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  • #16
    Hi, I am a hobby crafter and professional accountant. This rule applies to expenses that can be deducted before income tax is calculated, not just the vat element. Hope this helps.

    satchel

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    • #17
      Originally posted by Satchel View Post
      This rule applies to expenses that can be deducted before income tax is calculated, not just the vat element. Hope this helps.

      satchel
      Hi Satchel, so you can put a price on your time per hour worked and deduct that from your income tax bill? I had no idea you could do that. What is there to stop people putting a really high price on their time? Obviously if they have a very low income it won't do them any good but at the point that they start to pay tax they can keep themselves out by increasing their time cost. Please confirm as you have really surprised me. Not that I am a tax expert. But when it seems too good to be true it usually isn't true.
      Helping UK craftspeople make a living http://handmadelives.wordpress.com relaxing reads, quizzes, mentoring, profiles

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      • #18
        Well first of all think of the possible consequences this could have. Personally I would do it, but there are definitly some downsides aswell.

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