Hey guys, I am in a development of my own website and theres a possibilty that i will introduce a subscription fees to my website someday when it gets popluar? (hopefully) Anyway just about legal question, to be able to introduce a subscription fees on your website, do you have to be registered as a "company" of some sort and also set up all of taxes n stuff etc..? I live in the uk.
How do you know this? Do you have any proof to back this up? There are many people that earn from the "public" and don't have a company set up...
I am actually in UK and no you don't have to register as a company. However you do have to register with HMRC as self employed, even if you have a job as well (google HMRC and register online within 3 months of starting to trade) . You must also keep records and fill in a tax return. This is not hard or scary and you dont need an accountant. If things get big and you make lots you could use an accountant to help reduce your tax bill and if you turn over more than about £62000 you must register for VAT. i think it may take you a while before you get to that stage though. Finally if you profit less than about £5000 a year you can be exempt of class 2 NI contributions but you must fill in a form, again from HMRC site to get exemption. None of it is hard but not doing it will cause headaches.
cool thanks thats useful advice! I hope my site will get big in the next couple of years! I will try my best to make it work! Once the site is done you lot will be the first one to know what it is?