Ibrahim

Thank you Jim. Answered perfectly.

Thanks for your reply, when I say last year I mean 2015-2016. So I was just over 83k about 2 months ago. I'm happy to register for vat now. What about finance? Where is the best place to go as I buy and sell from home. Also warranty where is the best place, I've been doing my own as if something went wrong then I would pay for it but now I would like to have a company to deal and pay for it.

Sorry Phill what do you mean by playing fairly? Last 2 years my sales was under 80k and this year it's well over. Could you kindly help out on the other questions please? Thanks.

Hello guys and girls. I'm new to the forum so please take it easy on me! Ive been buying and selling from home (sole Trader) for 3 years now. Last year my sales went just over 120k. Obviously I would like to grow the business and make it more professional. So my questions are ... 1. I have to to be vat registered? Even tho I don't know what the turnover would be this year? 2. If I make £1000 profit then £200 would go to Hmrc? (20%) 3. If I'm a limited company then do I pay corporation tax? So again from £1000 £200 to Hmrc? (20%) So total from £1000 profit I would be left with £600? 4. Again if I'm a limited company which most prefer to be, if Hmrc was to investigate and found problems then is it true they can't come to my house? Or touch personal assets? Sorry for making it long but these are genuine questions and I really need your help as you guys are the experts. Thanks in advance and much appreciated. Ibrahim