tag:blogger.com,1999:blog-16086275316259858532024-03-13T01:57:06.996+00:00Lois Designs Toot Hill Medley - Plastic Paper ClothGoblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.comBlogger49125tag:blogger.com,1999:blog-1608627531625985853.post-3956673646466653352013-12-18T13:52:00.000+00:002013-12-18T13:52:02.833+00:00Sorry for radio silenceI'm not at all well. Haven't been since May - when I ended up housebound. Have had an op and am recovering slowly, but way off being able to be competent in tax matters!Whilst the info in the blog should still be valid, PLEASE check back to the HMRC website using the links and also the 'technical' language I use to make sure it's still right. TAX LAW CHANGES A LOT AND FREQUENTLYGoblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-24430936949687151012013-03-24T09:29:00.002+00:002013-03-24T19:48:16.576+00:00Extra: Stock Expenses under Accruals BasisThis post comes out of a discussion on Folksy about how to deal with Stock Expenses under the Accruals Basis.
What are these? Well it's a special little calculation that HMRC expect you to do so that you only get tax relief on the cost of raw materials used to make finished products, where you have actually sold/ gifted or destroyed (ie they've left your business) the value of those raw Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com4tag:blogger.com,1999:blog-1608627531625985853.post-79928288244821304952013-03-22T09:54:00.000+00:002013-03-26T13:32:43.978+00:00TSCB 14: new Cash Accounting Rules 2: Ch.. ch.. ch.. ch.. changes!I feel it's appropriate that I wrote this blog article to the strains of David Bowie's 'Changes'. Not so great that I listened to it so often that it's now an earworm, but less about my struggles controlling the repeat function in iTunes...
Two days ago I posted TSCB13: the Background to the new Cash Accounting rules here. At morning coffee time. As soon as the Chancellor sat Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com4tag:blogger.com,1999:blog-1608627531625985853.post-70022434836085055472013-03-20T11:23:00.003+00:002013-03-26T13:33:17.456+00:00TSCB 13: new Cash Accounting rules 1: Background Hello! and welcome back. I know it's been a long time coming, but the Tax for Small Crafting Businesses is now back up & running. What forced me into it? The new changes for small businesses with the new Cash Accounting rules.
In case you're wondering, I've skipped past TSCB 12 - on complex Stock situations (part 2) to concentrate on the new rules. I'll go back and finish it Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-16611308619293723042013-03-20T10:50:00.003+00:002013-03-20T10:50:23.285+00:00TSCB 12: Complex Stock Situations (holding post)Apologies, I've not published this post yet, as it's not finished. So I'm doing this as a holding page whilst I get on with the new Cash Accounting rules stuff and I'll come back to it in a week or so. Maybe. I remember saying that a few years ago. It will happen. Eventually...Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-90339951534661415682012-11-26T21:00:00.004+00:002013-03-20T12:21:30.274+00:00Update: Good Intentions and all thatI've had a lot of good intentions to add more material to the blog on UK tax issues, but then again I can also see there's a need for something a bit more formal, which explains a particular topic and then sets out in the form of worksheets all the hoops you have to jump through to get to an answer for your tax return that's acceptable to HMRC.
What I'm up to at the moment is planning a series Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-42324645098552984582012-05-09T10:37:00.001+01:002012-05-09T10:37:33.836+01:00Tax Amnesty for online businessesThanks to a couple of threads on Folksy that someone else on Etsy pointed me to, I've realised that HMRC are running an amnesty for people who haven't yet registered with them as self-employed but want to get their tax affairs in order.
Find out about it here:
http://www.hmrc.gov.uk/campaigns/emarket.htm
You have to tell HMRC you want to join the amnesty by 14 June 2012, and pay all tax owing Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-14357867851125769472012-05-04T17:31:00.003+01:002013-03-20T12:21:58.969+00:00UPDATED TSCB 1: For new rules on registration for Income Tax and NIC and penaltiesI'm just highlighting that I have made amendments to TSCB 1 article here
In the article I advised that
(1) once trading, the newly self-employed should register for income tax & Class 2 NIC on Form CWF1 within 3 months of starting up.
(2) that the penalty for failure to do so was a £100 flat penalty.
(3) ignored the new tax geared penalty regime and changes in the deadlines in the article.
Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-67108641026712771012012-05-01T17:16:00.002+01:002012-05-04T17:51:30.495+01:00Well, I had all sorts of good intentions last spring. Then life took over.
To be honest, life is still in control, but in another few weeks, there will be a brief mutiny (I'm backing myself to win) and I'm aiming to put together a sensible schedule of regular blog posts on my own work, UK tax and business issues generally.
Sneak Preview: a new set of card designs I'm trialling preparatory to Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com2tag:blogger.com,1999:blog-1608627531625985853.post-80199326023097368632011-03-05T14:24:00.003+00:002011-03-18T19:36:36.199+00:00Comic Relief: Kibera slum (Nairobi, Kenya)Some of you may have seen my blog post here about social responsibility - explaining what lies behind my commitment to give 10% of my net profits to two specific church communities working in the Pumwani and Kibera slums in Nairobi in Kenya with residents giving them skills & hope for the future.
I was at a bit of a loose end this lunchtime, and I found this one hour programme on BBC Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com4tag:blogger.com,1999:blog-1608627531625985853.post-12178755276028926572011-03-03T09:35:00.000+00:002011-03-03T09:35:15.697+00:00Manchester Antique Textile Fair - The Textile SocietyI heard of this quite a few years ago through friends. I've only managed to go twice, and yet again, I won't be able to go this year. The two times I went, I picked up some raffia/ velvet Kuba cloth, and small items of Eastern European embroideries for a very reasonable price. Sadly I don't have pictures of them as they're in storage. So instead here's a couple of pictures from Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-40919363433330067912011-02-14T13:10:00.001+00:002011-02-14T13:12:18.895+00:00TSCB 11: Complicated Stock Situations Part 1If you’ve been reading the UK Tax for Small Crafting Business articles as a series, you’ll have noticed that we’ve become a little hung up on issues around Stock. That’s because it’s not the easiest concept to handle, especially not in the context of small crafting businesses who might carry a lot of raw materials and finished items which don’t perish or deteriorate or even go out of fashion: Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com6tag:blogger.com,1999:blog-1608627531625985853.post-20183843666043075572011-02-13T13:28:00.003+00:002011-02-13T15:54:26.930+00:00Social NetworkingI went to the Business Link sponsored StartUp Event for New Businesses at Alnwick Castle yesterday.
Well, I say Alnwick Castle, there were lots of very thick stone walls but I didn't actually see the Castle, so I think we were in the ducal potting shed! I did walk past the Tree House restaurant from the carpark though, and have resolved to visit if only to see if the inside is as Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com2tag:blogger.com,1999:blog-1608627531625985853.post-23288006414163160942011-02-10T11:06:00.001+00:002011-02-11T00:24:11.866+00:00TSCB 10: Those rules apply to me? How? Part 2: Cost of Sales & Stock ExpensesThis article follows on from the example of Alice the fudgemaker in TSCB 7 here. I was originally intending this article to be published before the 31 January 2011 deadline for tax returns, but real life got in the way. So, for the purposes of this article, we’re still pretending it’s before the deadline (even though it isn’t)!
As a result of TSCB 6 on Stock Work in Progress & AppropriationsGoblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com4tag:blogger.com,1999:blog-1608627531625985853.post-30172929765383555322011-01-26T23:04:00.000+00:002011-01-26T23:04:36.087+00:00TSCB: Are there alternatives to hobby or fully self-employed?Yes. Casual earnings in Other Income (Box 16 on the basic return). I've done a post on the Etsy Burning Issues thread about it here & added a paragraph to TSCB 1: When will HMRC be interested in me?
But it comes with an enormously huge and giant health warning - don't do it just to avoid the hassle of the self-employment registration & annual tax return. And certainly don't Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-67395619372313869912011-01-25T09:06:00.000+00:002011-01-25T09:06:42.075+00:00TSCB Series: Why's it so sporadic? Where's the next one?I know I said Monday, Wednesday & Friday, and it hasn't been.
That's because people ask me questions in other places and I spend time answering those. For example on the Burning Tax Issues thread on the Etsy forum here, there's been questions/answers on:
can you claim national insurance payments as an expense for income tax? (No)
how to convert foreign currencies into sterling to get Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-36736082320393086662011-01-20T12:00:00.000+00:002011-01-20T12:00:03.517+00:00Featured Seller News: Tina Mammoser's 100 for £10Think original, real, painted by a genuine artist work is beyond your budget? You're probably right if you're looking to something to fill a whole wall at once.
But, if you love small scale atmospheric paintings, Tina's offering 100 studies she's painted to help her develop her larger scale works for £10 each. She's sold half of them already. Find out more here on why she does Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-23777654078998427822011-01-19T18:54:00.000+00:002011-01-19T18:54:53.118+00:00Featured Seller News: PoppySparklesViv Smith's PoppySparkles product pictures have had a great makeover as a result of winning a photoshoot from ShotbyLucy http://www.shotbylucy.co.uk/ and the pics are being used in her new online sales venue on the GiftWrappedAndGorgeous site. For before & after shots, have a look at PoppySparkles blog post here
This is one of the new pics. Pretty impressive huh!&Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com2tag:blogger.com,1999:blog-1608627531625985853.post-23574276527142400872011-01-19T12:00:00.048+00:002011-01-19T12:00:13.147+00:00TSCB 9: How to value Stock, and how not to!Again I'm taking a step back and going into a bit more of the background behind the tax rules: back to the fact that 'tax treatment follows accounting treatment. Normally. But as ever there's exceptions and the valuation of stock sometimes falls into an exception.
A business which prepares full Annual Accounts (much larger businesses than the ones I'm concentrating on Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-12842316864512577942011-01-17T14:48:00.003+00:002011-01-17T19:15:19.536+00:00TSCB 8: What's the difference between a 'stock' expense and any other?From the feedback, it's obvious that I jumped ahead of some knowledge that's needed to make sense of the tax rules - apologies.
I was asked the question - well I hope this was the question - why is stock treated differently from other expenses and what makes an expense a 'stock' expense?
Featured Seller: KatieDidOnline: See her Etsy shop here and about her work at the foot of the Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com2tag:blogger.com,1999:blog-1608627531625985853.post-87565579796497999952011-01-15T10:24:00.000+00:002011-01-15T10:24:48.316+00:00Did you know HMRC run free workshops on UK tax issues?Well they do!
For the self-employed, for employers and for companies. Have a look at this link to see what's on offer and from whom in your area:
http://www.hmrc.gov.uk/bst/index.htm
There's also a link in that section of HMRC website to Business Link who do other courses that might be useful.
These are a new range of cards I've been developing - on sale at http://Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1tag:blogger.com,1999:blog-1608627531625985853.post-29114973048824729172011-01-12T10:27:00.001+00:002011-01-12T10:28:49.551+00:00Today's article on Stock Expenses & what you can claim for tax exampleWill be late.
Because I'm going to have a chat with someone this afternoon who has a background in product control. And I'm going to think about what I was planning in the light of what she says about stock control - because to be honest, you need to have some stock control to be able to work out what has been used for tax purposes, so it can only help!
No featured seller, just a coupleGoblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com2tag:blogger.com,1999:blog-1608627531625985853.post-77750945236565302912011-01-10T21:26:00.000+00:002011-01-10T21:26:10.868+00:00TSCB 7: Those rules apply to me? How? Summary of Expenses so farAs we’ve now reached a grand total of 7 articles in the Tax for Small Craft Business Series, and quite a few people are showing a bit of bewilderment, there’s a couple of points I think I need to emphasise, and also examples to share about how the rules can be very simple really. No, honestly they can, although perhaps not so much for craft businesses because of the stock valuation issues.
This Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com3tag:blogger.com,1999:blog-1608627531625985853.post-18684533656744762432011-01-08T11:01:00.000+00:002011-01-08T11:01:09.566+00:00Featured Seller News: Poppysparkles' blog giveawayFind it here: http://www.poppysparkles.co.uk/2011/01/valentines-competition.html
Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com0tag:blogger.com,1999:blog-1608627531625985853.post-50902825214451660552011-01-08T09:36:00.000+00:002011-01-08T09:36:16.107+00:00TSCB tax articles - frequencyI've heard it said that blog readers are a happier bunch if you are regular with your posts. So they know when to expect them. Makes sense to me.
So, in theory I'll be aiming at an article every Monday, Wednesday and Friday - you lucky readers get the weekends off!
In practice one or two every so often might be a day or so late, because it takes quite a lot of research to Goblinfhttp://www.blogger.com/profile/06260037987448208301noreply@blogger.com1