starting and declaring your own business

webbhost

Hi all,

okay so I've been thumbling around this area for some whilst now, and I must say that the information available regarding this is a bit of a jumble-sale.. you just don't know where to look!.

So.. I wanted to make sure I am on the right track here...

If I wanted to start my own business (for example, ebay selling, or a franchise agreement) - have I got this idea right?

If I was to start selling today then I would not need to declare myself as self-employed until the latest of around August next year? (so I don't have to declare it whilst I am inside this tax year, but I must have declared by august so that I can make sure I fill my tax return?)

Is this right? Naturally I would declare as a business probably as soon as possible, but no later than april next year when this current tax year ends?

The world of starting your own business seriously confuses me!.

Thanks

Suarez

You must declare self employment is soon as you start trading or be hit with a fine.

It doesn't make any difference what time of year it is.

CKhalvashi

You need to tell HMRC straight away, to register for self-assessment and also register for your (I think) £2.50 a week contributions.

You will also need to complete a tax return.

CK

Suarez

Read this :

http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm

chalkie99

No, you should really register as self employed as soon as you start trading and certainly within three months.

Suarez

The rules haven't changed since you started this thread over a year ago.

webbhost

ah wow Suarez, I forgot about that!, over a year ago being the key there.. I'll take a look back and see what was said. Thanks, and thanks to every other contribution today.

Brassedoff

Have you forgot to tell them you've started trading?:whistle: