I've registered my small business with the tax office. My guidelines are that I can earn £8600.00 profit before tax gets taken. Even if you don't reach that it doesn't matter, you must declare it. If you don't there's heavy fines given out, and even custodial sentences. Worth thinking about Jonathan.
It’s all getting a bit serious on here wtf?
This used to be a site where a helpful soul could earn a quid or two by doing a "favor" for a fellow geek.
Are we now having to stomach veiled threats fueled by sour grapes?
There is an hysteresis loop twixt “hobby” and “business"... if you "business men" wish to do "business" on a hobby site you are just going to have to face the raw fact that you are attempting to compete with people that you simply cannot compete with.... just as it should be.
Last edited by blackburn mark; 30-01-2014 at 12:33 PM. Reason: Spelling
The Following User Says Thank You to blackburn mark For This Useful Post:
As in post #3 and #5, the job has been accepted by another party. I thank all for offering perfectly valid quotes, from both hobbyist and professional perspectives. For now, though, this thread has been answered.
There's an up side to it also. If you register as a 'Sole Trader' for example and submit your annual tax form, then if your outgoings are greater than your income you may be eligible for a tax refund. This is a great help if you are starting a business where you need initial outlay for machinery etc.
Last edited by EddyCurrent; 30-01-2014 at 09:49 AM.
Just to clarify my position on this. I,m not running a business that incorporates a cnc machine, i do wood crafts. I pointed out what i had to do to keep me legal and also to stop back stabbers or jealous people screwing it all up for me. Giving people advice on this, is a good thing, to keep them on the correct road. Should there be a malicious person out there that wants to ruin it for the "favour" guys, then as long as your doing everything by the book you have nothing to worry about. Hope that clears things up from my point of view.
Regards the sour grapes then you and others may like to know I actually have similair feeling towards Jonathan has I do my teenage son.? . . . Apart from loving my son which I clearly don't Jonathan then I have great respect and admiration for him but at same time when the arrogance and Know-it-all I-know-better attitude comes out I want to punch him in the face.! . . Lol
In this case I just wanted to warn him (and others) to shut the F@~£ up before some spineless Runt does Inform on him. . . .Oh and after that post I sent him a PM explaining more about why I said that.!!
Now crack on making pocket money which I don't have any issue with at all.
It wasn't levelled at you per-say... it was levelled at any "holier than thou" saints who would put stock in moral legitimacy claims on a hobby/favour/slack hand full of dollars under the tax radar for a bit of machining deal.
I may have the wrong end of the stick here but getting your knickers in a twist over my post leads me to suspect that there was indeed some spite in your words of advice to Jonathan.
If I am mistaken... one thousand apologies from me with love to you xxx
If I'm not mistaken... what can I say to make you feel better?
Before you ask why I think you Narrow minded then this statement answers that.!
Nar it's abit early for guiness buts lets Chill mate and you crack on fiddling the Tax man in confidense I won't grass you or anyone else up. . .Lol
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