You do realise you are now a business ?

[gillian w]

I wondered how many people realise that once they have accepted money for their new venture even if it is just from friends and family or even if they have just advertised,they must register with the inland revenue within 3 months and that they are now in fact self employed and run a business and everything that goes with it.
I say this because i think many people think its ok if they are not earning much and only doing a bit here and there.They start spray tanning or doing nails for a bit of extra cash but .... the inland revenue do not see it like this at all and you are working illegally.If they get you it is for you to prove you haven't been earning any money not for them to prove you are.

 

[Tracys Beauty]

hi Gillian
i registered as a business end of last year and got my first tax returns through the post yesterday scary or what lol
so I'm ok and legal
Tracy x

 

[Bagpuss]

Always been legal from the start.

....they are not scary people and will help you.

 

[drew692]

I spoke to Business Link about setting up a business and they do give great advice. They told me that I needed to inform the Inland Revenue as soon as I started trading. I spoke to Inland Revenue (because when I get into something I wanna know it all), and they said that as soon as I start trading tell them. Also, now this is important, keep your receipts etc for the stuff you have to buy to set up, as these will be taken off your tax return, as to begin with your not actually making a profit, but regaining what you had to spend to set up, so this would be off set against your tax return.

 

[gillian w]

It is very easy,especially if you are only working in a small capacity.If you are not earning a lot you wont pay much tax ,if any.You will pay a national insurance stamp so you will still be entitled to a pension and best of all peace of mind that when you work everythings above board.
You never know when someone may shop you to the taxman or they just may find a flyer or advert you have put out.They may even be looking on here it is a public forum and this industry is notorious for tax dodging.