If you run a business selling woolen garments/yarn etc......

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If you run a business selling woolen garments/yarn etc......

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Stacey

Joined: 18 Jul 2005
Posts: 8380
Location: Kernow

Posted: Sun Oct 16, 05 9:34 pm Post subject: If you run a business selling woolen garments/yarn etc......
can you claim the 'running' costs of the sheep as expenses? I'm assuming that people who buy their fleece in to spin claim the cost of the fleece as materials so if you're spinning the fleece from your own sheep can you claim the feed costs etc against tax?

ele

Joined: 05 Sep 2005
Posts: 814
Location: Derby

Posted: Sun Oct 16, 05 9:42 pm Post subject:
That seems totally legitimite to me.

Rob R

Joined: 28 Oct 2004
Posts: 31902
Location: York

Posted: Sun Oct 16, 05 9:54 pm Post subject:
Of course, they are a cost of sales

Stacey

Joined: 18 Jul 2005
Posts: 8380
Location: Kernow

Posted: Mon Oct 17, 05 7:39 am Post subject:
Fab Thanks both

hardworkinghippy

Joined: 01 Jan 2005
Posts: 1110
Location: Bourrou South West France

Posted: Mon Oct 17, 05 7:53 am Post subject:
Don't forget fencing, dog feed (Working sheepdog -earns his keep.) If you have more than ten sheep (not goats unfortunately) then you may be eligible for farming grants. Most importantly Stacey register for VAT. Irene x

Stacey

Joined: 18 Jul 2005
Posts: 8380
Location: Kernow

Posted: Mon Oct 17, 05 8:30 am Post subject:

Aaaarrgh! Forms!

I'm only in the early planning stages right now but I'm going to see if I can get some professional advice. We're an Objective One area so there's a fair amount of funding around. There's an agency caled Cartwheel who keep sending me grant application forms and apparently I may qualify for a one to one consultation with one of their consultants.

I just have to be careful that I'm ready and recovered enough so that it doesn't all go ***'s up before I've even started.

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