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ok so i just show it as money in and as it's not more than what was spent on tiles i won't pay tax on it effectively !
I find it hard to get my head around these things sometimes
Thanks for the help
Sorry I should have said that, yes I did it as a favour as i was tiling his bathroom for him. So it was a neutral transaction same in as went out but i was thinking that the money is in the income column I'll pay 20% tax on it - so what to do ?
Hi guys I am a sole trader (Tiler) the vast majority of my work is domestic. I recently did job for a friend who asked me to buy his tiles at trade price for him. I don't supply tiles for my clients (too much hassle) so i'm wondering how to show the receipt of monies for the tiles on my...
Ok paid him October so there's some light there
Thankyou, thankyou for the advice Wild Goose and Maxine, I'll take the hit regarding the 20/30% as he is a friend and i don't want to be falling out with him and he wanted less money than i was going to pay him anyway ;)
Wow this is even more complex than i thought !!
I was talking to my brother in law this afternoon and he reccomended that i should go for the CIS scheme class 4 or something like that he said, but he didn't mention the fines :eek:
I'll ask for an invoice from my guy hopefully this will go...
told you i was newbie at this ! i have paid tax already so presumably my labourer has to pay tax too by declaring his pay from me ?
I'll look into that in the future especially if i'm getting work that requires help and many thanks for your replies
yeah i noticed that one after i posted this thread, i was thinking that tax was going to be paid twice, once by myself and again by my labourer (is self employed too and is not sure what to do). I just want to do things the right way i'll check out the other links that i can now see below in...
Hi I am a sole trader (Tiler) and have recently completed a large job during which i employed a labourer on a one off basis and paid him cash in hand.
In reality how should have I gone about this and how do i show it in my accounts if at all? I'm a newbie to this and would rather get it...