Bother with a company?

BusterBessie

Hi

As a personal project to learn some web development, I created a website that checks the price of products from a number of UK retailers (Amazon, Argos, Currys etc), and then emails me when the price drops.

It was originally just something for me to play around with (the design isn't great as I'm not particularly 'arty'!), but I asked a few friends and family to try it and they found it quite useful.

As such I was thinking of monetizing it, possible via affiliate contracts, just to offset the hosting costs.

So my question is, is it worth setting up a company, or myself as sole trader? At most the revenue would only be a few hundred pounds I guess in its current state. If I don't, is there a limit of extra income before I need to start returning Self Assessments?

I am a full time employee and that won't change.

I'm sure it is against forum policy to list the website address here, but it should be in my profile if anyone wants to take a look - all feedback gratefully received!

Thanks
S

InsideInsurance

There is no minimum income for doing self assessments as a sole trader, though the benefit is that there is only "you" so all income/ losses are counted together and so you may get a rebate if your employed life has you paying income tax but your sole trader life is loss making.

Given the current projected token income I'd personally operate it as a sole trader unless you are intending to ramp things up significantly and as such increase your revenues/ profits unless there is some other reason you are considering incorporating for.

Ultimately you should seek professional advice from an accountant. Many will give a free 30 minute initial discussion but inevitably wont want to give you all the answers for free as it is as much a sales pitch for them to get you to sign up to their services - something that wouldnt be cost effective for such a low turnover

BusterBessie

Thanks for your reply.

I guess I just have to ask myself is it worth the trouble of returning self assessments each year for the sake a few quid extra income.

Maybe I'll run it for six months to forecast potential revenue before continuing.

Thanks!