Do I need to pay Income Tax if I sell advertising space on my website?
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If I sell advertising space on my website, will I need to pay Income Tax? If so, are there any guides as to how much I need to pay (such as so many pounds per £10 earned)? Thank you for any help.
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Answer:
If you start trading with the intent of earning you must do the following - 1/ Inform HMRC and have a Self Assessment account set up, read the info pack, get the on-line pass sorted; 2/ Keep full records of all income and expenditrure 3/ Have a separate business bank account 4/ Submit a tax return (on line please - quicker and easier) on or before the due date 5/ Make arrangements to pay National Insurance contributions and pay your tax bill on time. If you are working then your tax allowances will be used by your PAYE income and (unless you earn a lot) the tax will be 20% of the profit. The info pack and online calculators do the maths, you keep money back for the bill.
Daniel at Yahoo! Answers Visit the source
Other answers
Before you sell ANYTHING on a regular basis, you need to be a legal registered business and file an Income tax return for your business...whether you actually OWE any Income tax will depend on whether you make net profit on your operations or not...
Binky
Yes, but you will not be able to sell advertising space, so don't worry. How about you investigate the tax laws when you make your first £100?
Filebuster
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