- You have three months to register from the point you begin to trade.
- It may be that your intentions are to remain as a hobby, but the fact is that by selling or gaining reward, you are infact breaking the law if you do not disclose this to the IR.
- Registering as self employed is actually very easy and only requires a phone call to your local IR. Once registered you will need to keep accounts of all your outgoings and incomings. (keep those receipts)
- Ignorance is not an excuse and does not protect you from charges!
- Another requirement (although not law) is that you have insurance. This should be public liability to protect yourself against claims. Normally this covers you into the millions of £ for claims against you or your products.
- If you are in receipt of benefits, you must inform the benefits agency of your business.
Simply taking the time to protect yourself regarding the rules and regulations of selling your products, can save you hundreds of pounds in fines and means that you start out in a professional and sensible manner knowing whether your plans for world domination are actually feasable.