My DH is a bit of a classic car enthusiast, we go to a lot of car shows through the summer and I would like to start trading at these events. Id like to sell novelty items and novelty baked goods - sounds naff I know, its more for fun, and I know the market there - it would sell well I am sure.
But it will literally only be for the weekend shows through the summer, Is it possible to set a business up for this, or can I just do it without setting up? It seems like a lot of administration for a business when really I would just be a one man band market stall 5 times a year...
I disagree. By law you have to declare to HMRC all income. You should fill out the self employment pages of a tax return. You can go online and fill in a SA1 to get your unique taxpayer reference (UTR) and go from there. It's not difficult, you can deduct expenses such as materials, mileage, stationary etc from your takings. In fact if this comes to a loss you can offset it against your general income and claim a tax refund in many circumstances.
As Fifi says, you are supposed to inform HRMC but you only need submit three- line accounts if you have a low turnover. You can do that easily - what you sold- minus your costs which can include travel to shows, table fees etc - leaving your actual profit to be taxed ( if you earn more than your personl annual free tax limit). You are supposed to pay self- employed NIC but don't think it would be payable in the weeks you don't work. Lots of helpsheets on HMRC website for guidance - and info on completing your SA return.