Hello CliffYou can run your business as a sole trader, which makes you personally liable for everything that happens in your company. It may be worth thinking about setting up a limited company. It doesn t cost a lot - under ��100 - and gives you more protection.As Grandad Jim says, you need to notify HMRC within 3 months of setting up.Think carefully about the terms and conditions of your supplier in China. What s the minimum quantity they supply - usually it s a container load? How and when do you have to pay them - this affects your cashflow? What happens if there s any faulty merchandise? What s the order lead time? If you re running low on stocks, how quickly can you restock?Business Link is definitely worth talking to. They have a lot of free information on imports and exports and usually have an advisor who specialises in it. The UK Trade and Investment people are helpful, too.Good luck!Rosemary
well, if your laws are similar to the U.S., you ll need to:Register your business locally, so that the government knows who you are and where you are, even if you are working from home.Register your business with all levels of government for tax purposes.Prepare yourself for any possible zoning rules. If you are receiving shipments from a big truck every other day, your neighbors WILL eventually complain.You will have to pay duties and various other import taxes on the goods , for every shipment. In the U.S., this tarriff is quite low from china. Not sure why though. Everyone kisses china s a.s.s.Finally, you ll have to keep quite detailed records of inventory, sales, purchases, expenses,... the usual accounting stuff, and your taxes will be due every 90 days, not just yearly as it is with income taxes with a wage.Again, this is how it is in U.S., but i m sure it s similar there.
I import goods from Ireland. Firstly you have to register with Inland Revenue for tax and NI purposes. Where will you be storing your goods? You do need to think about that, I had a lockup backing on to rail lines and I lost some stock to rats. If you are using your home to run your business from, you may have to talk to the planning dep t.at your local council.You can get help from Business Link (www.businesslink.gov.uk) I have found them very helpfulHope this helps - good luck.
Net trade is legal , you wholesale products from China website in very low prices ,and resale to others peoples.many people do this business.
