(UK) Legality of collecting donations and advertising revenue from a website.?
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(This is a question for people in the UK familiar with Tax and Law) I am planning to open a website which will generate revenue from : > Advertising. > Registration. > Services. > Donations. I'm working full time and pay tax and NI properly, earning over £25,000 a year gross. This website would be a personal money maker and I want to know what tax I will need to pay on the earnings from the website given that the web hosting package itself has a fixed running cost per year of around £400 to £600. I do not have a "business" but would be willing to set one up providinng there were no additional costs and there were clear benefits in doing so. I'm not familiar with anything like this and want to get a good idea of what is and isn't legal before I start. The more detail, the more points. Thanks in advance.
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Answer:
We need a bit more information about the nature of your site and the service it offers. Legally the safe thing to do is create a company out of it, even it is it a Not-for-profit company. With UK Law the comapny has to earn or turnover a certain amount to be included in the tax system. Book a appointment with your solicitor and your bank - even if you dont need a loan the company/venture should probably have its own account - as they will understand your market and legal issues alot better than we can.
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