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FRAGRANCE SPLITS - *SEPTEMBER 2022*
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Nice one!!
It's suddenly very popular! I've had three requests subsequent to it filling. In fact, I'm going to list a second bottle with those requests and if we can get that full (two more slots) relatively soon, I'll just order a 500ml at the older, lower, price - my post #249 above has been updated.
Note I won't be ordering these 'extra niche' Creeds for a few weeks yet BTW.0 -
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Padraig Mor wrote: »Income is in excess of expense as I need a 'buffer' for any issues - drop a flacon of Creed etc! - so there will be (is!) a definite tax liability as I understand a sinking fund is not a legitimate 'expense' so I need to give them half of it - but next year! However, I may be able to expense some portion of my household bills to lower the tax - need to talk to an accountant to get it all sorted. Overall, between tax and accountant fees, you're looking at a few hundred 'disappearing' - not a lot, but enough to make things a bit too tight for my liking if any issues arose. I don't foresee a huge rise in split costs - somewhere up to €10 extra on your average Creed split I'd imagine but need to look over the figures and talk to an expert to get it sorted - could be quite a bit less.
Could the "sinking fund" not be seen as a capital investment to get up and running, should eliminate it from any tax liability..
I'll drop ya a PM 0 -
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Surely there's an accountant on this thread who can do Padraig a favour in this tax business - especially considering all the hours Padraig puts into this, no need for him to be on the hook for accountant fees etc.
Let along the technical side of decanting these, the thoughts of the admin overhead alone is enough to give me a headache 0 -
Surely there's an accountant on this thread who can do Padraig a favour in this tax business - especially considering all the hours Padraig puts into this, no need for him to be on the hook for accountant fees etc.
Let along the technical side of decanting these, the thoughts of the admin overhead alone is enough to give me a headache
I was offered accounting advice by PM within hours of posting re the issue - thanks to the poster concerned!
At the end of the day, if tax is due on the income, it's due and I'll pay it - I don't have an issue with it and, while I'll quite happily minimise it as far as possible, I won't be attempting to evade it in any way - them's the rules! I don't see the time involved being a huge burden - once I know what I'm meant to do, it shouldn't take much time at all and may not even require an accountant. It'll just mean I need to keep better records, which I probably should be doing anyway!0 -
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