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Originally Posted by Choco
Hi all,1. DO I have to register with HMRC for self-employment before I set-up the business?
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Hi
No - but within three months of the start of trading I believe.
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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?
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I can't answer that one fully but you can offset a portion of your domestic bills against your tax bill.
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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?
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Personally speaking, too complex for me but some say it's not too bad. It will depend on how complex your tax affairs are. A lot of people just hire an accountant for peace of mind.
Hope this helps a little.
Mark
