Q
QCI
Guest
Hi all,
Sorry for posting such a silly question...
I have been set up as a sole trader for a year and half now, only trading for 4 months now. I am not registered for VAT as I am nowhere near earning enough yet.
The business i have, has a very very low turnover at the moment. I have a steady job and my business is an extra income for me.
It is basically a type of vending machine venture.
At what point do I start paying tax on earnings?
I have 2 of these vending machines and they are located in a shopping centre. I share the income 50/50 with the shopping centre management.
Do I pay tax on the 100% or just the 50% that I receive?
Sorry for posting such a silly question...
I have been set up as a sole trader for a year and half now, only trading for 4 months now. I am not registered for VAT as I am nowhere near earning enough yet.
The business i have, has a very very low turnover at the moment. I have a steady job and my business is an extra income for me.
It is basically a type of vending machine venture.
At what point do I start paying tax on earnings?
I have 2 of these vending machines and they are located in a shopping centre. I share the income 50/50 with the shopping centre management.
Do I pay tax on the 100% or just the 50% that I receive?