Do I need to pay tax when I launch a ecommerce site, I aslo work fullt-time

[skywalker786]

Hi

 

I have recently opened up a joint partnership Business Bank account with the HSBC, me and my partner

both work full-time and pay the normal tax with the company. We both earn above 30K.

 

What we wanted to know is how do other people get around this?

 

Q1. Do you pay tax on the goods you sell online?

Q2. If you do what are the steps you go through?

Q3. Someone told me if you earn above 38K which is possible chance with day job and online shop I would

be paying 40% tax? is this true.

 

I would be interested to hear from everyone or anyone in my situation and how they get around this.

 

Kind Regards

Shebs.

[seb1188]

Hi

 

I have recently opened up a joint partnership Business Bank account with the HSBC, me and my partner

both work full-time and pay the normal tax with the company. We both earn above 30K.

 

What we wanted to know is how do other people get around this?

 

Q1. Do you pay tax on the goods you sell online?

Q2. If you do what are the steps you go through?

Q3. Someone told me if you earn above 38K which is possible chance with day job and online shop I would

be paying 40% tax? is this true.

 

I would be interested to hear from everyone or anyone in my situation and how they get around this.

 

Kind Regards

Shebs.

 

 

1 - This depends on how much you expect to earn in your business. If in your business, you don't expect to get more than (not sure on the figure, but it's something like £48K) in a year in TURNOVER (gross), you don't have to charge VAT on the goods you sell.

2 - If you do need to pay tax, you should go to http://www.hmrc.gov.uk as all the information you need is on there. Also the business link website (Google it) helps a LOT.

3 - Again this depends on the income of you and your business separately. For example, a self employed person earning less than £6,800 (again not sure on the figure), then you don't need to pay any tax on the income. As that's obviously not your case, I suggest you go to the Business link website. It really is extremely useful, as it tells you everything. It also has "quizzes" that asks you about your business and recommends a course of action at the end. One of them will tell you exactly what to do with tax/NI contributions etc.