How to start a business

somethingcorporate

FOURCANDLES wrote: »

Problem with paypal are fees would have to be passed on to the customer?. Business bank account when we started bank said no offered us one 3 years down the line but have remained as we are no problem for us or the tax man.Cousin did the card thing great but for pin money only at the craft fairs.Tell tax man etc Yes tell them the 3 month rule was you have a duty to tell them within 3 months it was not set up as a target that you must tell them in 3 months if you no what I mean. As for starting a business go for it you can only fail then if that happens go get a job as an employee and try again as soon as possible we tried 3 before we hit on the right one.

Did they not recently change the 3 month rule?

FOURCANDLES_2

somethingcorporate wrote: »

Did they not recently change the 3 month rule?

Do not know what the 3 month rule is now but as I said you have a legal duty to tell them it was never set up that you HAVE 3 months to tell them , clearly this is what people may have thought. But lets be honest we have thousands of people out there working ie house wives for a a few afternoons a week for so called pin money on ebay etc they may well not have to pay any tax on the earnings however they have a legal obligation to register as self employed.

martindow

FOURCANDLES wrote: »

Do not know what the 3 month rule is now but as I said you have a legal duty to tell them it was never set up that you HAVE 3 months to tell them , clearly this is what people may have thought. But lets be honest we have thousands of people out there working ie house wives for a a few afternoons a week for so called pin money on ebay etc they may well not have to pay any tax on the earnings however they have a legal obligation to register as self employed.

Possibly you were always expected to tell them asap but there was a period of grace when you would not be fined. My understanding is that there is now no period of grace.

martindow

FOURCANDLES wrote: »

Problem with paypal are fees would have to be passed on to the customer?

Of course there is a cost to accepting Paypal or getting a merchant account. This is counteracted by the extra sales you get. If you ask someone to post you a cheque, a large proportion never get around to it.

Strike while the iron is hot and get payment straight away.

FOURCANDLES_2

martindow wrote: »

Possibly you were always expected to tell them asap but there was a period of grace when you would not be fined. My understanding is that there is now no period of grace.

See what you are saying but mos people I think would still leave it a few months and then give the start date from when they tell them.;)

somethingcorporate

FOURCANDLES wrote: »

See what you are saying but mos people I think would still leave it a few months and then give the start date from when they tell them.;)

Not great advice for a new business.

This was my point, the period have grace has now gone.

Pick up the phone and tell HMRC, it takes almost no time at all.