Buying Established Online Business - No idea as to how taxing works! (UK)?

Question

A friend of mine online was selling his online business to move away, and cannot continue his work. However, I already have a job, but I thought this would be a great way to broaden my horizons as the site already has over 1,000 members who frequently spend money.

However, I'm now informed that I will obviously, need to do my own taxes. This is very new to me, and I've zero idea how to approach this subject. I've taken a look at the relevant sites but it doesn't seem to cover online businesses which sell UK-based stock.

Does anyone have any ideas how to help?

Thanks a lot.

Tommy

Answer 1

The Inland revenue will advise you.

Answer 2

As it is a trading company it may be advisable to set up a limited company.  I would urge you to seek advice from an accountant for advice on how best to proceed and for advice on tax including VAT.

Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances.  To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.