Recent content by Hash and Bash

  1. Hash and Bash

    Voyage to the Bottom of the Sea in UK

    My favourite TV show was Space Patrol. Episodes are available on YouTube and now someone has colourised the B&W footage.
  2. Hash and Bash

    Minimum remuneration to new starter

    You sir are a tightwad. Look at the long term gains not the short term.
  3. Hash and Bash

    Paying too much NI

    https://www.gov.uk/defer-national-insurance https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/968854/CA72A-Notes-2021.pdf
  4. Hash and Bash

    Sole Trader - It's Gone Pear Shaped.

    "Made to Order" is not necessarily "Bespoke"
  5. Hash and Bash

    New business along side employment

    I came across this useful fact sheet on the £1000 "hobby" trading allowance. It seems to explain everything that you asked. https://www.litrg.org.uk/sites/default/files/files/LITRG-Factsheet-trading-allowance-2020.pdf
  6. Hash and Bash

    Possibility of passing “Hobby” Business Threshold

    If you go over the £1000 income trading allowance, you can deduct the £1000 trading allowance from your total trading income rather than claim expenses. Useful if you do not have lots of expenses.
  7. Hash and Bash

    Joint Purchase

    That won't really work out well for you as your friend is not vat registered and any import VAT he pays cannot be recovered by him or you.
  8. Hash and Bash

    Self employed question

    I presume that you have been using "Cash Basis" accounting for your self assessment? If you were using traditional accounting, stock at year end would not reduce your taxable income/profit.
  9. Hash and Bash

    COVID-19 Virus: Is Your Business Immune?

    Already drawing a pension and got my lump sum stashed away!
  10. Hash and Bash

    COVID-19 Virus: Is Your Business Immune?

    I'll just retire a few months earlier than planned.
  11. Hash and Bash

    New adverts on this forum appearing from the right hand side and covering the text

    Those ads, which started to appear yesterday, prompted me to activate my ad blocker for this site.
  12. Hash and Bash

    I think I made a mistake- how bad?

    You could elect to use the "Cash Basis" for accounting, in which case you could claim the full value of all the stock you bought in that financial year. https://www.gov.uk/simpler-income-tax-cash-basis
  13. Hash and Bash

    I think I made a mistake- how bad?

    What do you mean by "was just throwing everything back in"? Do you mean you were buying stock with the money from your sales? If so, and if you had stock on hand as of financial year end, then you need to deduct the value of your remaining stock from your expenses. This would make your profit...
  14. Hash and Bash

    Holiday Pay Entitlement

    You cannot include holiday pay in the hourly rate (rolled up pay). From the .gov site: Rolled-up holiday pay Holiday pay should be paid for the time when annual leave is taken. An employer cannot include an amount for holiday pay in the hourly rate (known as ‘rolled-up holiday pay’).
  15. Hash and Bash

    PayPal Fee Increase - where's the uproar? ;s

    Having analysed the currency/value/volume of my PayPal transactions from the past year and calculated the old and new fee structures, the overall difference in my fees will be negligible.
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