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 ...Read More →