How do I account for tax on materials bought?
johnjane
Answered
· Viewed 1701 times
As a gardener under micro enterprise, from everything I have read, I believe I am taxed on my turnover. Roughly works out about 23-25%. i.e. turnover implies any money that goes into my bank account as no expences or materials can be written of against it.
So if I buy a plant a 1 euro and that goes through my books I need to add on about 33% just to cover the tax and so I break even? e.g. 25% of 1.33 euro is 0.33 euro - so covering the 1 euro cost to me - is this right? As if it is for a small supplier who cant get wholesale prices it makes it impossible for me to price a job and either make a profit or give a sensible price.