Very Small Retailer - anything we should know

[cheltenham_villa]

My wife has started trading as an online retailer selling craft items. Only very low value to family and friends. Expecting/hoping to turnover around £500 per month, £200 profit.

She has no other job or any other earnings. Does she need to complete a tax return or file company accounts for such a small amount.

Apologies if this seams incredibly naive.

Thanks

 

[Scalloway]

Yes, she should complete a self employed tax return. How to register is here

http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm