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Writing on Kindle and doing other business aside

Discussion in 'Accounts & Finance' started by Adelais, Feb 7, 2018.

  1. Adelais

    Adelais UKBF Newcomer Free Member

    2 0
    Hello,

    First post here. Not quite sure if this is the category where I should be posting this or if I should go to the "Startup Section." Feel free to move the post to a more befitting category!

    A bit about me: currently I'm employed as a pre-registration pharmacist. In a few months
    (August) I will be fully trained and qualified to practice as a pharmacist. Now, one of the options at my disposal would be to practice as a locum pharmacist. If I do this, then I'd be considered self-employed. So far so good?

    Now, right now I'm also planning to write a book on Kindle etc. I started this quite a while ago and probably won't be done until May. So, even if I do manage to publish this book, and manage to make some decent money from it, then I suppose I won't have to pay any tax on it until April 2019...or January 2020!? (Please read question 3 below to find out why I'm confused.)

    Also, here is something that I've been considering doing: selling items on eBay for a profit.

    Now my questions:

    1) Would I be considered a sole trader when publishing on Kindle and eBay? To register as a sole trader do I just have to go on the UK government website and register as self-employed? Any additional steps?

    2) Considering how I will be doing 3 things all of which make me self-employed, would I need to register three different businesses? How would that be possible? If I go on the UK government website, would I have to register 3 times, each time giving a different business name? For instance, when working as a locum pharmacist, I intend to use my own name. When publishing a book on Kindle I intend to use a pseudonym. And When selling goods on eBay I intend to use a name for my shop. In a such a scenario, would my name, my pseudonym, and my shop's name, be the names of my businesses when registering on the government website? As you can probably tell! I haven't registered yet, so I have no idea what the form would look like.

    3) Suppose my eBay business (hypothetically!) becomes really big by two weeks into March. Considering how a tax year runs from April to April, would I have to pay tax on it this coming April (April 2018), or should I wait until April 2019 before paying tax on it? This is just me being curious. I remember reading something about how tax return forms have to be sent by October or if done online then by 31st of January, but not quite sure if what I read ties into my question. Would I be right to assume what this means is that I have to declare my earnings for the previous year in the new year? So in this case, if I make some money from my eBay from February 2018 to January 2019, and if I make some money on Kindle from May 2018 to January 2019, and then if I make some money as a locum pharmacist from August 2018 to January 2019, then does it mean that all of these incomes would have to be sent via a tax return form to HM Revenue and Customs by either October 2019 (if done on paper) or by January 2020 (if done electronically)? I think I'm a bit confused. *Edit: going back to the hypothetical scenario about my eBay business getting big by two weeks into March 2018, then I guess I'd have to declare the earnings for it by January 2019, right? But for my Kindle and locum position I'd have to declare the earnings by January 2020, right?

    4) Would I have to send 3 different tax return forms?

    5) Any other forms that I should concern myself with?

    Sorry about the long post, but any help would be appreciated. I've been thinking about getting an accountant, but I figured that'd probably have to wait before I have taken a few concrete steps towards my goals.

    Thank you
     
    Last edited: Feb 7, 2018
    Posted: Feb 7, 2018 By: Adelais Member since: Feb 6, 2018
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    13,105 2,829
    1. Yes
    2. You register once
    3. If you start before 5 April 2018 your first tax bill is due in January 2019
    4. You complete 3 different self employed pages in 1 tax return
     
    Posted: Feb 7, 2018 By: Scalloway Member since: Jun 6, 2010
    #2
  3. Adelais

    Adelais UKBF Newcomer Free Member

    2 0
    I see, thanks you.

    So essentially I register once (with my name, address, date of birth etc) without giving any details about my business and get a tax identification number.

    But in January, when I'm sending my tax return form, I include as many self employed pages as I have businesses and send them to the HMRC. Am I right?
     
    Posted: Feb 8, 2018 By: Adelais Member since: Feb 6, 2018
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    13,105 2,829
    I would register your main business.
     
    Posted: Feb 8, 2018 By: Scalloway Member since: Jun 6, 2010
    #4