I need some help from UK members about starting my own company

[xonez]

Hi Guys n Girls,

The time has come where I've been lucky enough to be offered a partnership with 2 of my eBros on a website providing data to Clickbank users.

I will be in charge of advertising, running all the ad spots, and I'm getting a cut of site revenue, this will be a cut substantial enough to form my salary.

I've been told by the main guy the best thing to do is set up my own consultant business, and invoice him for my funds bi-weekly or monthly.

Here's where I get stuck. I'm currently a full time student, and will be until May. I know how to register my own business, but since it will be solely me, no employees, what kind of company do i register?

The next daunting thing is taxes. I thought I would ask here first before ringing the tax man, my money will actually be coming from Canada, and I plan to open a basic business bank account, with a paired business Paypal account.

I take it I will have to do my own tax forms? Which means what? Am I right in saying I need receipts/invoices/bills etc to be stored for when I fill in my tax form?

Is it all that simple or way more complicated?

Thanks guys, any advice or information will be greatly appreciated.

Ashley.

 

[Kate]

In the UK you can do business as a sole trader.
As for the tax part you should talk to a CPA for guidance and a projection of income/tax. Even a paid, initial consultation will be money well spent. Best of luck.

 

[namemarket]

Not familiar with UK laws but maybe you should form a limited company in the Isle of Man or Jersey since I hear they have no income taxes there vs the sky high UK tax system?

 

[xonez]

In the UK you can do business as a sole trader.
As for the tax part you should talk to a CPA for guidance and a projection of income/tax. Even a paid, initial consultation will be money well spent. Best of luck.

Thanks yeah since posting I've found what type of company I need, which is a sole trader. We're not working with the CPA, just providing a site about their products, so the income is whatever we make it.

Cheers

Not familiar with UK laws but maybe you should form a limited company in the Isle of Man or Jersey since I hear they have no income taxes there vs the sky high UK tax system?

Cheers, but I think you need a registered address there, with a registered business there, so the IOM government has to have you listed. It's ashame, because I love the IOM too, awesome place! And yeah the UK tax is outrageous, but I'm moving as soon as I can! Born and Bread in the UK but man the government make bad decisions! Anyway - That's off topic.

Cheers guys

Anymore comments/advice are welcome.

Ashley

 

[NeeJam]

If your a Sole Trader you'll give upto 40% of revenue (since it will be classed as income tax) to the Gov't by registering as an LTD (you can do it with one person) then you'll only give upto 22% of profits (which means your expenses can be deducted).

If you need any more help, feel free to PM Me. Hope this helps.

 

[KPR]

Speek to an accountant before doing anything they will tell you exactly what you need to do.

Check out this also http://www.hmrc.gov.uk/selfemployed/

 

[BizDever]

I would talk to several "innovative" accountants.

If your business will be trading "in the Internet" you may have many choices, therefore where you base it is important, tax wise.

For example, the company could be based in the Turks & Caicos Isles, generating revenues & paying into a holding account there. If you don't need the money immediately it could be a very tax efficient nest accumulating.

Some imagination and thought would go a long way methinks.

 

[Joe]

Google business link and phone them. I am in a very similar situation and their free advice has been extremely helpful.