Room rent or mobile work, low material costs, plenty of repeat clients and a cash and card trade. Many waxing specialists are part-time, so here's how Making Tax Digital for Income Tax applies to you, and when it starts.
MTD for Income Tax phases in by gross income before expenses. Many waxing specialists work part-time and sit under £30,000, so the £20,000 step is the one to watch.
Waxing is a high-frequency, repeat trade with low material costs, so your records are simple: your takings and your room rent or mileage. A daily total or a quick log per client keeps your quarter complete.
When you're in scope, your annual Self Assessment return is replaced by four short quarterly updates and a year-end final declaration, all through recognised software.
A daily takings total keeps a high-frequency trade fully recorded without logging every client.
Regular clients mean steady income. A daily total keeps records complete without logging every appointment.
Room rent or travel to clients is your main cost. Record whichever applies so your margin is clear.
Wax, strips and consumables are deductible. Keep the receipts so your expenses stay complete.
Both are income. Log cash as you're paid, alongside card takings, so your quarter is complete.
High-frequency, low-cost work makes for simple books. Clear Books keeps your takings and few costs tidy and gives HMRC exactly what MTD needs, whenever you're in scope.
Record takings and costs as you go, watch your gross against the thresholds, and be ready to submit when your wave lands.
