New Sole Trader / but working from my home.

[SDMXTWO]

Just wondering, if one of my children starts a new sole trader biz in my house, what are the liabilities for me / them / home. It is computer based so no stock or machinery etc. But are there tax implications? Thanx.

 

[mathepac]

What does your child have to say about this? Have they a business plan and/or a contingency? Has s/he registered a business name, set up bank accounts, re-registered as self-employed, consulted an accountant or any of the usual steps needed?

Of course there are tax implications, does s/he understand what they are?

 

[SDMXTWO]

What does your child have to say about this? Have they a business plan and/or a contingency? Has s/he registered a business name, set up bank accounts, re-registered as self-employed, consulted an accountant or any of the usual steps needed?

Of course there are tax implications, does s/he understand what they are?

Yes, they have a business degree and is starting in affiliate marketing. Reg'd name, has bank account etc. So are there tax liabilities for the business being run from my house, that is the question.