Internet Business

Franko43

Hi All

Hoping to get a little internet business off the ground over the next few months but know absoloutely nothing how I register and pay taxes on any sales. Do I charge UK VAT on the sales and what taxes do I have to pay. Appreciate any help in this area

lifeisgood

You need to register as selfemployed with HMCE within three months of starting to trade. They are very helpful if you phone them, and even run free courses to guide you.

Unless your turnover (sales figure) is likely to be over £64,000, you don't need to register for vat and therefore can't charge Vat on sales. However, if you sell mainly to business customers who are registered and can claim it back, it might be worth registering voluntarily, so then you can claim back the vat you pay on business purchases.

Edit - Forgot to add, if you are already working and earning over the tax threshold, you will be liable for tax on all your profits.

lindens

The inland revenue do some one day courses on this kind of thing which can ge helpful. Your local Business Eye/Business Connect advisor could help you with any courses.