Making cash from a hobby Question

gb12345

soolin wrote: »

I'm not sure where you get your info from, but you do not have that length of time to register with HMRC. It is within 3 months of starting, and of course if you want to avoid paying NI you need to get your small exemption forms in ASAP.

From here

http://www.hmrc.gov.uk/sa/register.htm#2

soolin

gb12345 wrote: »

From here

http://www.hmrc.gov.uk/sa/register.htm#2

I think that reads wrong as that is the requirement for registering for self assessment, not self employment.

You need to register as self employed, but then need do nothing at all about it until you register for self assessment later. It is possible to have registered as self employed and not ever register for self assessment and instead to send in paper returns and get HMRC to work out your liability.

There is a natural assumption that everyone self employed does their own tax calculations online, but I don't believe that is a requirement (yet) and paper returns can still be submitted by Octber each year following the end of the tax year.

Corneycobs

With no disresepct to anyone on here, as I'm sure you're all very knowldgeable about business etc, maybe the OP would be better contacting the Business Link Helpline for some personalised offical advice?

The problem with forums is that you get a lot of posters who typically sound like they know their stuff, but in reality could be any old bod giving you duff or out of date information that they've googled.

I can't post the link to gov uk because I'm a newbie account holder, but it's under "Business and self employed" and then "Setting up" on the gov uk website.

"The helpline provides a quick response service to people with simple questions about starting or running a business. It also provides a more in-depth service for those with more complex enquiries."

Business Link Helpline
Telephone: 0845 600 9006
Monday to Friday, 9am to 6pm

Good luck to the OP, hope you have lots of success!

soolin

Corneycobs wrote: »

With no disresepct to anyone on here, as I'm sure you're all very knowldgeable about business etc, maybe the OP would be better contacting the Business Link Helpline for some personalised offical advice?

The problem with forums is that you get a lot of posters who typically sound like they know their stuff, but in reality could be any old bod giving you duff or out of date information that they've googled.

I can't post the link to gov uk because I'm a newbie account holder, but it's under "Business and self employed" and then "Setting up" on the gov uk website.

"The helpline provides a quick response service to people with simple questions about starting or running a business. It also provides a more in-depth service for those with more complex enquiries."

Business Link Helpline
Telephone: 0845 600 9006
Monday to Friday, 9am to 6pm

Good luck to the OP, hope you have lots of success!

HMRC link has already been posted earlier. However, you'll find many of us will debate issues even after the OP has an answer as we are also interested in the same thing and need to make sure that we have the correct up to date info.

Corneycobs

soolin wrote: »

HMRC link has already been posted earlier.

I appreciate that, however in an attempt to be helpful, I was trying to point the OP to the government's website, formerly Business Link, which hasn't.

However, you'll find many of us will debate issues even after the OP has an answer as we are also interested in the same thing and need to make sure that we have the correct up to date info.

But when 'debating', how do you know what's correct without consulting an authority to verify it? Undoubtedly there is a lot of correct information out there, but it sometimes reads like forum members like to display how much they think they know like peacocks, rather than genuinely trying to be helpful.