9 Year Old wants to start a Bedroom Business
Discussion
My 9 year old daughter has come up with an interesting little bedroom business that she wants to set up.
Being a child of the 21st Century she is already dreaming big and talking about websites and selling on ebay and at school fairs etc.
From my perspective I think what she has come up with actually is a pretty good idea and think it will be great experience for her to go through. I suspect she would only make a few hundred pounds a year. What if anything does she need to do in terms of registrations and keeping it above board. I would say if all goes swimmingly she might be able to ramp up to an estimated £1000 - £1500 in a couple of years, but no more.
I will obviously be supporting her but want to try and be as hands off as possible. I thought I read somewhere that you can make up to £1000 without any kind of declaration.
Being a child of the 21st Century she is already dreaming big and talking about websites and selling on ebay and at school fairs etc.
From my perspective I think what she has come up with actually is a pretty good idea and think it will be great experience for her to go through. I suspect she would only make a few hundred pounds a year. What if anything does she need to do in terms of registrations and keeping it above board. I would say if all goes swimmingly she might be able to ramp up to an estimated £1000 - £1500 in a couple of years, but no more.
I will obviously be supporting her but want to try and be as hands off as possible. I thought I read somewhere that you can make up to £1000 without any kind of declaration.
I wouldn't bother with any registrations etc (unless food related) for first year, just get out and do it.
There is a small allowance as you mention: https://www.gov.uk/guidance/tax-free-allowances-on...
There is a small allowance as you mention: https://www.gov.uk/guidance/tax-free-allowances-on...
GiantEnemyCrab said:
I wouldn't bother with any registrations etc (unless food related) for first year, just get out and do it.
There is a small allowance as you mention: https://www.gov.uk/guidance/tax-free-allowances-on...
This. There is a small allowance as you mention: https://www.gov.uk/guidance/tax-free-allowances-on...
There isn't a need to register anything to start a simple unregulated business, it's only when you look like hitting taxable levels of profit that you would be needing to deal with HMRC.
jonamv8 said:
encourage her, put anything in your name, dont make a return unless it starts making some decent money.
The value here is in the experience she will obtain. Good on her !!!!!
How things have come on from climbing into the paper shop yard, taking the empty bottles & returning them back to the shop for the deposit The value here is in the experience she will obtain. Good on her !!!!!
2 sMoKiN bArReLs said:
How things have come on from climbing into the paper shop yard, taking the empty bottles & returning them back to the shop for the deposit
Shopkeeper: 'Mr Barrels, we couldn't help noticing that you have seem to have consumed 800 bottles of Corona in the last week...' 
Simpo Two said:
2 sMoKiN bArReLs said:
How things have come on from climbing into the paper shop yard, taking the empty bottles & returning them back to the shop for the deposit
Shopkeeper: 'Mr Barrels, we couldn't help noticing that you have seem to have consumed 800 bottles of Corona in the last week...' Edited by 2 sMoKiN bArReLs on Wednesday 31st May 17:22
tribalsurfer said:
Thanks all for the responses.
I will definitely be the buffer with ebay and online sales.
I don't think what I had learned at university changed much since 2005 but you have to be 18 to legally make a contract in the UK so she can't do anything business related.I will definitely be the buffer with ebay and online sales.
Under 18s can only make a limited number of contracts for special purposes such as buying food or water.
It's great you are an encouraging father to help. Out of curiosity, what was the idea she had?
Edited by IAmTheWalrus on Friday 30th June 16:02
At least keeping accounts will help with her maths... & help prepare her for adult life.
Very similar to an off-site course that my Secondary school ran, involving local businesses.
Design, manufacture & sell an actual product.
Used to have regulars meetings, an AGM & a ‘divi’ up... but a few quid each, if we were lucky made it worthwhile.
( Pre Internet days though).
Very similar to an off-site course that my Secondary school ran, involving local businesses.
Design, manufacture & sell an actual product.
Used to have regulars meetings, an AGM & a ‘divi’ up... but a few quid each, if we were lucky made it worthwhile.
( Pre Internet days though).
Edited by Milkyway on Friday 30th June 15:54
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