Wanting to start an online arts & fashion shop...

positivelypunked

I wanted to create a shop / website where I sell
Photography prints of my own work on places like etsy, Create & sell t-shirts and other accessories (through cafepress), and sell my DIY clothes & shoes eventually (which will be purchased from primark & DIY'd )

Am I allowed to this?
How do I go about Tax, I haven't sold anything yet or even set anything up but I work full time too?
What records and things do I need to keep?

soolin

positivelypunked wrote: »

I wanted to create a shop / website where I sell
Photography prints of my own work on places like etsy, Create & sell t-shirts and other accessories (through cafepress), and sell my DIY clothes & shoes eventually (which will be purchased from primark & DIY'd )

Am I allowed to this?
How do I go about Tax, I haven't sold anything yet or even set anything up but I work full time too?
What records and things do I need to keep?

It is easy to register with HMRC, just phone them up and tell them you are starting a business and you can then do online self assessment tax returns in future. Assuming all your personal allowances are already used for your other work then all profits on the self employment will be taxed at your lowest rate remaining.

Records are easy to keep, assuming you have a lowish turnover just record all your income from sales plus all expenses connected with the business. So for instance, costs of running a website or listing fees on other places, postage, materials, advertising - basically every expense you incur. Then to calculate your taxable profit it is merely a case of taking the expenses away from the profit leaving the taxable amount.

As a business remember to factor in costs from customer returns , losses etc.