hobby to make money? where do i start?

demon_adonis

Hi,

I would like to make some money from my hobby, i make jewelery at home and would like to start selling it, I will most likely set up my own website to show my pieces and offer them for sale, i dont expect to make much money but where do i stand as far as having to declare my self a business? how much can i earn befor i have to set up a limited company and buisness bank account? I have no idea where to start.

Charity_Dalek

My wife runs a business from home selling on the internet from her website. She turns over around 60k pa. She is simply self employed and does an annual tax return at the end of the year.

She has a spread sheet which records all of her sales and all of her outgoings and that's about it.

I know it sounds difficult at first, but with some guidance it's fairly easy.

Send me a pm if you want me to expand on anything.

Robert

martindow

I'd recommend talking to business link - lots of free impartial advice.

You don't have to set up a company (unless you want to) as you can operate as a sole trader. You should inform the inland revenue within 3 months of starting trading. You will have to declare all profits on a tax return. It is sensible to have a separate account so that book keeping is simpler - Abbey and others offer free business banking.