Dog Breeders under enquiry by HMRC Case Study

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Will I pay tax?

 

Where a breeder has another job as well as breeding and selling puppies or kittens they may find themselves falling within the tax bracket if they have made a profit.

Everyone has a level of Tax Free personal allowances each year but once these have been used up, any income over that is taxable being a net profit from breeding.

In my cases after I’ve prepared accounts net profits have not been high and many breeders have made losses.

If ...

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HMRC will NOT treat dog breeding as a hobby!

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My cases studies are revealing many different scenarios for the nations dog and cat breeders.

 

It’s not a hobby!

HMRC will NOT treat breeding as a hobby! this does not mean you will automatically have to pay any tax

What you do have to do however is keep good records to prove your income and expenses

Do you give an invoice or other paperwork to your buyers?

Do you keep receipts for everything you spend?

Maybe the answer is no?

 

Taxman’s Mantra – No receipt No ...

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