TSCB 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 later on.

Here we go:

As it’s Budget Day today, I thought I’d give you a heads up about the new Cash Accounting rules.  As you know from my previous blog posts in this Tax for Small Crafting Businesses series, all businesses should be using the Accruals Basis.  And as I know from some of the responses I’ve had from you, dear readers, the nuts & bolts of how that works came as a nasty shock to some of you!

This article is going to give the background of why these changes are coming in, and a bit about the key features.  Future articles will explain a bit more about what’s involved and the pitfalls to avoid in deciding whether or not to stick with the current Accruals Basis or move to the new Cash Accounting.

STOP PRESS: The Budget documents have now been released, and whilst the new rules have the green light, some changes have been made.  Have a look at the next article TSCB14 for the updated position as they've moved the goalposts a bit! (Update 20 March 2013 13:49)

The pictures today are sneak previews of products that I've got in development for TootHillMedley.  This first one, individual picnic blankets - don't you hate having your feet near the food or your back to everyone?  The inspiration comes from the EM Forster book Room With a View where they use Gaberdine Squares on damp ground.

Social Networking

I 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 good as the outside!

I stole that picture from www.johnbrash.co.uk website so if you want one of those in your back garden, that's the place to go!

I learnt a lot - particularly about Social Networking, which I mostly don't really understand and only join in because I feel I should.  So as I suspect I'm not the only one, here's what I learned about Social Networking:

Did 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://www.toothillmedley.etsy.com/ soon.  Well as soon as I've found the missing bit of my tripod so I can take the pictures...

For those who are wondering what's happened to the TSCB series - I'm doing further research on the Stock Valuation issues to make a more rounded & helpful article - it'll be split into 2 or 3 blog posts: but it needs a bit more thought before I publish it.

Prototypes on Flickr

I've loaded some of my pictures of prototypes that may well make it into the Etsy shop over the next few weeks & months into Flickr
Find them here:
www.flickr.com/photos/toothillmedley

Mostly cards at present and one mixed media item.  Textiles will follow eventually, I've just not got any decent photos yet!

Red & Green Hand Flocked 'Peace on Earth' Series

This is a very limited run of 3 different cards - two have 'Peace on Earth' flocked onto them with red woodchip flock, the third has four flocked trees on the front and 'Peace on Earth' flocked on the inside in green woodchip flock.  There's only 4 each of the flocked sentiment 'Peace on Earth' flourishes and trees, and 2 of the flocked trees with 'Peace on Earth' inside.  These are available online from http://www.toothillmedley.etsy.com/

I do have more paper and more flock, but won't be making any more this year, partly because it's so time- and space- consuming as the flock requires several layers and then time and table space to dry, but also because the raw materials are still in storage at the other end of the country!

They're not the easiest to photograph, particularly in the rapidly changing light conditions we have at present with the random snow/ hail showers passing through the valley, and I don't think I've done them justice.   When time (and light conditions) permit, I'll be rephotographing them, the darker green flourishes card in particular is tricky to catch effectively.

Tarten & Gingerbread Men Christmas Card Series

These Tarten & Gingerbread Men Christmas Series Cards (6" x 4") are now listed singly online for purchase at http://www.toothillmedley.etsy.com/.  The Four Gingerbread Men card and the Heart, Holly, Pudding card are also available in my local High Street at Coccuveda Crafts & Gifts in Rothbury.  The Single Gingerbread Man with buttons card is only available online.

As with the Purple Christmas Card series, these cards are made from commercially produced papers from a ceased manufacturer, and I won't be able to make any more.  There's 8 of each card in existence.

Baroque Black Felt Christmas Tree Cards

Are now listed online for your purchasing pleasure at http://www.toothillmedley.etsy.com/

These cards are 5" square and of white iridescent card stock with a baroque Christmas Tree motif in black Die Cut felt.  As usual, the 11 cards in existence exhaust my supply of motifs, but I might be able to obtain further supplies if required.

Toot Hill Medley is open for business!

It took a while but I'm finally there!  The first Christmas Card series is up for sale on Etsy, and I'm planning to list a new product every day for the next few weeks.  First it's paper goods & cards, then it will be textiles/cloth based products, then mixed media followed finally by genuine One Of A Kind items made from raw materials processed by me (which is why they're One of a Kind - unrepeatable on so many levels).