starting a part time business advice needed

lilys-dad

right after toying with the idear for a while ive decieded that in the new year im going to set up a small part time business.

for a few reasons 1 for the extra income 2 i like the idear of working for myself.

im currently working full time in a faily secure job (as secure as possible at the moment)

a few years ago before my daughter was born me and my partner did a bit of buying and selling on ebay (not sucsefully) and at car boot sales,
we did that well at the boot sales that it gave us our spending money for our holiday.
mainly selling our old stuff and picking up stuff cheap from a local auction house ect

ive found a couple of warehouses that sell pallets of ex-cat returns (argos ect) small electricals, clothes, shoes, toys, ect.
that are not that far away that i can visit to collect the stuff.

what legel things do i need to be aware of. like tax ect.
ill be either selling on ebay (which is a bit saturated with stuff so the profit margins will be small) or car boots, we have 3-4 large bootsales every sat & sun

hopfully if it all goes well i would like to get a traders licence and go full time doing 5 markets a week.

or would just setting up an online shop be more cost effective.

ive got a garage so i can store the stuff that im going to sell.

any advice

steve1980

You'll need to register yourself with HMRC as self employed, you'll need to keep records of everything, and I mean EVERYTHING.

Not much point with Ebay as the costs are so high now, along with the saturation it's not worth it.

If you get anything printed up, make sure you get someone to proof read it as your spelling in your post is not the best.

idear -> idea
decieded -> decided
Capital letters at the start of sentences etc.

lilys-dad

Yeh i know my spelling is not the best.
Always forget to read it before posting

Will i have to reg as self employed while im still employed?

Suarez

steve1980 wrote: »

idear -> idea
decieded -> decided
Capital letters at the start of sentances etc.

Oh how ironic :-)

steve1980

lilys-dad wrote: »

Will i have to reg as self employed while im still employed?

Yes.

You will pay tax on the whole amount of your second job as your tax free allowance will have been used by your first job.

http://www.hmrc.gov.uk/sa/register.htm

If you think you'll earn less than circa £5000 you can apply for small earnings exemption which means you won't pay National Insurance twice.

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=yKpjabZqCc8&formId=433