Hello, I've set up an online business (partnership) based in the UK. Who do I need to talk to, or where can I find advice on how to register, or what I actually need to do in terms of accounting? Has anyone else been in the same position with any advice to offer? Reputation added for anything helpful Also, me and my partner are both students running this as a sort of hobbie, so we won't be turning over more than a couple of £1000 a year for quite a while. Will this have any impact on what we need to do for tax? I need as much advice on this as possible. Many thanks, BeeJ
As you are running a business you will need to register and more information can be found by visiting the HM Revenue & Customs site at http://www.hmrc.gov.uk/businesses/iwtregister-a-new-business.shtml. Even if you turn over little profit, you still need to registered and fill in tax forms and everything. Your local Business Link (http://www.businesslink.gov.uk/bdotg/action/directory?r.s=h)office may be able to offer your more advice on whether you need to register or not.
Thanks smg really helpful. Just to make sure is this all i need do? Wouldn't want to miss anything else. Thanks BeeJ