Registering with HMRC

9217niall

Hello
I want to set up an online business (say eBay), I know I need to register with HMRC..I've got as far as registering for Self Assessment, and I'm starting the Personal and Business information section; if it's an online business, therefore running it from home, I'm okay to put my home address down as the business address?

Thank you.

InsideInsurance

Yes

Given you are running a business from home you should make sure your home insurance, mortgage/ deeds/ landlord etc are all acceptable with you running a business from the address, particularly if you are holding stock.

9217niall

InsideInsurance wrote: »

Yes

Given you are running a business from home you should make sure your home insurance, mortgage/ deeds/ landlord etc are all acceptable with you running a business from the address, particularly if you are holding stock.

Okay thanks, will check that out.

Still working in a job at the moment, will running the business affect my tax codes or anything? Will I be taxed differently or be seen as having (effectively) two jobs?

9217niall

"Are you working for one person or firm only?" if I keep my current employment alongside starting this, do I select no, or is this different? Thanks

InsideInsurance

You dont need to do anything to your current employers. If your impacted by it HMRC will directly advise your employers of your new tax code (but not the reason) and they will adjust the tax according to the new code.

If you were to start a new job elsewhere and complete a P46 then yes you tick the box to say it is an additional job.

When you do your annual self assessment return you enter the data for both your employed and sole trader life and it works out what tax you should pay (or be refunded) factoring in all elements.

9217niall

InsideInsurance wrote: »

You dont need to do anything to your current employers. If your impacted by it HMRC will directly advise your employers of your new tax code (but not the reason) and they will adjust the tax according to the new code.

If you were to start a new job elsewhere and complete a P46 then yes you tick the box to say it is an additional job.

When you do your annual self assessment return you enter the data for both your employed and sole trader life and it works out what tax you should pay (or be refunded) factoring in all elements.

Thanks for the advice, that's brilliant.