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:

https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed

 

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 enquiries@fulleraccounting.co.uk