Thinking of branching out? Adding a new line? Setting up on your own?
Why not start now? The dark, wintery days of January, February and early March are a good time to carry out the essential research and planning that will give your idea the best chance of success.
It’s never been easier to start a new business or add a product line to an existing one as the internet has opened up the possibility of testing demand with minimum outlay.
There are numerous websites which can act as your shop window. From eBay to Facebook, Etsy to Amazon, experience shows that there is demand for just about everything. Time spent looking through these sites, gauging demand and acceptable prices will be a sound investment.
If you are thinking of setting up your own website, you’ll need to browse are domain name sellers sites. Here you can find out what names have already been taken, suggestions for alternatives and whether one you like is coming up for sale. Without your own domain name that accurately describes your product or line, you’ll be invisible.
Having said that, you won’t be completely under the radar, at least as far as HMRC is concerned. Contrary to popular belief, as soon as you sell your first item, you are trading and as such, in business.
No matter how much - or little - time you spend on your business, HMRC will want to know. They define trading as the following:
Part-time businesses are subject to the same rules and scrutiny from HMRC as those that have a physical presence on the high street.
We can offer advice on the tax implications when buying or selling on the internet, or any other type of business.
Get in touch to find out more.