Between off topic and on topic.. need some advice

Posille · 2018-04-24T16:12:46.000Z

Hi all

I run a small shop selling all sorts of batteries from anything for flashlights to RC cars in my spare time. However recently it’s started to grow more significantly, and I’m not sure how to deal with it financially. If this continues growing I will definitely be put over my personal allowance amount and have to pay tax on my income (only work part time) according to this online calculator. I was wondering how I should deal with this? Hoping someone here does something similar or knows what they’re talking about when it comes to ecommerce. Thank you in advance!

thijsco19 · 2018-04-24T16:29:44.000Z

You could ask 3Tronics for advice. He used to have a shop and lives in the UK.

ChrisGarrett · 2018-04-24T16:39:37.000Z

thijsco19:

You could ask 3Tronics for advice. He used to have a shop and lives in the UK.

Ven got me a 3Tronics S2+ triple that ‘James’ made a few of for him.

Unfortunately, he closed up shop back in October and his website is down, so I don’t know how one would contact him.

I’m pretty sure that it was James, as we had a couple of emails once I got the light from Ven.

Great light using three XP-L HI V3s and an LD-2 driver board.

For the OP, sales are what they are and you just need to keep proper records and follow your tax code. Don’t blow all of the money on hookers and blow, before paying your shillings to the ‘Crown’.

Chris

thijsco19 · 2018-04-24T17:39:35.000Z

I linked to his BLF profile where you can send him a PM ;).
If you look at one of his posts you can see that he was ‘last seen: 1 week 1 day ago’.
So he is still around sometimes.

I cant help you with your question as I dont have any knowledge about that subject. But, and this hopefully speaks for itself, dont try to avoid it if you have to pay it. Be honest and a brave citizen :innocent: .

Tom_Tom · 2018-04-24T19:22:18.000Z

I suggest you set up as a Sole Trader.

Set up as a sole trader - GOV.UK.

It is very easy, and the right thing to do.

You may even be offered free training courses to help you e.g. keep proper accounts, and a local HMRC contact to talk to for advice.

Edit: don’t be lured in by e.g. the link you quoted. Many many dodgy websites with seemingly plausible URLs, if it is not a .gov.uk URL, it is not official.

Edit2: If you are working from home, look into the implications for e.g. keeping stock in the garage, and maybe setting up one room as your office. It can be done, but if you get it wrong there could be come-back for business rates, home insurance etc.

sochi111 · 2018-04-24T20:38:00.000Z

Once your sales grow significantly I think you should look into what structure is best for you i.e. Limited Company etc….

This way you will be able to write off more expenses and protect your personal property.

Another option is to setup an offshore company in a tax haven