Law & Accounting

Law: selling second hand goods

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Legal safety requirements of selling second hand goods such as toys or electrical items By Suzanne Dibble of Lawyers4mumpreneurs If you are selling certain second hand goods in the course of a business, a number of consumer protection and safety regulations will apply. General product safety law is found in the General Product Safety Regulations 2005. This Act applies equally to the sale of second hand goods as it does to new goods. Under these regulations, it is an offence (punishable by up to a £20,000 fine and a year in prison) for you (i)...

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Tax Tips

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Claim against your profits for items you bought prior to starting your business but which you now use in your business e.g. mobile phone, laptop, software, stock, etc. If you work at home remember to claim against your profits for the use of your home as office. If you register as self employed part way through the tax year but were employed before that date you may be entitled to a tax refund on the PAYE paid so far. If you are Vat registered it may be beneficial to switch to a Vat flat rate scheme. If you employ staff get a tax free payment...

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Self Employment – accounts

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Getting started keeping your accounts If you are new to self employment this article explains what you need to do to get your accounts up and running as a sole trader and to ensure that your finances are being well managed. Getting Started The first thing you must do is register with HM Revenue & Customs (HMRC) as being a self employed sole trader. In fact you have to do this within three months of setting up otherwise you can incur a fine of £100. To register all you need to do is telephone the Help Line for the Newly Self-Employed on...

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