Just a quick question for those who understand the UK business system to a basic level.
I have to register for VAT at 60k turnover, I think it is now. That's not a problem, none to pay, but what I'm wondering is, you have 3 months from starting trading to convert easily from sole trader to ltd company. Is it worth registering as a business to shelter my aff stuff, if I'm planning to take this full time in a year or less? It's just if I then decide to run other, b&m business at the same time, that might be liable for VAT too if they were both sole trader?
Only reason I'm hesistant about registering a ltd. is corp. tax. Do I have to pay this?
I know I should see an accountant, but as anyone who reads my journal knows, I can't afford it!
Thanks loads!
I have to register for VAT at 60k turnover, I think it is now. That's not a problem, none to pay, but what I'm wondering is, you have 3 months from starting trading to convert easily from sole trader to ltd company. Is it worth registering as a business to shelter my aff stuff, if I'm planning to take this full time in a year or less? It's just if I then decide to run other, b&m business at the same time, that might be liable for VAT too if they were both sole trader?
Only reason I'm hesistant about registering a ltd. is corp. tax. Do I have to pay this?
I know I should see an accountant, but as anyone who reads my journal knows, I can't afford it!
Thanks loads!