Registerin as self employed

Hi all,
I'm looking for some advice here on whether I should register as a self employed and when.

I work as a supervisor in a clothing shop in London with a 32 hours contract and I'm thinking about starting a small clothing repair business from home.

I managed to find my first client a few weeks ago. At the moment I'm only focusing on searching suppliers where I can get all the materials and tools I would need for making repairs. So I've not really started with the business yet.

I've read that I have until the 5th October to register with HMRC. My concern is that I'm not too sure if to register before or after that date? What would be the difference?
If I decide to do it after the 5th, would I be able to claim the expenses for anything I bought during the year 2020? Like sewing machine, threads and other stuff? 

Do you recommend looking for an accountant straight away before registering?

Thanks in advance. 
Devid 

Comments

  • 5th October 2021 for businesses starting after 5 April 2020.

    There is no benefit in leaving it until the last minute but no immediate rush to do anything in the next couple of weeks.

    You could get recommendations for potential accountants from friends and relatives.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.6K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 452.9K Spending & Discounts
  • 242.6K Work, Benefits & Business
  • 619.3K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.