Clarence - 7:05 pm on Dec 10, 2012 (gmt 0)
@Lame_Wolf The same laws apply in the UK and most other countries that have business. Profit - Loss
@StoutFiles A business can lose $1,000 and still be considered a business. First year losses are always to be expected. If the OP was trying to make money in his online business, spent money on hosting, domain name, software, plugins, computer, internet and only made $8.00 in revenue, then the business operated at a loss for the year, and is legally due a tax write off for those expenses incurred.
@Ethan_j Sit down and talk to an accountant in your country/state, and Review your tax code.