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Top Questions Asked by Start-ups

Discussion in 'Start-ups & Business Advice' started by fd.ltd.uk, Mar 20, 2012.

  1. Normany

    Normany

    Joined:
    Sep 27, 2013
    Messages:
    13
    If i was to start an ebay business, Would it be more const effective for me to run as a sole trader? thus saving on accouting cost etc?
  2. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,358
    It is cheaper to operate as a sole trader yes, although you still need to keep books and submit tax returns this is far more basic than the requirements for a ltd company so even if going through an accountant it would work out cheaper
  3. Normany

    Normany

    Joined:
    Sep 27, 2013
    Messages:
    13
    i dont have to pay VAT right untill i dont cross the threshold? correct ?
  4. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,358
    That is correct, basically you can just forget VAT completely until you reach the threshold in a rolloing 12 month period (not the tax year)

    Basically you obviously pay VAT on purchases and cannot claim it back if unregistered, however, you don't need to pay it on your sales either, so although you can technically register for VAT at any time, it's seldom worth doing so until you need to.
  5. ThomasStr

    ThomasStr

    Joined:
    Feb 10, 2014
    Messages:
    8
    This is a very informative post. Thanks for that!
  6. Tonzeff

    Tonzeff

    Joined:
    May 2, 2014
    Messages:
    5
    Very informative Thank you!!:)
  7. livetvaccess

    livetvaccess

    Joined:
    Oct 29, 2008
    Messages:
    14
    This is a fantastic post, very helpful for me here in Ireland because the system is very similar, thanks fd.ltd.uk
  8. delwin

    delwin

    Joined:
    Dec 4, 2014
    Messages:
    6
    Hello
    Good information.
    thanks for this sharing.
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