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Hi,
My sister and I are keen to start up a small online business (retail) and its going to be more of a hobby than a big business venture.
I've read up about domain names, web hosts, web builders and editors, copyrights and trademarks, etc ... the thing I am abit confused about is:
1. Do we have to register with Companies House as a requirement? Or is it not neccessery? I can't work out if they are a legal requirement?
2. Although we dont plan to earn big bucks and will likely not make over the tax allowances, do we have to register vat and add vat to out items??
Sorry if this sounds stupid. You see lots of little online stores and myspaces selling items and their prices dont look like they add tax...
Thanks,
Charlene
Starting up a new online small business - register for vat and companies house?
You will need to register you business and pay tax on any proofits you make. It may well be worth paying for a bookkeeper for advice as they often save the money spent several times over with the advice they give.
As for VAT, if its a small business, you only need to be registered for VAT if turnover is over around 拢80,000 so I wouldn't worry about it.
Buy a book on start-ups and it will give you all the advice you need.
My advice, don;t ignore payng tax as if you do, they'll come after you and the fines will be impsoing and they'll never leave you alone.
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