I am just wondering, to help me with my University Welfare I am thinking of making a small business like site selling T-Shirts, Mugs, Mousemats etc. Now in the end I will be making £2.00 - £6.00 at most from doing this (not a lot) and I thinking of also using google ads to get a big more money. I am not thinking of ever making it big. Do you think I will still need to fill out an inland revenue registration form and fill out a tax return (even though my profits will be stupidly low)?
It's just I know I don't have to pay tax until I earn over £6000 and I know for a fact I am not going to get that much, if I did then I wouldn't need a student loan. However won't it be stupid to put on a tax form for the year I earned £50? And would I have to pay national insurance for doing this too??
Thanks - full stars for the best answer!
The question is do I have to full out a registeration form, an inland revenue form, a national insurance form AND declare myself as a sole trader?
It's just I know I don't have to pay tax until I earn over £6000 and I know for a fact I am not going to get that much, if I did then I wouldn't need a student loan. However won't it be stupid to put on a tax form for the year I earned £50? And would I have to pay national insurance for doing this too??
Thanks - full stars for the best answer!
The question is do I have to full out a registeration form, an inland revenue form, a national insurance form AND declare myself as a sole trader?