New business questions

Cc87cc

I work full time but want to start a small business I ran a test this summer and only got one rental of the product I am renting ....do I have to do a tax return on something so small....I can't see myself making alot of money I just want to do it out of interest....

Gloomtastic!

Unfortunately, if you are earning money Revenue want to know about it. Did you have any costs associated with earning that €800?

Also, did you only get one customer because you had limited marketing experience or there was no demand?

dave3t

Even if your income is small, you usually need to report it. As a sole trader in the UK, you’ll need to complete a Self Assessment tax return if your income exceeds the personal allowance (£12,570). It's wise to keep records of your income and expenses, even if you earn less. For specific guidance, consider consulting a tax professional or visiting the HMRC website. If you want more info on starting a small business and tax implications, you can visit here

JameGrooms

It’s awesome that you're exploring a small business, even if it's just for fun or out of interest! When I first started a side hustle, I had similar concerns about taxes on smaller earnings. Even if you're not making much, you still might need to file a return, especially if you’re earning any income. For me, I decided to register a Delaware business registration to keep things organized, even though I wasn’t making a lot at first. It helped me stay on top of the basics like taxes and separating personal from business expenses.