advice needed

boxerly

Hi I am looking for advice and dont know where to start so I thought id try here,I want to start up a very small scale dog minding service.I would only be taking one dog at a time or two if sharing.Because of such a small scale there are bound to be dogs overlapping that I couldnt take and there be be long periods without any dogs.What would the story be with tax,insurance etc?I would be keeping the dogs in a fully insulated shed and run out my back.I would also have costs of disinfectants,toys bowls,beds,blankets etc especially if chewed and Id also have electricity costs for lights and radio so I reall wouldnt be making much.Is there anyone with advice or a direction they can point me in?Thanks for reading x

TaxingTimes

You really need to take professional advice regardin what you can and can't claim for and the implications of this. You will also need to set up some bookkeeping records for your accounts to be prepared from.

Generally you can claim any expenses "wholly and exclusively" used for the business, but can apportion certain costs if there is some personal use (e.g. electricity etc).

You also need to be aware that if you use part of your residence for a business, and claim a tax deduction for a proportion of costs, there is likely to be a Capital Gains Tax liability (or loss), when your property is sold eventually.

www.taxingtimes.ie

boxerly

Thank you for that xxWonder is it really worth my while now