Hello there,
I am thinking to open a litlle internet business in UK, but I would like to know if i need (and when) to pay VAT and income tax.
2007-03-26 11:52:44 · 2 answers · asked by Miriam 1 in Business & Finance ➔ Taxes ➔ United Kingdom
You will have to register with the Inland Revenue as self-employed and complete an annual self-assessment.
As regards VAT, you need to be earning over a certain threshold before registration is compulsory. Check www.hmrc.gov.uk for thresholds. Used to be about £60k turnover or thereabouts. Depending on the nature of your supplies voluntary VAT registration could be advantageous - again check with a local accountant or VAT office.
2007-03-26 12:05:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
youlle need to account any income goin in and out to the business house. twice every year! good luck
2007-03-26 11:57:54 · answer #2 · answered by aurelien a 1 · 0⤊ 0⤋