I’ve been searching the forum on the above topic, and have been round and round the HMRC website - and I CANNOT find the correct page / form to register my business… Loads of advice and what I need to consider, even a step by step guide - but no actual way that I can find to do it. Probably me being stupid, but if anyone can actually point me at the correct link I’d be grateful. I will be registering from the current tax year only, so no self-assessment needed just yet [can’t work out if it’s next January or the January after - different places seem to say different things…]. TIA
Step by step link here: Set up as a sole trader - GOV.UK
Thanks. This is exactly what I mean - it tells you WHAT to do, but not HOW. All it does is send you to register for Self Assessment, not how to register your business. The SA isn’t open yet for my tax year.
If you are working as yourself you are a sole trader and only register with the HMRC.
More info here: Set up a business - GOV.UK
I have been running my own business for some years but am a sole trader, no partners and not limited liability. Most crafters are sole traders as this is the easiest route. My tax year runs the same as the HMRC and have to submit online assessment by the 31st January the following year. If you start a business now you select your own year end date.
Setting up as a sole trader is registering your business, so sorry confused by what you mean. If you mean registering the name then you need companies house at this point going forward all your accounts will be public at year end.
OK - so I need to register with Companies House? I did think that was only for Limited companies?
It is hence why I don’t understand what you are trying to do.
If you are going legal with your craft business then you need to register as a sole trader with the HMRC the first link I gave you. You give them the name you are trading under in the forms.
This is really confusing. Is registering for self-assessment the same as registering your business? The only link on that page is to register a trade mark. Is that what i need to do? Sorry to be so thick.
If you are a sole trader you just need to tell teh HMRC you are a sole trader. Its an easy process.
Only tell the HMRC that you are a sole trader. You can set up as a sole trader or a limited company anytime throughout the year.
The same applies for tax. Whilst a tax return is expected from the end of the financial year (April every year) you can have your basis for tax starting from any point in the year to the following 12 months. It can get complicated that way depending on how easy you find working with figures.
The SA tax return is quite simple and really only requires that you keep a record of allowable expenses vs Income from sales. The online service is a doddle to use.
I will say that if your income allows it an accountant really is a boon to have.
There’s a lot of information on the GOV.UK website about setting up a business and it also explains a lot about the different types of business - Sole Trader, Limited Companies and Partnerships - Set up a business - GOV.UK
I know. I must have read it all about 10 times… How do I ‘tell’ HMRC I’m a sole trader? Do I need to ring them up or is there an actual on-line link I can use? I really appreciate all these comments - but it’s doing my nut.
Its all step by step and really simple. Don’t be daunted because its HMRC.
So… if I’ve just come to the end of my first year’s trading, I don’t need to do anything till next year?
When did you start your business?
If you did not register at the start of the business read this.
It explains with links what you have to do self explanatory.
Phew. I do believe I may have done it. The missing link was they didn’t tell you registering the business and for SA was the same process. I HATE paperwork! Thanks so much for all the help.
I believe it’s the same thing. Just need to register for self assessment and keep records / proof of incoming and outgoing expenses then submit a return online each year. HMRC used to run training webinars regularly you could sign up to. They may be too busy at the moment but may be worth looking out for them restarting.
Hi Iv just listed my first item and when I search it I can’t find my shop. It’s saying it’s listed l’m Not sure what’s going on. There is a date saying when it expires. Can anybody help at all please. Dawn.
I can see your shop but it says there are no items listed, so not sure what’s happened there. Maybe check under ‘manage listings’ to see it’s still showing under the ‘for sale’ tab or if it’s maybe still in ‘draft’
Hi it looks like it’s still in draft. I clicked to bring tabs up. It’s saying 0,Sales, 0,out of stock,
0, Hidden 0,Expired 1,Draft. Could you please tell me how to change this.
If in the draft folder, click on the item you want to post at the top of the page in green should read List Item. Click on this button and will then be listed.
The first page where you enter the details gives you a preview when you hit enter. This then takes you to the listing page.