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yurp_82
Posts: 11 Forumite
Hi everyone,
I am seeking some advice on where I stand on setting up officially as a home business or whether I in fact need to declare myself as a business.
My situation is this, I used to own a business (tattoo studio) which I sadly had to close down three years ago. I have started working again from home on family who I obviously dont charge. I have sevral people inetersted in having work from me, and as I work full time this will only be on an as and when basis. I am working again as this is my passion and I need to keep my skills fresh. The cost of equipment, consumables etc does mount up so I can not work entirely for free. I was thinking of asking for donations to help cover costs but I'm not sure how this works.
Your advice will be greatly appreciated!
I am seeking some advice on where I stand on setting up officially as a home business or whether I in fact need to declare myself as a business.
My situation is this, I used to own a business (tattoo studio) which I sadly had to close down three years ago. I have started working again from home on family who I obviously dont charge. I have sevral people inetersted in having work from me, and as I work full time this will only be on an as and when basis. I am working again as this is my passion and I need to keep my skills fresh. The cost of equipment, consumables etc does mount up so I can not work entirely for free. I was thinking of asking for donations to help cover costs but I'm not sure how this works.
Your advice will be greatly appreciated!
yurp_82:p
0
Comments
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If you are a sole trader then technically there is no "business" as legally you and the business are one and the same entity. If you are self employed however you do have to register with the tax man within 3 months of starting trading. Clearly if your costs equal or outweigh your income then there will be no tax to pay.All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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