What am I - Hobbyist or Small Business? To assess whether you are actually a BUSINESS as opposed to a HOBBY in the eyes of the LAW all you need to do is answer one simple question.... “are you actually trading”? You can answer this rather simply by thinking about the following 2 questions: ◾Are you selling your items at a profit i.e. at more than cost of materials? ◾Are you advertising your items for sale? If your answer to either of the above is “Yes” then you are likely to be trading and you will have crossed the threshold from hobby to small business. Therefore you MUST register with HMRC. You will find all you need to know here: Lavender xx
Posted on: Sun, 27 Jul 2014 19:00:00 +0000
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