Registering for self-assessment, which you MUST do, and VAT are two totally different things, and as said above, done online in a few clicks.
Shipping directly to Amazon Fulfilment Centre
If im in partnership with someone else whilst doing this, do i have to register as a LTD, or do i keep everything as normal, as if it were just me selling on my own?
You are either a sole trader, a Limited Company or a Partnership -you must surely know what you are?? Decide before you register as Amazon will check with HMRC.
What does your accountant say.
I don’t know if i said before, but im new to all of this. I’ve completed everything else and this is the last part i need to complete, which i have very little knowledge about.
I don’t have an accountant yet, is it not too early yet considering i haven’t even made any money or started my first shipment?
Accountants don’t just do your returns . They can advise on legal entities too based on your individual circumstances
I don’t know, which is the reason i haven’t sorted this issue out yet, as i don’t want to make a mistake. Im stuck between all 3 as i don’t know which one to choose. How do i decide this?
Do you have a partner you work with ? Who you wish to share responsibilities, decisions and profits with ?
Not necessarily a romantic partner either lol
lol no it is not a romantic partner. All the responsibilities and decisions I primarily make, but we split the costs and profits which is where the “partnership” comes in. All the account and bank details etc are all under my name.
That’s not an official partnership then but sounds like you should make it one
yeah lol. So what would it be under then, Sole trader, limited company or…
Crikey!! Well technically you have a partner so it should be a Partnership - but you cannot then have the bank account and UTR in just your name.
Make a decision and register - and get an accountant.
But can i not just do all this part under just my own name, and then just pay my partner the profits separately?
No, you need to make it official - unless you want to pay his tax too ?
My partner doesn’t want it in his name tho, obv he assists with the decisions and other issues, but he would like it to just split the costs and profit separately after the money comes into my account.
Lol i did think of that, but he has agreed to pay the extra back fairly…
But you’ll use your tax allowance etc and possibly go into higher rate tax band etc - for them
It is something that you can only decide for yourself - but I would strongly advise seeing an accountant before you start if you are going into business with someone else.
I’m sure he would. That way he pays no taxes, and has no income declared from it at all.
Meanwhile everything is technically in your name and all legal and tax implications are on your head.
You’d be what’s known as a ‘Patsy’