SETTING UP A COTTAGE INDUSTRY – THE FACTS

BASICALLY ANYONE CAN SET UP A COTTAGE INDUSTRY, DOING ANYTHING THEY WANT FROM A -Z AND EVERYTHING IN BETWEEN.

ALL THIS INFORMATION USED TO BE THERE FOR EVERYONE. MAYBE IT WILL RETURN AFTER COVID.

I CONSULTED THE NERD AGAIN ON THIS SUBJECT TO GET YOU THE FACTS FOR YOU.

IF YOU DON’T WORK:

You can earn up to £241.73 per week without having to pay tax 

IF YOU EARN MORE THAN £241.73 A WEEK YOU ARE DOING WELL AND REALLY NEED TO PAY TAX AND GET AN ACCOUNTANT.

I EMPHASISE YOU ABIDE THESE RULES AND PAY TAX BY THE BOOK!!!

IF YOU ARE WORKING YOU CAN SET UP A COTTAGE INDUSTRY IN YOUR SPARE TIME, BUT YOU NEED TO DECLARE TAX. UNLESS YOUR GOOD AT ACCOUNTS IT IS ADVISABLE TO GET AN ACCOUNTANT.

COTTAGE INDUSTRIES ARE A NO OR LOW RISK WAY TO START A BUISNESS.

YOU DON’T NEED TO BORROW MONEY, YOU CAN APPLY FOR A KICKSTART GRANT FROM THE GOVERNMENT.

MY IDEA WAS AN ACTIVE COTTAGE INDUSTRY SUCH AS GARDENING, BUT YOU CAN DO A SEDENTRY COTTAGE INDUSTRY LIKE COMPUTERS ETC.

NOW IS A REALLY GOOD TIME TO SET UP A COTTAGE INDUSTRY.

REMEMBER THE AIM OF THE GAME IS TO MAKE PROFIT!!!