thanks for that, my accountant is back from holidays next week, i will have a chat to him about those options.
As above on the tax return, the issue I see is how will you value the cost of making the gift and booking a legitimate cost of good sold.
I know you say its a hobby but, as I well know, its not a cheap one, elec, tools: purchase and repairs, your time, lighting, heating, etc
Just on the cost of goods sold, you need to clarify can you, as a sole trader, charge your time against your own work on the woodwork.
Its open to abuse in the sense that you could make an item, say sell it for 100 euros and then decide it was 4 hours work at 25 euros/hr.....
Not sure what you're getting at here - from a tax point of view the value of your time is what you are paying tax on.
Eg - sell item for €100. Cost of wood, elec, tools w&t, etc used on that item is €40. Taxable profit is €60. From a tax point of view it doesn't matter whether you spent 5 minutes or 5 hours on it, the €60 is your profit.
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