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Confused head needs help!

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  • Confused head needs help!

    Hey everyone, I am in desperate need of help from fellow craft business people as my head is geting very confused.....

    I am in the process of setting up an online shop (on Etsy) to sell some of the bags I make. I may also attend a couple of craft shows, but this is not for definite yet. I have no idea whether any of my bags will actually sell yet but I want to do it as professionally (and legally) as possible.

    My shop is called 'Timoshe' so not under my name. I have set up a business paypal account (this is also under Timoshe). Do I need to set up a business account? I am reluctant to as I have no idea whether I will sell anything yet! But think I might need to as I have gone under a name.

    Also how do I go about registering as a business? I am already registered with the inland revenue as self employed as I already work as a locum pharmacist at the weekend (on top of my day to day job) but will I have to register the business separately as well?

    Any input greatly appreciated - as you can see from the epic post I am very confuddled!


  • #2
    I have a 'business' but don't have a business account, as it's not essential. As long as all your Income and expenditure is recorded it doesn't matter what account it goes into.

    I would inform the Inland Revenue of your new business venture to be on the safe side, after all it's only a quick phone call.

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