I was wondering, since running a website and generating an income, then surely there is a legal side that needs to be completed, or not? what is the whole process, I mean say u have a website, u start generating some revenue from it - do you report it or what do you do? do you have to register yourself, eventhough u might be making 10£ a month or just generate losss ( you paying out...)
I was wondering what does the legal side of running website include and what needs to be done to avoid any problems. any advise is much apprishiated...
If you generate income, you must declare it to the government and pay any appropriate taxes on it. When you fill out your annual taxes, declare yourself an independent contractor, declare your income and then pay. If you want to protect your personal assets (or if your business expands beyond a sole proprietorship), you'll need to register it either as a corporation or a limited liability company. The cost for this is typically $100-200, one-time fee.
You might want to get into the habit of spelling out the word "you" too, if you want your application to be accepted the first time