Starting a small business age 17?

I’ve just started my small jewellery business because it’s something I really enjoy, but i was wondering about the legal side. Do I need to be 18 to do certain things? Do I register my business or pay anything?

If anyone has any experience in running a small business whilst studying your advice is so welcome!!! X

Reply 1

MindMax2000

Universities Forum Helper

Original post by Em15123

Do I need to be 18 to do certain things?
If you are under 18, then I think you need a person who is at least 18 to authorise a lot of things. If there isn't anyone over 18, then you need someone quick (parents are common adults people under 18 refer to).

Do I register my business or pay anything?
To my knowledge, you need to pay your taxes (self assessment being the minimum - speak to an accountant ideally), and you need to register with the ICO for data protection, if you're collecting data. Failure to comply with data protection laws will result in fines at least in the millions. Tax fraud can also result in prison sentences.
Should you wish to set up a limited company is up to you, but it comes with extra responsibilities and costs.

Disclaimer: none of the above constitute legal or financial advice. I would strongly recommend you seek legal and financial advice from solicitors and accountants where possible, especially when you're underage and you have just started a business (whether you have started trading or not is important).
For everyday advice, then I would recommend a service like Federation of Small Businesses where you can pay a relatively small flat annual fee for the legal and financial advice that you would need to set up a business.