taxable pups

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geoff1057 | 21:54 Mon 24th Nov 2008 | Business & Finance
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can you be taxed on money made from breeding and selling pups from home. circa 5k a year


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depends on yur tax cde and what other income yu have. Short answer = yes
You are taxed on the profit you make - what you sell the pups for less the cost of breeding them.
If you are deliberately trying to make money doing it then, yes, you are carrying out a trade and it's taxable.

If it's a hobby and you price the pups roughly to cost and it's pure coinicidence that in one particular year you make a profit then, no, it wouldn't be taxable. But if we're talking �5k per annum with profits every / most years then you wouldn't be able to resist HMRC defining it as trade.
Yes you can, and you could lose your benefit entitlement too.

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