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  • RE: Year of Trading - Registering Business

    Hi, Great, thanks you so much. That is all my questions answered. Kind Regards, Thanks
  • RE: Year of Trading - Registering Business

    Hi, If the following is the restriction: "34(1)(a) 54(1)(a) No deduction for expenses not incurred wholly and exclusively for the purposes of the trade. BIM42100 onwards" The platform fee is charged for the purpose of trade. i.e. teaching services and time. Which is charged exclusively for this trade. Therefore I read it as being deductable and not classed as a restriction. I need to pay it to trade. Could someone please confirm if this is correct? Thanks Kind Regards
  • RE: Year of Trading - Registering Business

    Hi, I read these fees as being covered as "professional membership fees, if you must pay the fees to be able to do your job" https://www.gov.uk/tax-relief-for-employees/professional-fees-and-subscriptions Is this correct? as I cannot teach a lesson without being charged the fee Thanks Kind Regards
  • RE: Year of Trading - Registering Business

    Hi, Thanks for the response, however I don't believe that link cover's my specific question: Is the lesson fee on the platform an expense? i.e. profit = student payment - lesson fee. I'd like to double check, as the student payment can never be realised as income due to this fee. Thanks Kind Regards.
  • RE: Year of Trading - Registering Business

    Thanks, extremely useful. Final question. There is 15% fee taken off each lesson from the platform. Can I confirm that the taxable amount is (Payment Received minus 15% Charge), as this is the profit? Thanks Kind Regards
  • RE: Year of Trading - Registering Business

    Thank you for your response, much appreciated. This will mean my income for the 2021 - 2022 will be less than £1000. Lessons are paid into the teaching platform in USD and no daily conversion to GBP is calculated at time of student payment on the platform. The exchange rate is only applied when withdrawn from Paypal and fees deducted. If I am to calculate the taxable income in GBP at time of student payment which exchange rate do I need to use since one isn't provided by the platform at time of payment? Do I need to find a list of day end exchange rates and calculate this myself? Thanks Kind Regards
  • Year of Trading - Registering Business

    Hi, I recently bagan teaching English online in October 2021 on a teacher market place website. I had been earning money on it since that point, however I never withdrew any monies until after 5 of April 2022 tax year. At which point the payment receives fees and is changed from USD to GBP. Does the definition of trading only start when the monies were withdrawn or when I actually started to teach? I will be using using Cash Basis accounting. Therefore should I submit a £0 tax return for my self-employed business for 2021-2022 or should I submit my first self assessment next year for 2022-2023 and not submit one for 2021-2022? I would like some clarity on this please If anyone can help. Thank you.