand this into a part time business with the view of going full time when the time is right. Considering I do not need to make any profit for myself at the moment - Is the best approach to become a sole trader for the time being..?
I intend to invest all monies earned back into the business (equipment, raw materials etc), will I have tax problems if I'm claiming to be making no profit..?