Having just registered a few days ago - I would like to give fair dues to HMRC - the whole process took less than 20 minutes on the phone ( very helpful ), I was offered further free help in the form of lectures etc - not as detailed as grumpy's no doubt, but good non the less I'm sure.
You have 3 months from the day you start being a 'sole trader' or self employed to telling HMRC. You can't register in advance - I found that out.
Make a loss - tools, expenses etc and it will be offset against your tax bill on earnings from other sources - other income or pensions etc. Seems reasonable to me. I will be looking for a good book-keeper.
frogeye |