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find the answers. Just send your questions or
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I work full time and have just started
running a small business in my spare
time. Which tax return(s) do I have to
complete?
WHAT EXACTLY DOES
This question is all to do with profits. Make sure you keep good
WORKING CAPITAL MEAN?
records of sales and costs so that if you do make a profit you'll be able
to declare it accurately. If you make a very small profit - say £100 or
so - you would probably be able to declare it as "miscellaneous in-
come" but if it gets much larger you'll have to register your self-
In simple terms, there will
employment, after which you'd get a tax return with both employment
normally be a delay
and self-employment pages.
between the money you
spend and the money
If you do register your self-employment, ask HMRC about "low
you earn.
earnings exemption" from Class 2 NIC. Don't forget that if you make a
loss you should declare that, too, in case they owe you.
Working capital is the
money you need to finance
that delay.
More info on this at:
www.hmrc.gov.uk/selfemployed/index.shtml
In a shop for example, you
need to buy stock and pay
wages, and only then does
I’ve had an ecommerce store for 6
the money start to come in.
If you extend the shop, then months and I have yet to see some real
you will need to invest in
more stock, and maybe
sales from it. What action should I take
more staff, before the in-
to change this around?
creased income starts to
appear. You can only ever
get that money back if you
sell the business, or close it
Ensure your site has good ranking. Without this it will hardly be seen.
down and sell everything off.
If you have good ranking you need to consider the usability of the site
Although you could recover
from the customers’ perspective and not yours. Can they find or buy
some of it, perhaps by
renegotiating your terms of
products easily? Is there enough information to entice them to make a
payment with your suppliers.
purchase decision? And, have you spent any marketing money on
promoting the website or investing in Search Engine Optimisation
Send your questions to:
(SEO)? Many new owners assume that this is not essential, but it is.
faq@biz-mag.co.uk We will be featuring more information on these subjects in future
issues of biz-mag so watch this space by subscribing.
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