Do I need to register with Companies House?
Discussion
Here's one for all you business experts.
I'm going to be starting my own company during the Summer months. Nothing big, in fact bloody tiny. It's to do with tabletop/miniature wargaming, producing a small range of small scale resin WW2 aircraft.
Turnover is expected to be less than £300 per month (it's a hobby thing really) and profit completely non-existent.
The actual casting and packaging of the models will take place in Canada in batches of 30 units (at £7-£8 per unit) and be shipped over here for me to sell via a website. At most I'd expect to see no more than 2 shipments per month.
Given the above, do I need to register with companies house and actually officially form a company, or is this too small to bother about?
I'm going to be starting my own company during the Summer months. Nothing big, in fact bloody tiny. It's to do with tabletop/miniature wargaming, producing a small range of small scale resin WW2 aircraft.
Turnover is expected to be less than £300 per month (it's a hobby thing really) and profit completely non-existent.
The actual casting and packaging of the models will take place in Canada in batches of 30 units (at £7-£8 per unit) and be shipped over here for me to sell via a website. At most I'd expect to see no more than 2 shipments per month.
Given the above, do I need to register with companies house and actually officially form a company, or is this too small to bother about?
It certainly seems too small an operation at the moment to bother about setting up a separate limited company.
You are allowed to trade as an individual i.e a sole trader. If it makes a trading profit you might need to pay some income tax on that profit.
If it makes a loss, you can offset the loss gainst other income or carry the loss forward for offset against future profits.
The only initial obligation is to notify the Revenue that you have started Sole Trading - and you need to do this within three months of the commencement of the trading activity.
You are allowed to trade as an individual i.e a sole trader. If it makes a trading profit you might need to pay some income tax on that profit.
If it makes a loss, you can offset the loss gainst other income or carry the loss forward for offset against future profits.
The only initial obligation is to notify the Revenue that you have started Sole Trading - and you need to do this within three months of the commencement of the trading activity.
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