Hi Guys
I have recently started a small business venture, well its a football website for my local team. So its essentially non profit but doubt I can call it that as I plan to do a line of merchandise
Anyway been going through my paper work since deciding to make it a proper business venture I have noticed a small issue.
I got a refund last month for a web address I applied for but it was rejected. Anyway with this I bought a email inbox to go with it as I needed the additional email for the site.
The web address was £34.99 before VAT and the Email inbox was £11.88 before VAT,
Sub-Total = £46.87
VAT = £9.37
Total = £56.24
I was refunded only £34.99 for the web address (not fussed about the email as I use it with my main address)
Am I entitled to a refund of the VAT that was applied to my account for the web address? the VAT alone for that is £7 not much but in business terms its better in my account than theirs.
Other things what sort of decelerations would I need to make tax wise as a business? Like I say all I am looking to do is have my income covering my expenses.
Thanks
I have recently started a small business venture, well its a football website for my local team. So its essentially non profit but doubt I can call it that as I plan to do a line of merchandise
Anyway been going through my paper work since deciding to make it a proper business venture I have noticed a small issue.
I got a refund last month for a web address I applied for but it was rejected. Anyway with this I bought a email inbox to go with it as I needed the additional email for the site.
The web address was £34.99 before VAT and the Email inbox was £11.88 before VAT,
Sub-Total = £46.87
VAT = £9.37
Total = £56.24
I was refunded only £34.99 for the web address (not fussed about the email as I use it with my main address)
Am I entitled to a refund of the VAT that was applied to my account for the web address? the VAT alone for that is £7 not much but in business terms its better in my account than theirs.
Other things what sort of decelerations would I need to make tax wise as a business? Like I say all I am looking to do is have my income covering my expenses.
Thanks