Do I need to be a business?

[alditoharrods]

I'm wondering whether it might be advantageous for me to register a business.

Obviously (well...maybe not so obviously. You need to be doing this if you're earning money online!!!) I complete my own self assessment tax returns, etc etc etc. But I'm now wondering whether I should register myself as a business. I actually know nothing about it, but since I want to create a new site where I'll be paying people like Bubblews, I'm thinking I should become more official. I won't need to become VAT registered...I think?????

Does anyone have any knowledge/advice about this?

 

[Jon]

all i know is

there is a threshold before you have to pay VAT which I doubt you will get near for the first few years. I forget what it is but it's quite high

I have always just been registered as self employed BUT I have been registered under a business name not my own name. Basically ALL self employed work gets classed as work for my business

 

[alditoharrods]

Have you officially set that business up anywhere? Or have you just made up a name to use on your tax returns?

 

[Jon]

I applied to HMRC to be self employed and where it said 'business name' or whatever it is, it put that in there

if you are talking about trademarks and companies house and all that, i would say it might be expense you don't really want at the start unless you can work out some benefits for it