I agree with Kim. As I understand it, the letter of the law is to register, but HMRC will not persue you, even if you are running a business, if your profits do not exceed your yearly tax-free allowance. They have much bigger fish to fry. But it is best to keep a close eye on the news in this regard because these policies have a habit of changing at short notice, and getting it from them in writing is also a good idea.
Love Sam x
You should check first to see if public liability insurance is compulsory for your business. It is not necessarily so and the cost could be a huge burden, even at Ā£70 per year, that you would have to pass on to your customers in your prices (assuming you have any customers). It is perfectly ok to āself insureā if there are no laws to say you have to have insurance, that is to say, put a bit of money by in case somebody wants to claim from you.
Love Sam x
That is interesting Kimā¦I registered with them and my accountant friend does all my forms for meā¦even with my pension I earn less than Ā£4k a year. My accountant told me that sometimes, they see that you are never going to have to pay tax and then they write to you and tell you that you no longer have to fill out the formsā¦I live in hope of this happeningā¦they must surely see that the likelihood of me reaching anywhere near Ā£10k is almost impossibleā¦especially as I shall be 70 next yearā¦
However, he told me that I cannot ask them if I can stop filling in the forms, it has to come from "them!"
Ha haā¦perhaps they have seen my paintings and see that I will be making thousands soon !!