I wish to start a business within the UK, which will be an online venture. However, I am unsure of a few things.
Firstly, I know I will have to pay income tax, assuming it reaches the threshold of £7k (I believe?), what other taxes do businesses have to pay.
Would I be able to operate as an individual (I will be the only employee for the moment, and I don't know when / if we will expand. Depends on how we do within the first few months. If I operate as an individual, do I still need to pay the other taxes?
Do I need anything specific to register as a business, such as already having an established business with revenue incoming, or not?
This business will not be publicly traded, and will be privately owned by just me. What form of registration do I need? (LLC, LTD etc)
Does it cost to register as a business?
Do i need to register my business name as a trademark also, or is that automatically covered due to the name being registered as a business?
What sort of records do I need to hold for the business? (in terms of finance), and would it be worth me getting an accountant to do this for me? All of my business funds will go through either PayPal or Google Checkout, so do I just need to present the quarterly earnings to the taxman, if so. I should be able to do that?
I'll edit if I come up with anymore questions.