I am starting a business selling fitness and combat sports gear, it is a community I am heavily involved in, though I don’t have a lot of money and I am 17. I have tried a few times to register as a business and I always run into issues with having to be 18, though I know in the UK, the law is that I can start a business at 17 and register as a sole trader (correct me if I’m wrong) what is the best, cheapest way to go about doing this?
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Check out https://www.gov.uk/set-up-sole-trader - the guidance there isn’t too bad. We’ve not helped anyone under 17 navigate this before though, so I’m unsure whether you’ll face any hiccups along the way. I can’t imagine HMRC will turn down your tax contributions from self-assessment though 😉
Anyway, there’s nothing to do until you’ve brought in over £1000 revenue (that’s revenue, not profit) in a given tax year, though. Then you’ve got until October 5th the following year to register (unless they move the goalposts in the meantime) 👍
But it often simplifies things to register as self-employed sooner, in case anyone needs to see evidence of it - like opening business accounts, for example (there’s no requirement to do that, but it’s worth keeping your business transactions separate, even if it’s a different personal account you use).