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What should I register as?

Discussion in 'Legal, Insurance, Employment and Health & Safety' started by Oliver Dent, Apr 25, 2012.

  1. Oliver Dent

    Oliver Dent

    Joined:
    Jul 12, 2011
    Messages:
    28
    Hi,

    I have just set up a website selling pc game keys. I am doing it with a business partner and am wondering what I should do about registering? We don't want to register as a limited company etc yet so would we both need to tell HMRC that we are self-employed? If so would we just file a normal income tax form in at the end of our business year (20% tax and 40% tax after certain amounts)

    (Also I am 16 and my business partner is almost 18, would this have an effect on anything?)

    Finally, for example, if we made £15,000 profit do we pay tax and then split the money or would we split the money then pay tax. I am sure it's the first option but I just want to be sure as HMRC website is a bit of a hassle finding the pages you want sometimes.

    Would really appreciate some help, thanks guys.

    (I am already aware about VAT it's just registering as a business which I need some help with)
  2. Oliver Dent

    Oliver Dent

    Joined:
    Jul 12, 2011
    Messages:
    28
    Can anyone help?
  3. Proudlock

    Proudlock

    Joined:
    Mar 30, 2010
    Messages:
    444
    Hi,

    I'm not 100% sure on these questions but have you tried to find the answers here on the business link website - http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&topicId=1073858805. They tend to have some very useful information surrounding these subjects - think there is a section on tax for partnerships on that page that may help you some what.

    Hope this helps a little.
  4. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,364
  5. Jinkz90

    Jinkz90

    Joined:
    May 9, 2012
    Messages:
    80
    in agreement with the above, although you need to sit through around 20 minutes of cheesy music, i spent a long while on the phone the other day and importantly found the * official * answers to all my questions, leaving me in no doubt in what i need to do and making sure i expanded every question i had to them.
  6. Oliver Dent

    Oliver Dent

    Joined:
    Jul 12, 2011
    Messages:
    28
    Thanks for the help guys :)
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