too confusing

renatekriegler

Sorry to confuse you all; we have day jobs and will be tinkering around at home out of hours. We will be trying out things that we hope eventually will make us money. By that time we would have left our present address... So, no hectic manufacturing, no visiting customers, etc etc. Thank you all. xxx

Premier_2

renatekriegler wrote: »

Sorry to confuse you all; we have day jobs and will be tinkering around at home out of hours. We will be trying out things that we hope eventually will make us money. By that time we would have left our present address... So, no hectic manufacturing, no visiting customers, etc etc. Thank you all. xxx

So it is a business venture. Thanks for clarifying

texranger

renatekriegler wrote: »

So, no hectic manufacturing, no visiting customers, etc etc. Thank you all. xxx

because you wont have the above does not mean it is not a business.

if you have machinery to produce a product to make money then it is a business, even if you spend the first few weeks trying the machine out. while trying the machine out i can guarantee you will produce goods good enough to sell.

so you will need to register with HMRC within 3 months,but sooner the better if you dont then you will face heavy fines.

Savvy_Sue

Mind you, offsetting the cost of this machine against income from whatever it produces should ensure there isn't a taxable benefit for a while, shouldn't it?

OP, it might seriously be worth your while to chat to an accountant. If you intend eventually to make money from this machine, then there might be good and not so good ways of purchasing it, and registering as self employed sooner rather than later might be to your advantage. I'm thinking particularly that if there's a loss in your first year's trading, I believe that can be off-set against the tax you're liable to pay in your day job. One of the accountants will tell me if I'm wrong, I'm sure.

Especially as there are two of you: a partnership might be recommended.

Horace

Remember to notify your landlord too because there may be a clause in your lease about running a business from home and there certainly will be a clause about not causing nuisance to neighbours by being noisy etc.

Premier_2

renatekriegler wrote: »

too confusing

I'm not sure what is confusing? You were very clear originally in stating you were talking of a business

renatekriegler wrote: »

Insuring a hobby/small business at home?

Hi all

We are about to buy a piece of electronic/mechanical equipment worth about £20K. It will be housed in our rented flat and we will start playing with it after hours for now with the intention of growing a business. (It's quiet LOL)

Does anyone know how and where to insure this sort of thing?

Also, we are funding about half of this with a Personal Loan from Barclays. Should we get insurance/protection for this too? And where please?

MANY thanks

xx