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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6310
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I am a yoga teacher and my income was 20k more this year as

Customer Question

I am a yoga teacher and my income was 20k more this year as I started running retreats. However the expenses were 18k. Should declare the retreat company as a separate self-employed business?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: no
Submitted: 11 days ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 days ago.

RegardsHello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 11 days ago.

Thank you for your question.

Please advise if running retreats is complementing yoga business or are the two completely separate.

Many thanks.

Customer: replied 11 days ago.
Compliments my business but some completely separate clients
Customer: replied 11 days ago.
Am happy with email.
Expert:  taxadvisor.uk replied 11 days ago.

Thank you for your reply.

I would be inclined to show total income as one business as the new activity compliments the main activity notwithstanding the fact they are new separate clients initially.

You main wish to rename your business activities to incorporate retreats.

My aim is to give you a professional service. I hope this is helpful and answers your question.
Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Expert:  taxadvisor.uk replied 10 days ago.

Hi there

Just checking to see if you need further clarification/information or I have answered your question.
If there are no more issues, I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen before you leave, to ensure I get credited for it by Just Answer today.

 

Expert:  taxadvisor.uk replied 9 days ago.

Hi there

Just checking to see if you need further clarification/information or have I answered your question.

Many thanks.