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Ive started making money, now I need real business advice. Can anyone help ?

by dean_holland
8 replies
Hi warriors

Dont want to keep you long so straight to the point.

Finally I have started making money online and now I am concerned about what to do for tax purposes. Just general questions like ;

When or how often do you pay it ?

Do I need to register officially as a business ?

You see I have spent 1000's online over the last few years but made nothing, I have receipts for my spends so in the eyes of business I have not made money really.

I also plan on putting most of my earnings back into my business so still there will be no profit to declare so what do I do ?

Sorry this is boring but its the stuff we all need to know really starting out so if anyone does have the knowledge to help out then thankyou

Dean
#advice #business #making #money #pay #real #started #tax
  • Profile picture of the author GoGetta
    Hi Dean,

    I see you are in the UK like me!

    You will have to register for tax. You are supposed to register within 3 months of making your first sale! You can call HM Revenue and Customs and they will send out the relevant forms. As far as tax goes unfortunately you will have to pay tax on your first sale. Every bit of income I take in for my business I save 30% of it. Now my accountant handles all that but I think tax is 22%. Do not quote me on that though.

    I keep 30% back so I can pay tax and have a sum left over as well at the end of the year.

    HTH

    GoGetta
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    • Profile picture of the author keyaziz
      Like GoGetta said register for tax now!!!!!

      I didn't and went over 3 months and they tried to give me a fine - however..they gave me a chance to explain why I shouldn't have to pay it..and I didn't have to pay it. But don't put yourself in that position.

      Go register
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  • Profile picture of the author Anthony Hull
    I'm on the 40% tax bracket at the moment so have to put aside 40% of any earnings. I download my paypal statements once a year (in April) and let my accountant do the rest.

    Cheers,

    Anthony
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  • Profile picture of the author williamprofet
    Yes, man, register as a business. You cannot beat the taxes. )
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    • Profile picture of the author Nathan Hangen
      How does this work in the states? No reason to incorporate, so sole proprietor?
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      • Profile picture of the author angela99
        I have one word for you: "accountant".

        Get an accountant as soon as you can -- you'll get excellent advice. It's a must for any business. Your accountant will help you to minimize your tax obligations, and can help you to grow your business in the years to come.

        While family/ friends/ forum advice is always valuable, I wouldn't be taking non-professional advice in business matters. :-)

        Cheers

        Angela
        Signature

        Everyone's a writer today. Get personal guidance from Angela.
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  • Profile picture of the author dean_holland
    Hi

    Thankyou everyone, I will now seek an accountant.


    This has given me a little knowledge to head in the right direction

    Thanks !!

    Dean
    Signature
    Follow My Journey To Online Success > www.DeanHolland.com
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