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My client, who is a self-employed plumber, now tells me that he made money last year from selling scrap copper pipe and other metal removed when, for example, he had installed a new central heating system. Whilst his plumbing income was below the VAT threshold, the sales of the scrap will take him above it. Can readers confirm how this should be treated for VAT and tax purposes?
My client who is a self-employed plumber now tells me that he made money last year from selling scrap copper pipe and other metal removed when for example he had installed a new central heating system. Whilst his plumbing income was below the VAT threshold the sales of the scrap will take him above it. Can readers confirm how this should be treated for VAT and tax purposes?
He used to leave the scrap for the property-owner to dispose of but rising prices made him rethink this. He does not pay for the scrap as individual amounts are fairly small but the annual total adds up to 'quite a tidy sum'. Is this a capital or revenue transaction and if the latter could he give the scrap to his wife for her to sell?
Readers' thoughts are welcomed.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
