In full ed', starting my own business soon, will i need to pay tax to keep it running?

Question

i am in full education at the moment (uk) and will be for the next 2 years. i am 16 atm, and have recently been told that if i am in full education, i dont need to pay tax. is this correct? my business is very basic http://quidsquid.webs.com/ and i am unsure weather or not i will need to pay tax/business tax. and i am self-employed.

Answer 1

If you're self employed, you must register with HMRC and pay Class 2 NICs. Yes you will also pay tax on any profits in excess of your personal allowance (£6035).