making money??

cazspatch

thank you all for your messages they have been very useful

caz x

soolin

macfly wrote: »

You have three months to inform HMRC, so a toe dip will be ok. I wouldn't go through the route of business seller either until I had decided it was going to be permanent. But I would use the same terms and conditions as a business seller. In reality, these can be enforced by a buyer anyway.

As someone pointed out ot me recently, the 3 month rule no longer applies and people must register immediately.

gavjbrown

Quanz2 wrote: »

Depends on how 'designer' the designer clothes are and how much your willing to risk - ive never put a reserve on something myself but if i was selling something that cost a few hundred pounds i'd want to know it wasnt going to be sold for a few pound.

Better to raise the starting price, that way it won't go for a few quid.

macfly

soolin wrote: »

As someone pointed out ot me recently, the 3 month rule no longer applies and people must register immediately.

The "someone" is wrong. Advice leaflet SE1.

Crowqueen

soolin wrote: »

As someone pointed out ot me recently, the 3 month rule no longer applies and people must register immediately.

Really? Very interesting .

Time to update my mental website, I think.

macfly

This is how these things start. Someone says it, then it becomes gospel.
To repeat, for the OP, you have three months in which to inform HMRC. I have form SE1 in front of me, obtained last month.
Update as much as you like, but please don't give advice on this subject. As you know, it's for professionals.

soolin

Crowqueen wrote: »

Really? Very interesting .

Time to update my mental website, I think.

Macfly says otherwise but I can't even remember who posted up the new rules a while ago to correct me but whoever it was had a link to show the rules change, which of course I cannot find anywhere now.

So basically i'm no longer sure.

Crowqueen

OK. I'll look on HMRC now and see about this as it's important that people know the real deal.

EDIT - found it. HMRC website link:

http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm

When to register

You should tell us as soon as you start working for yourself (you can’t register in advance). If you delay registering, you may have to pay an initial penalty. You’ll also have to pay further penalties if payments become due and have not been met.

soolin

You are a star Crowqueen.

macfly

For everyone else. That instruction has been on HMRC website since time immemorial. It is the subject of the post on this site you were referring to.
extracted from the official notice

Everyone starting out on their own needs to register with HM Revenue & Customs. It’s quick, it’s painless and it can definitely save you time and money. You must do this as soon as you start or within the first three months, even if you already use a Self Assessment tax return. There are penalties for not registering, so fill in the form at the back of this leaflet and send it to us right away.



Please do not advise on subjects you know little about.