Forum Moderators: LifeinAsia
One of my sites that i run on a part time basis is starting to kick off so id like to set it up as a business.
Im fairly new to all this so i would appreciate any advice anyone could offer.
In particullar Id like to find out about registering the site in a particullar country and the relative tax benefits for this. Im assuming that the site would be registered in your own country, but someone suggested to me that an off shore biz registration would be a better move financially.
Any thoughts on this?
cheers
JOAT
If you are based in the UK which I thinnk you are here are a few things to consider.
When you say set i up as a business I am presuming you are refering to a Limited Company? That said there are some easy routes to setting up PLC, a solicitor will be able to get you an off the shelf company and then all that has to be done is change the SIC codes etc. Trouble is though is once you go down this route you have to provide company accounts signed off by a qualified accountant. That costs.
Why not start as a sole trader, if things start to take off then you can move towards a full LTD.
To your next point, the tax man is not stupid (certainly in the UK). You have to be sh## hot to get away with this sort of thing and is probably the reserve of people who turn over lots of income and can afford slick tax bods.
Go straight from the off, much easier. Put your tax aside in a separate account and pay the man. He wont be too happy if you say "Ive spent it". You WILL have to pay, and you wont get that long either.
How many times have you seen people in the news who have had to stump up vast amounts of cash in a small amount of time cos their accountant did not tell them they had to pay tax or they were "conned" :)
Cheers
Ive no intentions of stiffing the tax man. Can I just clear that up! :)
Ive got an investor who is providing accountant and legal support, etc. (my employer was particullarly keen to invest after this carry on over the weekend: [webmasterworld.com...]
Im based in Spain, where ive been working for a few months, but i was intending to return to the Uk at some point.
I just wasnt sure what i should do about registering the biz.
JOAT
