Printable View
I am planing to start an online dating business from UK (but wishing to offer service worldwide)
Everything is in the initial planing state. First of all, I like to know the legal issues regarding this. The following questions are arising in my mind:
(1) Which is good, operating as a sole trader or as a limited company?
(2) Do I have to get permission before start the business?
(3) Do I have to pay tax to the UK government for the customers outsite UK?
Thank you.
As I just opened just kind of website, IMHO:
1. Limited Company is always the best
2. Nope
3. Yes
Maybe you are interested to partner with my http://www.toppicturedating.com site?
I put it online to prove that setting up Social Networking Site does not need VC investment within a week and investing $10 to dot com name only. It has been making me my investment back but without any further investments I can't get it to the market either.
What I will need is:
integrate MMS/SMS messaging that people can upload their pictures directly from mobiles and VIP members can order SMS notifications;
print flyers and distribute those to university campuses, etc as doing SEO is not feasible due to high competition.
PM me if interested.
Also if you have need, I could recommend and setup you some more professional dating software package as I have setup those for evaluation purposes anyway when writing articles to http://www.mytestbox.com
During the first time, I would prefer to act as a sole trader, this is the easiest solution without much of the paperwork and special bookkeeping requirements.Quote:
(1) Which is good, operating as a sole trader or as a limited company?
Depending upon the legal form of your company, you take a higher financial risk and/or have other requirements on your bookkeeping and income tax.
If you are in doubt, you may discuss this with a specialized lawyer or bookkeeper.
I think so, at least if it is similar to Germany. Also this may be best answered by a specialized lawyer or bookkeeper.Quote:
(2) Do I have to get permission before start the business?
However if you refer needing a special permission for a dating business, I doubt that this is required ;-)
Asking this question, encourages me to strongly recommend you hiring a bookkeeper or a lawyer to get this discussed.Quote:
(3) Do I have to pay tax to the UK government for the customers outsite UK?
Of course, you have to pay income tax for such sales (otherwise every exporting business never had to pay tax :-)
Handling sales tax is a bit different however: You must differ between local customers (UK), European customers and worldwide customers.
If sales tax handling is the same as in Germany, you have to charge sales tax for local customers, need to charge sales tax for European customers as long as they don't provide you with their "Reg. VAT No." (but since only businesses get such an ID, you need to charge them sales tax as well). However you don't need to charge sales tax to international customers (non-EU).
Yes, there is much to consider...
How much do you think that I have to pay to an accounting firm to prepare the anual tax report for a Limited Company in UK?
Thank you.
I can just say what we paid (yes, past) in Germany some years ago... it was around 900 Euro for the yearly report and around 500 Euro per quarter for general bookkeeping (debit managment was done in-house). I'm not sure how comparable these prices are to your situation.Quote:
How much do you think that I have to pay to an accounting firm to prepare the anual tax report for a Limited Company in UK?
Best way would be to get some quotes from four or five accounting firms, then compare their services and see which one is the best suited for your situation.
However we decided finally (and handle it now since nearly four years successfully) to take over bookkeeping ourselves.
Should you decide for an accounting firm, I strongly advise you to take care by yourself and get familiar with bookkeeping (can save you from much trouble) nevertheless.