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Quick(ish) question for Etsy Sellers
Emma5000
Posts: 5 Forumite
Hi. I figured there would be some etsy sellers on here who might be able to help me out!
I'm thinking of starting a small business on Etsy - do I need to register as a company or for tax purposes or anything? I'm not going to be making very much (£20-£30 a month tops I'm hoping, and won't go over my personal annual tax allowance) if that makes a difference! If anyone can tell me anything, I'll be very grateful - I've sat for hours poring over useless website info!
Thanks.
I'm thinking of starting a small business on Etsy - do I need to register as a company or for tax purposes or anything? I'm not going to be making very much (£20-£30 a month tops I'm hoping, and won't go over my personal annual tax allowance) if that makes a difference! If anyone can tell me anything, I'll be very grateful - I've sat for hours poring over useless website info!
Thanks.
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Comments
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Yes you need to register with HMRC and although this thread is primarily aimed at ebay sellers the same rules apply on any site:
https://forums.moneysavingexpert.com/discussion/comment/47120145#Comment_47120145I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Your selling with the intent to make profit (ie not just selling your own second hand items) and therefore you are a business. Given the values your talking about a Sole Trader is almost certainly the most sensible approach in which case you simply need to inform HMRC as soon as you start and also talk to them about class 2 NI contributions which you may apply for exemption from given the monies involved.0
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Thanks guys. I'm off to check the link out now.0
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