I do want to retain control of it but it never will be a huge concern but yes I gues in futre it may grow into a little venture
I just dont want to be burdened by too many legal requirements etc .it costing me just over £2000 a year to run the site and software and support costs.. and i will get aroudn 1,500 pounds a year income if i start invting people to pay a voluntary membership to help towards teh costs
Steve, thank you for your prompt response.Based on your thought process my recommendation to you is to register for self assessment as self employed.You may not make a profit in the near future. It is your intention to retain control and therefore having registered as sole trader you would have the facility/ability to carry forward losses in the short term and offset them against future profits.
You are unlikely to be burdened with hugh legal and or finance costs if you keep the operation simple and straight forward.You can register for self assessment online and the link to it is here
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
If I am employed by a LTD company that I have shares in and paying PAYE would i stil be able to be self employed sole trader for this purpose keeping the two things seperate ? I was hoping to keep this hobby seperate