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Legal Business under age 16

Discussion in 'Business & Tax Advice' started by elavmunretea, Jul 29, 2016.

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  1. elavmunretea

    elavmunretea Elite Member

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    In the United Kingdom once you reach 16 you are issued a National Insurance Number, which you can use for various things. When attempting to register as a Sole Trader one of the requirements is a national insurance number, which is fine if you have one, but what do you do if you are under the age of 16/ do not have a NIN?
     
  2. RedMango

    RedMango Power Member

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    Parents? Or get parents to set up a Ltd company as a non-exec director and pay you a wage. Lots of ways you can do this to not pay as much or any tax as the company will pay PAYE, and therefore it's legal - see an accountant or there's an online accountant that explains so much about UK biz law/HMRC but can't remember the URL right now.

    or call up the HMRC and explain, they're quite friendly and helpful, and love to take money off anyone. If they say you can't legally pay tax and NI because you (or whoever) is under 16 then just collect money and not pay tax until you have an NI number.
     
  3. elavmunretea

    elavmunretea Elite Member

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    I read that you can make your money but then register as a sole trader after 3 months,by which time I should have a NIN
     
  4. RedMango

    RedMango Power Member

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    Yeah well do that, you do get 3 months' grace before needing to file as self-employed.

    Good luck buddy, what a great age to be making £ online.
     
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  5. elavmunretea

    elavmunretea Elite Member

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    Thanks, I just hate all the restrictions on what accounts I can have etc. It makes it a difficult task, especially with PayPal.
     
  6. marshallron

    marshallron Regular Member

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    You can easily register company under your parent name.
     
  7. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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  8. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    You are very young and as such I would defiantly advise to form a LTD ask your parents to do that for you. Someone should have advised me to do so when I was your age, it has cost me lot's of money this mistake.
     
  9. CenTex Hosting

    CenTex Hosting Jr. VIP Jr. VIP

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    Its only just the beginning. Running a business is not as easy as some make it out to be.

    Best of luck
     
  10. elavmunretea

    elavmunretea Elite Member

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    I'll look into it!
     
  11. anothername1

    anothername1 Newbie

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    What happened to your $5 Million by the end of December journey? Why has the thread been locked? Excuse me I have been away for a long time.