I'm setting up an eBay trading agent business but I know the government are currently having a major clampdown on individuals profiting tax-free from sites such as eBay. I was wondering what exact steps would I need to take in terms of registering with HMRC etc?
If you are planning on starting an eBay Trading Agent Business the first piece of advice would be to register for self-assessment with the HMRC. Once this has been completed it is vital that you ensure you are organised and methodical in managing all of your records. As a sole trader you are advised to keep a record of all of your income and expenses, including some that may not be immediately obvious. If you are working from home, as many eBay traders do, you should keep all utility bills so that you know how much was spent in relation to your business.
When it comes to running your business finances, having a system in place that allows you to put all of that information in one place can really help you keep on top of things and avoid any nasty surprises later on. There’s software available to help you do this, so it’s definitely worth doing your research to decide which option is right for you. Cloud-based software, which allows you to access your financial information wherever and whenever you need to, is proving increasingly popular with small business owners, who like the freedom to be able to manage their finances away from the office, or outside working hours.
See also: Setting up an eBay business