Home ยป
Connect Me!
What laws and regulations apply to small businesses? Do I have to keep full business accounts?
Posted by:
Whirlybird20
/ Drapper Family Enterprises
Now that I am launching my own website business do I have to register as self employed even though I am a student? Also do I have to keep full business accounts?
Responses to this question (1)
Aaron Kirkhouse
19/02/2008, 01:24 PM
Well, if you are over sixteen and are a student then yes, you have to register as self employed within three months of trading - otherwise you might end up with a fine! It is always important to keep a record of your income(Y) and expenditure(E) in the form of accounts. Unfortunately you should also consider registering your sole trader or partnership with the Inland Revenue so that they know to tax you! If you are a Limited company you must keep a formal set of accounts which have to be submitted to Companies House. I hope this answers your question and good luck!