So my week at the shop is VERY full this week. I just got an email for a super cute cake that I could do and would like to add to our portfolio. The catch is that since we are already packed, I'd have to go back in the evening to do it....
So my question is, if I decide to do it and subtract the cost of the ingredients, can I keep the profit for myself and consider it overtime pay, or would I need to put a bit of it into the shop acount? would it be embezzlement to keep the $$
If I were asking an employee to do it, yes, I'd pay them for their time, but probably not as much as I'd like to keep for myself.
Not sure of the law, but I would think that you need to pay sales tax on the money made through the shop. Why not just run the cake through the shop and then pay yourself whatever you are worth. I assume it's your shop?
Do you own the business? If you own the business then you can record the money that would be made for tax purposes and keep the money for yourself. Of course you would also have to record the cost of the ingredients to offset the profit of the cake. If you do not own the business that is another answer, yes it would be embezzlement as the money does not belong to you. I hope this has helped you and I was not trying to infer that you may be stealing
No offensive taken!
Yes, I own the shop. I also take a salary which is recorded in our books. I guess I should just make a call to my accountant, huh?
yup, this is not embezzlement. If your employee did this without consulting you it would be embezzlement
Unless you have other partners, or investors, no it's not embezzlement. This is totally different than reporting the income for tax purposes.
If you want to: rent the place out to yourself this way the shop, and you make money.