Mobile Catering Financial ImplicationsTax Vat etc


Can you advise on tax and self employment? Is this the same as sole trader and how much of each weeks wage should be set aside for tax NI etc.

And what is the vat etc. As I have seen the governments hot food tax and I am unsure if what this means or implies to the running costs. And are certain things classed as tax deductible.

Thank u Helen

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Oct 26, 2012
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starstarstarstarstar 		Being Self Employed Mobile Catering
by: David

Hi Helen,

You would really need to speak with a certified accountant for best advice. As for a sole trader this simply refers to the type of legal structure you want for your business.

Please see this page for full facts on Best Business Structure for you. This page also contains a form that you can fill in or a telephone to HMRC who will send you out a pack which contains all the information you need to get started.

The HMC have recently launched a task force to target indoor and outdoor market traders who avoid paying their taxes, so it’s worth getting to grips with this part of the business early on.

As for V.A.T this is only payable once your turnover reaches over £77.000. Finally with regards to hot food tax this is something that you need to look into further when you become V.A.T registered so I wouldn’t worry about it just yet.

Hope this helps

David



PS. Get my free guide on Starting a Mobile Catering Business Guide

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