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  • Hello

    Hello

    I am planning on making my own jewellery, but wanted to do some research before hand.

    I have already bought quite a few things but not got round to starting. Am i able to add these things for Tax (which i know nothing about yet) or not because it wont be in the tax year?

    Also i am planning on buying from markets and craft fairs, and ive heard most do not give out reciepts, so do i just make a list of what i have bought even thought i dont have proof? They should give reciepts shouldnt they.

    Thank you for any help.

  • #2
    I'm not sure about the tax but I think you can include any expenses for up to 3 months before you actually registered. I may be wrong about that so do check with the tax office. I'm pretty sure though that you have to register as self-employed within 3 months of when your business started trading.

    In my experience most market stalll and craft fair sellers will give you a receipt if you ask for one. They need the info for their own tax anyway so most keep records of all sales.
    My website http://www.mias-craft-ideas.com
    My blog http://blog.mias-craft-ideas.com/
    Facebook http://www.facebook.com/miascraftideas

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    • #3
      Haven't sold anything yet.

      I bought the items last year and never got round to starting anything, thats a shame as i have bits and bobs i can use from family but have no proof of purchase.

      Sorry to sound stupid, but i will have to use these items to make the jewellery so does that mean i cant put them as an expense on any profit i make from them....
      Last edited by mia_angel; 17-06-2011, 11:15 AM.

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      • #4
        Surely if i have bought things to use for my jewellery making, when the time comes i can put it as an expense if i have proof of purchase? Can someone let me know please....

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        • #5
          I'd suggest speaking to HMRC or your local tax office, they're usually very helpful and you know the information they give you is correct!
          Karly
          http://www.thesilvershack.co.uk
          http://twitter.com/thesilvershack1
          http://thesilvershack1.blogspot.com/
          https://www.facebook.com/TheSilverShack

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          • #6
            Will do, thank you

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