HMRC Help!!

[totallypersonal]

Hi everyone,

I have been trading since probably December 2011 on eBay, but I don't have an exact date. I am 17 years old, so I am not 100% sure on the exact information for me. I believed that you have to register as self-employed once you are seventeen, which for me was on 6th March. I am also a full-time student, if this affects anything.

I have just filled out an online form regarding being self-employed, but I am not sure if I did this correctly, or whether I will be liable for any taxes etc at the moment?

I have earned around £1000 profit since December, so this is well under the threshold of £5500ish... I don't believe I pay NI in this case either, due to it being under the threshold?

Does anybody have any idea about what I should be doing? It is soooo confusing! Every webpage I look at seems to tell me something different.

If someone could shed some light on this for me, I would be very grateful!

Thanks,

Rob

[bms]

You need to speak to HMRC. They will guide you through what you need to declare, but your 'profit' may not be the same as HMRC's definition due to items like Capital expenditure are depreciated not necessarily deducted 100% from revenue. Make sure you take professional advice as there are penalties for failing to declare even if no tax or NI is due.

[logobear]

Why not contact The Princes Trust. They are a charity dedicated to help young people into work and business. You will get some free advice, - will probably get a free business advisor too, - plus they have help sheets and short courses with all things you need to set up in business. They even have grants available!

I don't think you will get a lot of help phoning HMRC ......
Meanwhile, - keep everything !
Every invoice, bill, reciept for ink, stationary, anything to do with your computer, everything including your mistakes. You can offset every cost against revenue to reduce profit liability. It is a good dicipline to get into for as and when your business grows!

[bassqee]

as logobear says - keep everything.
No idea if there something similar down your way as there is up here - we have a business gateway that helps out new businesses with all manners of issues.

[totallypersonal]

Why not contact The Princes Trust. They are a charity dedicated to help young people into work and business. You will get some free advice, - will probably get a free business advisor too, - plus they have help sheets and short courses with all things you need to set up in business. They even have grants available!

I don't think you will get a lot of help phoning HMRC ......
Meanwhile, - keep everything !
Every invoice, bill, reciept for ink, stationary, anything to do with your computer, everything including your mistakes. You can offset every cost against revenue to reduce profit liability. It is a good dicipline to get into for as and when your business grows!

Thanks for this, top advice! I'll definitely look into getting some advice from them. I've applied to be self-employed and I'll take it from there!

Thanks everyone,

Rob

[bms]

I don't think you will get a lot of help phoning HMRC ......
Meanwhile, - keep everything !

I think this depends on who you speak to. The info/ advice is free and I know someone who was wondering if they needed to register with HMRC as they were earning a small amount being self employed and HMRC pointed them in the right direction.

[mrs maggot]

go on the HMRC website and book in on one of their free days, they have a group of people there and have interesting workshops/speakers, also try your Princes Trust, as said before. but if you have been trading since dec 2011, that is not due to be completed online yet, you work a year behind as it were