Self Employed Slight Business model change.

[snappyfish]

Hi, I have been self employed for 8 years now. I run a mechanic type business from home.

I have started selling on eBay and Amazon. I account all the money in and out from the same FreeAgent account software. Under Vat threshold.

Does HMRC need to know about any changes as to how I earn the money part mechanic work and part retails sales via ebay/amazon etc or does it not matter as long as it is all accounted for.

Thanks

 

[Paul Kelly ICHYB]

As you are self employed, they only really need to know about your totals.

 

[David Griffiths]

As you are self employed, they only really need to know about your totals.

I would disagree with that. If you have two or more distinct trades then you need to complete separate self employment pages for each one and report the income and expenses separately.

If you are combining figures, then HMRC's review process may throw up inaccurate figures. That could mean that your return gets selected for an enquiry because the profit margins either look too low for the declared trade. The reverse of that is that the combined figures cover up apparent discrepancies in one of the trades, which is why HMRC require separate disclosure.

Much will depend on the actual amounts - if the new trade has immaterial amounts of income then HMRC might not be concerned, but that wouldn't change the legal reporting requirements, and of course the income might grow

 

[snappyfish]

ok, well I am using account software. Not Vat registered. I have the areas accounted for in the software. I starting buying selling good in last September. Confused about it though still. Just want to make sure it's correct.