Thinking of starting a business?

If you are turning a hobby into a business or starting a whole new venture, here are some tips to help you get up and running without falling foul of the (UK) tax authorities. You will need to register with HMRC as a new business within 3 months of starting to trade. Otherwise you will be fined £100 (or more if they find out about you before you register). Registration is quite simple and can be done over the phone.