Advanced search

Benefits of starting a business that doesn't make much money?

(10 Posts)
MazzleDazzle Sat 15-Mar-14 18:30:56

My DH works FT and I PT. We do allright for ourselves. However, I do a few other things on the side though (painting mainly) and wondered about starting my own business.

After I've bought my materials I don't actually make that much money, so would there be any other benefits/perks of being an official business?

scottishmummy Sat 15-Mar-14 20:08:16

Why would you go into business to purposeful not make much money?
In that case give product away or sell cheap
But bpoint of usinessis to turn a buck.otherwise it's hobby

MazzleDazzle Sat 15-Mar-14 20:22:51

That's why I want to know if I should continue to do it as a hobby or register as a business, keeping receipts/accounts etc.

If there are no benefits at all to making it a business, I'll continue as is.

scottishmummy Sat 15-Mar-14 21:24:34

Setting up business uk In that case retain it as hobby
Where I live there are craft fairs,and artists sell directly it's nice
Good luck whatever you decide

abitofanangrybird Mon 17-Mar-14 18:07:02

It's my understanding that if money is changing hands at all, then you need to declare the income, however small, and have accounts available should they be requested. It doesn't cost anything to notify HMRC so perhaps do that to cover yourself. It'll just mean keeping your own accounts and filling in a tax return annually.

oscarandolivia Mon 17-Mar-14 18:19:15

If I am not mistaken, its ok not to have a company until you reach the minimum taxable income threshold.

Again, with the materials you are buying, perhaps you can reach out to wholesalers and tell them you are looking to start a business, and get them at wholesale rates. Might help you make a profit?

ItsAllGoingToBeFine Mon 17-Mar-14 18:30:05

If you register as a business that means you will be working and able to for eg claim tax credits, pay NI so you get your qualifying years for pension etc.

FrequentFlyerRandomDent Thu 27-Mar-14 13:28:12

Check with HMRC. You have three months to declare yourself if you start selling goods or services.

FrequentFlyerRandomDent Thu 27-Mar-14 13:28:58

On the benefits, you are spilling yourself up on marketing/promotion, etc,which are good market skills.

FrequentFlyerRandomDent Thu 27-Mar-14 14:24:48

Skilling not spilling. You have to love predictive dialling. smile

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: