Hey there

Guys ive recently lancuhed a new recent online business. And am wondering at what point i would be eligble to register as a business? I mean is there a certain amount of profit i would have to make to register as a business?

And at what point am i eligible to pay taxes?

Please help me out am a Student so have no clue.

Thanks a lot

Appreciate it


Regards



Zesh

Bump no one has a clue?

Legally you have 3 months before you have to register as a business. There is no profit/turnover threshold that you must earn to be classed as a business.

Check out the Business Link website for a more in depth answer.

http://www.businesslink.gov.uk/

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Last edited by JustCraig; 13-11-2009 at 02:55 PM.

hmm 3 months thast not tooo bad? Would ther ebe any cost attached to registering as a business if im operating literllay right next to breaking even or a very minimum amount of profit? Basiclaly my plan is to actaully invest only once and then the profit i make should help me keep on expanding and reinvesting rather then putting in persoanl additional cash. So is there a amount i would have to pay on lets say a weekly basis? Also in the case of registering as a Business am in entitled to any sort of support in terms of general help and advice etc...?

There is a difference to registering a company and registering as being a sole trader.

You woul dbe best off calling your local business link.

Some of your questions have already been answered in the following link.

Tax - What is profit ?

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Make Money Selling Video Games; Gamefox.co.uk A New On Line Trade Mag - Free Business Document Sharing Site TotalDocs.Net

I see hmmm registering as a sole trader would mean im in control of my business ie Owner of the business and registering the business would gain me a Status to the business ie a limited company etc.?

Sort of. Registering your company as a LTD company would be different to registering a company (with companies house for instance)

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Make Money Selling Video Games; Gamefox.co.uk A New On Line Trade Mag - Free Business Document Sharing Site TotalDocs.Net