Hey, I have a small business on TikTok shop that has been doing quite well. I also sell on ebay. I’m currently setting up my Shopify store as I’m hoping to expand. However, I’m wondering whether I should be paying tax, charging VAT etc for items in my shop.
It’s not a registered business and I have no employees. I have been keeping account of all my spendings & earnings but I feel like I’m supposed to pay some kinda tax. If anybody is in the UK & has any knowledge of how the taxes work for small businesses, I would really appreciate ANY advice. I’ve been on the govt websites & it just doesn’t make sense to me.
Thank youuu
Pretty sure once you have £85k revenue you need to register. Or at least contact an accountant before that to look into it deeper. If you’re nowhere near that then you’re good on VAT. But you’ll pay taxes over £1000 revenue as a sole trader and have to register