Recent content by m_01928

  1. M

    Unsure how to proceed

    Ah i See. Thanks for clarifying, I thought there was some kind of short term CGT that would apply but if it's income then Ah i See. Thanks for clarifying, I thought there was some kind of short term CGT that would apply but if it's income then
  2. M

    Unsure how to proceed

    a
  3. M

    Unsure how to proceed

    Thanks everyone for the help! I will talk to my parents about a business bank account and decide what I want to do from there; but I was wondering what makes my profits income tax and not capital gains? i was under the impression that buying an asset and selling it for more was CGT? If i'm wrong...
  4. M

    Unsure how to proceed

    Can you tell me more about the business bank account idea? Where would I start with that
  5. M

    Unsure how to proceed

    Sorry, let me re iterate. I don't think I have to *pay* tax, simply report it to HMRC as I have done around £1.5k-£2k net profit.
  6. M

    Unsure how to proceed

    I'd like to start this by saying I am 13 years old and run this business on my own. recently (in the last 3ish months) began to resell sneakers and other clothing items and accessories. This started out small, but it's scaling rather fast and I have regular deliveries of shoes. I live with my...
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