Breeding and selling pets Accounting Services

Are you a dog breeder facing HMRC investigations? Do you want expert guidance on staying compliant and structuring your tax affairs efficiently? Look no further than Odiri Tax Consultants & Accountants.

With our expertise and guidance, you can ensure that your tax affairs are in order and avoid any potential issues with HMRC. Stay informed and proactive in managing your finances as a dog breeder with our comprehensive.

Odiri Tax Consultants & Accountants offer specialised services to dog breeders, addressing their unique financial and tax needs In Peterborough and around the UK. Our team possesses in-depth knowledge of the tax landscape relevant to animal breeding, ensuring breeders receive accurate and practical advice. From tax advisory to preparation, they cover every aspect of tax compliance, helping breeders to minimise their liabilities and optimise their financial goals.

Our team of expert tax advisers and accountants provides comprehensive services, from bookkeeping and account preparation to filing tax returns. We specialise in tax advisory for the breeding and pet industry, including puppy sales, business structuring, VAT treatment, and safeguarding wealth across generations.

Through the use of digital tools and systems, Odiri Tax Consultants & Accountants streamline record-keeping processes, making it easier for breeders to maintain accurate documentation and stay compliant with HMRC requirements. This holistic approach enables breeders to focus more on their core activities, knowing that their tax affairs are in capable hands.

Contact Odiri Tax Consultants and Accountants today to ensure your tax affairs are in order and your business is set up for success.

FAQ for Dog Breeders: Your tax questions, answered.

Do you have to pay tax on dog breeding?

Yes, earnings from dog breeding are subject to tax. This includes income from selling puppies, adult dogs, and stud fees. Breeders must report this income via self-assessment if self-employed or through corporation tax for companies. If their earnings exceed the VAT threshold, they might also need to register for VAT and submit VAT returns. Whether dog breeding is seen as a hobby, an income-generating activity, or a full-scale business depends on the scale and nature of the activity. HMRC assesses each case individually, but if breeding is mainly profit-driven, it is generally considered an income-generating activity or a business.

How do I report dog breeding to HMRC?

How do I report dog breeding to HMRC? If you are involved in dog breeding and have not declared your earnings, it is crucial to notify HMRC to avoid potential fines. You can disclose unreported income using the digital disclosure service, which supports voluntary disclosures to HMRC. This service is available for individuals and businesses needing to correct their tax affairs, including those who have not declared income from dog breeding. Odiri Tax Consultants & Accountants can assist you with the notification and disclosure process, including negotiating a settlement agreement. When disclosing, you must provide comprehensive details about your earnings, including puppy sales, stud fees, and any other related income. You will also need to clarify why this income was not declared earlier. Voluntarily declaring unreported income can significantly reduce the penalties imposed by HM Revenue & Customs, as it shows a proactive effort to address the issue.

Facing an HMRC investigation or received a nudge letter from HMRC?

Facing an HMRC investigation can be intimidating, but you don’t have to face it alone. At Odiri Tax Consultants & Accountants, we specialise in assisting dog breeders with tax inquiries, ensuring your rights are safeguarded and aiming for the best possible result. Reach out to us today for a consultation and take the first step towards resolving your tax concerns with assurance.