We can all earn a £1,000 per tax year from trading without worrying about a tax return but some social media businesses are so successful so quickly that their owners who are often inexperienced in the tax implications, are swept along with the momentum and before they know it they have responsibilities but not the knowhow, time or possibly even awareness to deal with the them.
The sales turnover threshold at which a business would ordinarily be required to register for VAT in the UK has been £85,000 since 1st April 2018, only now changing to £90,000 from 1st April 2024.
With different rules for Limited Companies and sole traders, flat rates for simplified accounting, cash accounting, accruals accounting and restrictions on property businesses depending on the type it’s not surprising that business owners get confused about what counts for an expense and what doesn’t in their particular business.
The Fishbourne Accountant is a brand name of The Fishbourne Accountant Ltd, a company registered in England and Wales.
Company no11697791
Registered office address
11 Barker Close Fishbourne West Sussex PO18 8BJ
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Policy No. PL PSC1002349995/00
1 Great St Helens
London
EC3A 6HX
UK
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Monica Jervis is licensed and regulated by AAT, licence number 6697.
