corruptcity || skalman Posted October 20, 2009 Posted October 20, 2009 Hi i was wondering that if you make a website, and if that website starts to generate income under Brittish law would i have to register that website with the taxman as a buisness meaning that i would have to pay tax on any money made or would it be that i wouldnt have to register if so that all the money would be tax free. Ive had some imputs from a few ppl but they are saying either that it would be tax free or you would get taxed once your earned a certain amount. thanks for reading this skal Quote
rulerofzu Posted October 20, 2009 Posted October 20, 2009 You would need to either setup as a company (would be overkill in your situation) or set up as a sole trader which is your name trading as xxx business name. As your not going to be an employee of someone else then basically your becoming self employed Either way. Regardless if it makes money or not. You legally required to register with the Inland Revenue as self emlpoyed and then submit your tax return yearly. Your also required to pay national insurance contributions usually done on either a monthly or annual basis. The amount of tax you pay depends on the money you make and if you pass the threshold. If you have just read that and sat back thinking WHAT???? seek free advice from a local accountant. Usually they will give you a meeting for free and explain it to you. As generally they hope you will use them to file your accounts. Quote
corruptcity || skalman Posted October 20, 2009 Author Posted October 20, 2009 ok thanks for the info rpmb that made it clearer for me Quote
gurpreet Posted October 20, 2009 Posted October 20, 2009 I think all that only applies if your over 16 (correct me if im wrong). Quote
corruptcity || skalman Posted October 20, 2009 Author Posted October 20, 2009 yeah but as im 21 im shafted lol Quote
rulerofzu Posted October 20, 2009 Posted October 20, 2009 If your under 18 then your parents have to register with the Inland Rev and do the accounts etc instead....there is no escaping the rev :D Quote
gurpreet Posted October 22, 2009 Posted October 22, 2009 Wel 99% of the MCcodes games in the UK aren't registered.. Quote
rulerofzu Posted October 23, 2009 Posted October 23, 2009 Yeah true enough but you step a dangerous path with the inland revenue for no reason. For the sake of submitting a online tax return once a year saying you owe nothing (assuming you owe nothing) beats the inland revenue deciding you owe £20k unless you can prove different. Quote
corruptcity || skalman Posted October 24, 2009 Author Posted October 24, 2009 im gonna register with the tax man just so i can claim back on the VAT lol Quote
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