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///Are you a Hobby or Business

Are you a Hobby or Business

Quick checklist for on-line sales:

There are some questions you can ask yourself to work out if you are undertaking a hobby, or carrying on a business and therefore should be declaring as an income:

1. Did you set up your on-line sales with the intention of being a business?
2. Do you pay for your on-line-selling presence?
3. Is your main intention to make a profit?
4. Do you make repeated or regular sales?
5. Do you sell your on-line items for more than cost price?
6. Do you manage your on-line selling as if it were a business?
7. Is what you are selling on-line similar or the same as what might be sold in a ‘bricks and mortar’ business?

Each time you answer ‘yes’ to a question the likelihood that you are carrying on a business increases. However, all of the questions need to be considered together to get an accurate picture of your personal situation.

By |2018-04-14T06:45:37+00:00April 20th, 2018|Income|

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