Msg#: 4068828 posted 10:55 am on Jan 27, 2010 (gmt 0)
I bought a domain, I live in the UK so I paid VAT.
Someone offered to buy the domain from me so I sold it and added on VAT.
Now I have to fill in my tax return (UK) but am not sure where to put it. Is it an asset? It would be great if it was as assets only attract something like 17% tax whilst running it with the rest of the profits will attract the 40% tax.
Any help from domainers on how to pay the least tax would be great ... it will only go toward bankers bonuses and pavement trip compensation so I'm not feeling to bad about withholding as much as possible whilst remaining on legal footing.