I’ve been playing with the idea of selling some hand made stuff online. But I don’t know how to start.
I’ve been reading about it but can’t really understand what I have to do.
I work full time and I pay tax and insurance.
So I’ll have to pay more tax but there’s also this £1000 trading allowance.
It’s confusing.
I understand that I would have to register as self employed and notify revenue about my income but I don’t know if I’m supposed to do it before I start or after I earn £1000 or when?
I want to just put 1 or 2 thing online and see if anyone would buy it.
If not I’ll abandon the idea.
If someone buys it then I might sell more.
But I don’t know if I have to inform tax office that I put one item on sale? And if it won’t sell? Notify them that it was a mistake?
Does someone know how to proceed?