12-05-2013, 10:47 AM #1Junior Guru Wannabe
- Join Date
- Jul 2013
Web Hosting and Minecraft business registration
I've started my own web and minecraft hosting and believe I need to register my business for tax and vat reasons.
I've been going for 1 year and profit wise I've made roughly £760 (not posting actual figure), expenditure is around £700.
I believe there is a threshold where if the total (incoming/outgoing) is below £##k then you don't need to register.
If I did, how much would I be paying to tax and would I have to charge my customers vat?
Thanks very much.
12-05-2013, 02:19 PM #2Web Hosting Guru
- Join Date
- Mar 2006
You don't need to register for VAT until you are earning £79,000 a year. Note that this is NOT profit. It is revenue. So even if you made a loss you still need to register. Although you can register voluntarily before that point if you like.
You should already be registered for self assessment (you are meant to register for it within 3 months of starting a business) so you should complete your personal tax return as you would normally do.
If your business is a private limited company then you will also need to submit your corporation tax return (again regardless of whether you made a profit or loss) and pay any corporation tax due on profits.Windows, Mac OS X, Website, iPad and iPhone developer for hire. Competitive rates. PM for details.
12-05-2013, 06:39 PM #3Junior Guru Wannabe
- Join Date
- Nov 2013
In Australia you pay TAX based on 'profit'. So if you registered your business and made a legitimate loss for that year, you would not be paying tax. You can also claim back taxes, not sure if you guys have "GST".
Profits here are taxed at something around the 30% mark. So unless you are smart or have a good accountant, you would minimise your profits through legitimate business expenses needed to keep your business running.
If you need to discuss TAX & Accounting, probably not the right forums
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