A lot of people ask when does my hobby become an actual business?
Well it is the moment you buy something
(anything) with a view to selling it on to make money, be it home made cards, fudge or clothing.
The good news is, you have 3 months from when you start to register with HMRC. I would heartily recommend the self assessment course which the business team provide, I rang HMRC and asked for courses,
The event is 2 days long (and you can do one session one week and the other whenever) and those 2 days out will save you an absolute fortune in tax and headaches.
Tax evasion is illegal - tax avoidance is good practice! By the end of the course you will know what you can and can not put on your tax deductibles and how to fill in that dreaded self assessment form, which providing you keep accurate records from day one isn't too difficult.
So, if you are starting (or thinking of) starting a new business on eBay, check out that course
Suz x x
Ps -Please vote to let me know if you find these interesting - so I know if I should add more! thanks!
Also please have a peek at
My Shop !
The Inland Revenue HMRC and eBay selling
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15 November 2008
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