I'm due to retire soon and considering starting my own business in buying push bikes and breaking them. I really don't need to earn a huge amount to live on in addition to my pension. I think this could give me enough and allow me to work from home.
My question is, apart from paying tax on what I make minus the usual things I can offset against my gross income, would I have to pay business rates if I run this from my home address? and do I have to get planning permission for a change to my residential property to include business use?
Running a business from home comes with a lot to consider. You'll need to consent of your neighbours and written permission from the council. Not only are the implications on the business side to be considered but also on the personal side. It may affect your home insurances.
Of course.. if you way of living doesn't depend on this business.. maybe just take a few risks?
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