Setting up as a sole trader (interior painter) whilst receiving support from Universal Credit

I really need some advice regarding setting up as a self employed painter. I'm still receiving Universal credit depending on my income for that month. Its been a year now since i went self employed with some months Dec22..and (jan/feb 23) not having any work at all. However post covid this was my dream to work for myself. The work has been up and down with some weeks/months being good others really slow. I haven't reached the tax threshold yet of 12 half grand. any advice will be much appreciated how i proceed. Once again i don't have any tax to declare as informed by the DWP. Also i have been told i don't have to worry about registering properly until i reach that mark of 12half K. Once again anyone else in a similar position advise would be much appreciated. Thanks

Hi ,
 

Where your self employment business turnover exceeds £1000 in a tax year, you are required to complete a self assessment tax return.  In order to do that, you have to register as self employed.  You still need to declare your self employment income, even if the net profit is below the level of your personal allowance.  You can register for being self employed and for a self assessment tax return at : Set up as a sole trader .   You may find that you are required to pay class 2 national insurance when your net profit exceeds £6725.00.  This is £3.45 per week or £158.60 per year.  You will also need to keep your business records for 6 tax years.  You can keep them electronically if you want.  See : Business records if you're self-employed   .  You may also want to attend a live webinar session such as business expenses for the self employed, how to complete a tax return, record keeping for the self employed and more : HMRC email updates, videos, webinars and community forums  . Thank you .