Selling a website

reallylight

Hello,

Basically I am considering selling my hobby website for around £10,000 (we'll stick with a round number for ease). Basically I don't really need this money at the moment, so would be wanting to invest it somewhere. It's unlikely I'll need to touch the money for 2 years at least.

I currently earn pretty much minimum wage of £11,000 per year as my job and pay tax on that accordingly.

If I sell my website for £10,000 I assume I will need to pay tax on this sum? How would I go about reporting this money as I am not currently self-employed or anything like that since the site doesn't actually have any adverts on it or anything.

In short, what is going to be the most profitable way for me to do the transaction.

Dime_Bar

I am sure someone more knowledgable will come along and shoot me down, but I would have thought this would be liable for capital gains tax and the tax free alowence is £9200 so you would pay tax on only £800.

The new rules say that you can sell a businessand make up to £1million in a lifetime and only be charged 10% tax so that is £80

Doh

Dime_Bar wrote: »

I am sure someone more knowledgable will come along and shoot me down, but I would have thought this would be liable for capital gains tax and the tax free alowence is £9200 so you would pay tax on only £800.

The new rules say that you can sell a businessand make up to £1million in a lifetime and only be charged 10% tax so that is £80

so you have any official links for that info? i'm interested myself

Dime_Bar

Here you go