Part-time self employment

hobbitfancier

I'm not certain that this is the right forum - mods feel free to move if not.

I recently began a local vintage market in my home town. After rental, and marketing I am left with a minimal amount in profit. I also sell some vintage clothing at the market, mostly my own collection, but I've started buying some to sell.

Now friends have warned me that if the taxman calls round i could be in trouble. I sell about 2-3 items of clothing a month, and with the market, I would make about €150 profit a month, sometimes less. I don't pay tax on this. I work full-time on an internship scheme. I'm not really certain what my status is as regards this - do I have to set up a separate bank account and register as self employed - are there significant costs involved? It's more of a hobby more than anything, but I want to be on the right side of the law.

Any input, would be very much appreciated.

billsavings

Yes you do have to register as self employed whether your making a profit or not,and even if your not liable to tax at the end of the day because your personal allowances cover it.

I assume your trading in Southern Ireland so see http://www.revenue.ie/en/business/running/registering-tax.html


For future reference the tax forum is here : http://forums.moneysavingexpert.com/forumdisplay.php?f=22:D