What do I need to consider?
Am I in Business?
If you started trading in the period from 6th April 2018 to 5th April 2019 or before, then you need to consider if you should be registered for self-assessment.
What could class as trading?
· An intention to make a profit
· Systematic and repeated transactions, think of your ebay sales
· Intention to trade in items normally owned as an investment or for personal pleasure
· Assets purchased, repaired, modified or improved for sale to make a profit
· Assets sale typical of the organisation.
· An intention to resell an asset shortly after purchase
More details can be found at https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205
I am in business, what do I do now?
If you believe that you are trading, then you will need to be registered for self-employment and self-assessment.
Follow the link:
If you prefer, we will be happy to register you on your behalf. Just give us a ring, email or text and we will get you started on the right footing.
Contact us on 01322 661266, 07711776208 or firstname.lastname@example.org