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Beginning Internet Marketer / Company Registration - UK

by adamc
5 replies
Hi guys,

Hope you can help - in between the mince pies and mulled wine.

I have dabbled in IM before, with some success - and am wanting to turn this from a hobby into a business.

I am wanting advice on the company registration and tax side of things. Can IM's in the UK give me some advice on when they registered their business - what type of company they formed, the process involved etc.

It seems like you need company registration details for merchant services etc.

Also is there a guide together to assist IM's jumping through the UK tax hoops?

Thanks,

Adam
#beginning #company #internet #marketer #registration
  • Profile picture of the author TLTheLiberator
    Adamc,

    Is there such a thing in UK as a sole propriater?

    It's a very simple form of business in the U.S.

    The Merchant Account:

    You should not get an merchant account - unless you have your own product and unless you've already made a lot of money with it and want to make a little bit more with your own merchant account.

    Clickbank, paypal among others can provide you with payment processing cheap.

    Just trying to help!!

    TL
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  • Profile picture of the author Nicola Lane
    Formally forming a company is a headache you don't need right now!

    You are unlikely to need merchant services just yet - worry about it when you do.

    All you need to do is become self employed - and your local tax office will provide all the help you need check out the inland revenue web site: HM Revenue & Customs: Home Page

    Talk to your local tax office - they are not the three headed monsters they are made out to be, you can often go in and have a chat. They have every incentive to help you (makes thier job easier)
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  • Profile picture of the author Jeff McCall
    Adam,

    The advice from my accountant is to stay a sole trader until the business earnings are such that tax payments become a big issue.

    At that point you are apparently better off switching to a limited company as then there are more options for reducing your tax burden.

    When I asked about how I'd know I'd reached that point, he said when I was earmimg a full time income.

    Hope that helps?

    Be successful.

    Jeff.
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    Jeff McCall

    You're welcome to visit me at my blog anytime for marketing tips, 'How-To' videos, articles and other great stuff.
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    • Profile picture of the author Jenni Mac
      Sole trader is usually the way to go and you have 3 months to register your status with the Inland Revenue or risk being fined.

      Your best and most sensible bet, is to go to the Inland Revenue and register with them. They really are quite friendly IF you level with them and play by their rules.

      They run great free workshops to introduce you to their best practices - I did a couple early in the year.

      Go register and talk to them, that's the best way!
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      • Profile picture of the author zimzalabim
        Sole trader and limited company options both have their advantages and disadvantages.

        What "form" to take is a complex subject and (from experience) is best discussed with a professional and, like others have said here, the HMRC.

        Lots of other considerations too - pension provision (if that's important to you), paying NI to protect your state pension and certain benefits etc, any insurance you might need and whatnot, is your IM going to be your only source of income or do you still have a "day job."

        One thing is for sure - it's strongly advised to check it all out properly before you get in to a trading situation to make sure you're all set up right from the "off."

        ATB,

        Andy.
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