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  • card making

    Hi

    My question is I have a card making business, now if I make cards that are for my personal use ie I am getting married so I have made save the date cards, do I charge myself for making and materials?

    Sorry for this but this is my first year and not sure?

    Kay

  • #2
    As far as the tax man is concerned you have to charge yourself if you are using materials etc that you have accounted for through your taxed expenditure. If you went out and bought some card etc and then made the cards, I don't think that would be a problem. However, if you are using business materials then there has to be a charge. As I understand it you have to make an entry for the sale price - i.e. if I take a card from stock I put it down as the price I would have sold it for. It is just a paper entry, you don't actually have to put the money in, but you have to include it in your takings for tax purposes.
    Cynthia
    http://iforjonesdesigns.website.orange.co.uk

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    • #3
      thanks for that I did buy some card seperately but then ended up using supplies and was not sure if that was what I did Thank you again Kay

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