I have been working in full time employment in an office job for 35 years and recently left the company as I want to start and grow a business selling crafted design items for UK gardens to be sold via retailers but as I have no customers yet I want to know if I should setup an account with HMRC ? This is my big question.
I want to make National Insurance payments to keep my state pension contributions going so registering as a sole trader with HMRC seems the igh thing to do for me but as Im not earning from selling should I even register yet ?
My reason for considering it prudent to register is it will give me an insight into submitting returns and understand more about it in its entirety.
Could you advise if you think its the best course of action ?
Thanks for getting in touch. If you are looking to make National Insurance payments then you would need to be registered for self assessment. Even though you may not yet be earning enough yet to require registering, doing so will encourage you to begin keeping records and to be prepared when you do meet that threshold.
Registering is fairly straight forward and there is further guidance on the Gov website here - https://www.gov.uk/set-up-sole-trader. You can register for self-assessment here - https://www.gov.uk/register-for-self-assessment.
If you would like to discuss this, please feel free to give us a call on 01494 927130.
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