Setting up a honey business

[SWHives]

I'm no chartered accountant or anything like but i do do management accounts for L&G and I also currently declare my beekeeping as a business (Sole Trader).

How you go about it with yours will be dependant on what type of business you want to set it up as. The accounts and how they are reported will differ depndant on whether or not you go Sole Trader, Partnership, Limited Company, VAT registered etc etc etc.

My own example as a sole trader is that I have no Fixed Asset Depreciation or anything like that. Anything that I buy is recorded for capital allowance. I also claim for other costs like car costs (not full cost, but an allowable amount).

This is my first year, so I will report a significant loss (no honey to sell), which will allow me to claim back tax but next year (all being well) I will report a profit. Any tax that I get back this year will be put back into the business anyway.

You really need to discuss it with an accountant to be honest.

Hi, just wondering whether you have registered for VAT or decided not to.
All - does anyone know whether selling nucs of bees is taxable for VAT?

 

[jenkinsbrynmair]

All - does anyone know whether selling nucs of bees is taxable for VAT?

Zero rated
As for registering for VAT, you will need a lot more than a couple of dozen hives before HMRC would even contemplate allowing you to, and just remember, once you are registered anything you deal with (even if totally unconnected with the bees) counts as part of your business.