Have I started my own Biz by accident?

tenuissent

Has anyone mentioned this? I'm speed-reading so not sure. It could affect mortgage and house sale eventually if you have a room set aside solely for your work. It's perfectly all right, though, if the room is dual purpose. I am an illustrator, and all the rooms I have ever worked in have had a spare bed or a cooker or a family sofa for TV and so on.

You will have to face filling in a tax return, if you haven't already, but again, that is not impossible. I dread it every year and finish it in much less time than I had feared.

I also had a NI exception cert for small earnings. You just ask for the form and fill it in.

morganbach

MDUK wrote:

I agree, good luck, perhaps things will take off and you will find you can run a busines around your homelife that earns you enought to be doing it.

Can someone clear up at what point selling on somewhere like e-bay becomes a business rather than private sale ie. selling a old record collection individually - is it qty? how long you've been doing it? or a basic profit threshold? Could I try selling particular 'product' for a month or two before going to the effort of registering for tax purposes?

V confused?

tru

If you sell your old stuff, it's a hobby. If you buy to sell, it's a biz. You have 3 months from starting a biz to tell the IR :xmassmile