Registering with HMC, business name or sole trader
Just back from accountant and I will imminently register myself online with HMRC so that my extra income is registered for tax and all is above board.
I am stuck at the first hurdle on whether to register myself a business name, or stick to sole trader. I am really just a hobby seller, spreading my sales thinly over a handful of EB/PP stealth accounts, outside my FT job. But I thought it might be cool to have a generic 'trading as' name in case things develop.
But, I am confused if this is going to cause problems as none of my EB/PP accounts are in my own name or address (some have variations of my name, that is the closest I get). Is this an issue? So I have stuck to personal EB and premier PP accounts with no plans to upgrade to business.
I guess I would like to know more about the pros and cons of registering a business name in stealth circumstances like this. I would have thought you cannot use one business name for all the stealth account pairings otherwise they get linked, so you would then need to register a different business name for each EB/PP pairing?
Also, when submitting EB/PP invoices for the tax return, when none of the name/address details match your legit ones, does that not get red flagged by the accountant or taxman? I wanted to ask the accountant today but held back as this just all sounds a bit dodgy to a non stealther.
I just want to do this the right and sensible way. If anyone can offer a few pointers I would be most grateful |