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starting new sole trader , already paye worker

gomamochi1 · 2017-09-24 23:27:35

Paye worker and due to start up small startup as a sole trader. What are the pitfalls etc re tax and expenses. Not going to take much wage as already on 42% tax jointly assessed with the missus as she stopped working Jan this year. Though I would like to have as much reckonable valid expenses to write off such as car,…

24-09-2017 11:27pm

#1

gomamochi1

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Paye worker and due to start up small startup as a sole trader. What are the pitfalls etc re tax and expenses. Not going to take much wage as already on 42% tax jointly assessed with the missus as she stopped working Jan this year. Though I would like to have as much reckonable valid expenses to write off such as car, liability insurance, life cover, health insurance, avc etc. I What should I look out for? Many thanks

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#2 25-09-2017 8:56am

srsly78

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Should look to get accountant.

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#3 25-09-2017 8:57am

ACADasltiv

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gomamochi1 wrote: »

What should I look out for?

A good accountant. Talk to one they'll be able to advise you in relation to your current circumstances, what will be allowable and what's not. Items can only be expensed if they are incurred wholly and exclusively for the business.

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