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Newbie...looking for some information

cas123cas123
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Hello, decided to join to access the forum as looking for some information for my friend who is looking to potentially start a store in UK and sell off most of his lego collection.....can somebody please help with the following.

1. Type of PayPal account required
2. Address to register
3. Does anyone know about this new HMRC Trading Allowance new scheme.
4. Is this a successful platform as he would like to potentially operate a hobby business (spare time) as he is employed.

Much Appreciated.

Comments

  • 2 Comments sorted by Votes Date Added
  • fitbricksfitbricks
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    1. Not sure about the PayPal account type. You may be able to use an individual (personal) account but I'm unsure if that prevents you from setting up Micro Payments. I use a business account.
    2. Address for registration would be determined by from where they are running things in relation to their online store. Most people I know that do this are working from home and that's the address they use. However, some larger and long-term successful Lego sellers now have legit business premises and I guess it makes sense for them to use that address.
    3. For the tax allowance see: https://www.gov.uk/government/publications/income-tax-new-tax-allowance-for-property-and-trading-income/income-tax-new-tax-allowance-for-property-and-trading-income
    4. While this is no get rich quick scheme, in time, with good and fair policies and a great attitude to customer service, the answer has to be, Yes.
  • cas123cas123
    Vote Up0Vote Down
    Thanks will pass this on to them for consideration, is this classes as a micro business or hobby
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