[Madladclothing]

Hi, i'm a student in England and am curious whether I have to register my new t-shirt business with anybody?

I will be buying the t-shirts blank and printing the designs on myself. These t-shirts will then be relabeled and sold through eBay.

Is there a point that I do need to register my business? If so, is this a point in time, level of sales etc.

Thanks for any help, Jonny.

 

[johnbol1]

If your going legit heres where to start
HM Revenue & Customs:Starting in business

 

[Madladclothing]

If your going legit heres where to start
HM Revenue & Customs:Starting in business

Thanks for the reply.

From what I have gathered all I have to do is register for a Self-Assesment form using my NI number. Is that all I have to do?

Thanks for the help.

 

[Madladclothing]

Just thought, if I do go legit and go through HMRC with this business then will it effect my student loands and grants that I am eligible for?

Thanks

 

[johnbol1]

Pretty much, unless you want to officially register a company name at companies house, and then when you get to certain turn over you may think about vat liability but thats a way off yet I would imagine.

Good luck

John

 

[johnbol1]

Just thought, if I do go legit and go through HMRC with this business then will it effect my student loands and grants that I am eligible for?

Thanks

I would think so somewhere... youd have to speak to them

John

 

[Madladclothing]

I would think so somewhere... youd have to speak to them

John

Thanks, you've helped a lot.

If I apply for Self-Assesment now, will I only be required to complete my first form next year due to it being March?

Thanks, Jonny

 

[johnbol1]

Thats right,

John

 

[PositiveDave]

Basically, as long as you pay any tax, you're pretty much free to do as you please. The council won't worry about home-based busnesses unless it impinges on your neighbours.
As a sole-trader any income you earn, after expenses is treated as your income, if you become limited, the income is the companies. This helps with minimising tax.

 

[theblade]

You ll likely only need to do a self assessment form at the end of the financial year. That starts after the 6th of April so to save alot of hassle I d hang fire and dont register til after that date!!!!