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Hello from the UK
 

Been on a 'stealth' account for nearly 2 years, need some help as I want to start paying tax :help:

Re: Hello from the UK
 

Is the stealth account a business one? if not then will need to turn it into one as per the below threshold...

Once you hit total turnover of £85000.00 in a rolling 12 month period you have to register for VAT. Then update your business account with the VAT number.

If you have a limited company then you will need to pay corporation tax.

As a sole trader you will have to pay income tax on your profits as well as class 2 and class 4 national insurance.

A lot of info on the gov.uk website...also get in touch with an accountant for in depth info.

Re: Hello from the UK
 

Welcome to the forum OP - all the best as you master stealth :thumb:

Re: Hello from the UK
 

welcome to aspkin forums

Re: Hello from the UK
 

welcome to the forums

Re: Hello from the UK
 

Thanks for info, yes it's a business account, will be at VAT threshold by 2025 I think. Just want to pay tax as a sole trader for a year or 2 to make sure everything goes swiftly (ideally a LTD company in future if poss)

Re: Hello from the UK
 

Get a decent accountant, or you can submit it online yourself, remember to put doen business expenses, i.e home broadband, phone contract, laptop that you use for business, fuel cost for collecting stock etc

I will be doing the same once my website is done, I have registered as a Limited company and will look for an accountant, let me know if you find a decent one that can be creative.

Re: Hello from the UK
 

Hopefully the accountant provides a reasonable fee rate

Re: Hello from the UK
 

I should really speak to an accountant, I arranged a consultation call with 'e-commerce accountants' and they couldn't help they said they had never come across anything like this before. I am still really worried about people knowing but I have to start somewhere.