Wednesday, 22 September 2010

When does a new business "start trading" (need to register within 3 months from which date)?

Question by pip: When does a new business "start trading" (need to register within 3 months from which date)?
I want to set up an Online business (as well as selling on Auction Sites) and have been "collecting" stock for the past 3 months - BUT HAVE NOT SOLD ANYTHING YET. I understand that I must inform HM Tax Office "within 3 months of trading". I do not intend to start selling until I have built sufficient stock up.
Question : Am I trading yet (ie. do I need to inform the Tax Office yet ?)
Thanks.


Best answer:
Answer by jackie mAlthough you are not trading you are still self employed - call tax office and discuss it with them.

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