How to set-up a Small business from home?
Hi all,
I'm a newbie here. I am interested in setting-up a small office from home but am not sure what I need to do in order to comply with all the relevant legislations such as tax compliance.
I am thinking of setting up a sole trader business from home. I have the following questions: -
1. DO I have to register with HMRC for self-employment before I set-up the business?
2. What is the implications on own home as it will be used for business and domestic use. What is the effect on council tax, business rates, and capital gains tax?
3. I don't envisage there will be much income in the 1st year. Probably less than a few thousands pound if that in turnover. How complicated is it to prepare self-assessment tax returns?
Many Thanks,
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