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Registering as a business for making revenue (UK)

by blackout17
5 replies
Hello all,

Right need to work out how this all works because its all new to myself and the fella I do the website with.

We have a football website which is starting to trickle in some earnings via the betting affiliates which is good news. However, with us both working full time hours, how do we go about adding the income from the website to the personal income we have in terms of tax.

Do we need to declare the website as a business?
Do we need to open up a business bank account?
Or do we simply just register HMRC taxes?

Help!

Thanks!
#business #making #registering #revenue
  • Profile picture of the author operationoffers
    you would need to register the business and receive a business identification number. You will also need to open up a business account in the business name. This is usually how it is done in the US.
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    • Profile picture of the author blackout17
      Originally Posted by operationoffers View Post

      you would need to register the business and receive a business identification number. You will also need to open up a business account in the business name. This is usually how it is done in the US.
      Thanks, just not sure how it works in the UK.
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  • Profile picture of the author daddykool
    Here you go buddy...

    http://www.ukbusinessforums.co.uk/forums/index.php

    All you need to know about your uk business and how to sort it :-)

    Hope that it helps
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  • Profile picture of the author Romeo90
    If you are making money as self employed (like online), then you need to register on HMRC website:

    HM Revenue & Customs: Self Employed

    You will need to pay tax on your profits, as well as NI contributions (about £130 a year if your profits are over something like £5k a year - if under apply for exemption). Remember to record your expenses, including stuff like web hosting - in fact, anything that is directly related to the running of your business.

    Your employed income and self employed income are added together - remember to keep your P60 at the end of the year as you will need all the info on it.
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    • Profile picture of the author techservice
      Originally Posted by Romeo90 View Post

      If you are making money as self employed (like online), then you need to register on HMRC website:

      HM Revenue & Customs: Self Employed

      You will need to pay tax on your profits, as well as NI contributions (about £130 a year if your profits are over something like £5k a year - if under apply for exemption). Remember to record your expenses, including stuff like web hosting - in fact, anything that is directly related to the running of your business.

      Your employed income and self employed income are added together - remember to keep your P60 at the end of the year as you will need all the info on it.
      This guy is correct but the reality is that if your making less than £100 a month then don't bother. HMRC don't really care about a few quid here and there. But if your venture takes off then get legit asap.
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