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  • inland revenue/ tax

    hi
    can anyone help I am looking at having a website to sell my cards, do i need to be registered with anyone for tax purposes or not? want to look into it a bit more before i set a website up.
    thanks

  • #2
    If you are selling you must be registered with the tax man - he needs a share of any profits you make!

    Catherine
    CatkinJane - Handmade Material Things
    http://www.catkinjane.co.uk/
    http://www.facebook.com/CatkinJane
    Twitter http://twitter.com/#!/CatkinJane
    Blog http://catkinjane.blogspot.co.uk/

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    • #3
      Hi, yes you do need to be registered (presumably as a sole trader) for tax purposes as income is income. Give them a call and they'll be able to answer any questions you have and will probably let you know about any free workshops that might be available in your area to give you further advice. Good luck!
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      • #4
        Register as self employed

        Hi there,
        you are not alone wondering about tax, there is nearly a post every day about the subject! As I've explained what I know in other posts I'm just going to quote myself, out of laziness sorry!

        Hope this helps, and good luck with your website :

        "The HMRC website has a lot of information on self-employment and self-assessment.
        You need to register as self-employed by filling a form called CWF1, then if you expect your earnings from self-employment alone to be below £5075 for the tax year (this might have changed, this figure was for 2010-2011) you need to register for National Insurance exemption by filling form CF10.
        You can type the names of the forms directly in the search bar of the HMRC website. There are lots of details on the forms themselves.
        They will then send you a unique tax reference and when it's time a reminder to fill in your self assessment.
        You have 3 months from your first sale to declare your business. I did it about 4 days before the 3 months deadline (as it took me a while to decide whether or not I was taking the plunge) and I was alright"
        Milliemishmash
        www.milliemishmash.com
        www.folksy.com/shops/milliemishmash

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        • #5
          Originally posted by milliemishmash View Post
          You have 3 months from your first sale to declare your business.
          There seems to be some confusion over this, if you look at the link on BeadsByDesign's post here http://www.craftsforum.co.uk/showthr...nto-a-business it appears that this limit changed to 1 month last year.
          Visit Natty Netty for a huge selection of Iris Folding supplies

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          • #6
            Well if it's one month I'm in trouble then what if you are already in full time employment? Is it still the same forms?
            Blog: http://lovinglyhandcrafted.blogspot.co.uk/
            website: http://lovinglyhandcrafted.weebly.com/
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            • #7
              Yes, afraid so. If you are already in work you will be on PAYE but you are still liable for tax on all profits from other income so you need to register with the Inland Revenue and fill in a tax return.
              Even if you do not expect to make a profit you need to be registered and prove this to HMRC.
              They actually are very friendly when you get to speak to them (can take a while to get through on the phone) but it is much better to talk to them and get their help than try to hide from it.
              Catherine
              CatkinJane - Handmade Material Things
              http://www.catkinjane.co.uk/
              http://www.facebook.com/CatkinJane
              Twitter http://twitter.com/#!/CatkinJane
              Blog http://catkinjane.blogspot.co.uk/

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              • #8
                Don't panic about the one month - although you should let them know within a month, if you are likely to have made £1000's in the time between first getting paid and letting them know then you're in for a hefty fine. If you've made a few quid - don't panic. Just let them know as soon as you're trading.

                And if you've made £1000's then I'd love to know your secret!
                Custom tribal belly dance costumes & accessories

                Unique jewellery for those who love to turn heads

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                • #9
                  ...if I've made £1000s ... one can dream
                  Blog: http://lovinglyhandcrafted.blogspot.co.uk/
                  website: http://lovinglyhandcrafted.weebly.com/
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