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> In my experience (UK), company tax filings are very simple if you have a solo business selling online, and not more difficult than tax filings as an individua
by seanwilson 7y ago
> In my experience (UK), company tax filings are very simple if you have a solo business selling online, and not more difficult than tax filings as an individual
If you haven't done it before, I think it's realistically several days of work over the first year to get up to speed (e.g. dividends, payments on account, what you can expense, deadlines + fines, setting up a business account). Most of the time you'll have to do a personal tax return at a minimum and the company tax return would be on top of the personal tax return (so extra rules to learn and extra paperwork you could forget to submit during the year).
I'm not saying it's impossible and you shouldn't look at forming a company, but I wouldn't call it simple in terms of time and stress, especially when you want to focus on validating a modest side project.
- mytailorisrich 7y agoAll the accounting you mention has to be done either way and HRMC nicely sends email reminders. The personal tax return also has to be done either way. The only thing I'm saying is that very often people with no experience are a bit afraid of forming a company as that sounds like a daunting task and it means becoming a "real business" but in fact, and I stress again depending on the jurisdiction, it may not be a big deal at all and will actually bring benefits.