QUOTE (tintmor @ Jun 21 2009, 10:16 PM) [*]696602[/*]
QUOTE (LEO'n'DARTZ @ Jun 20 2009, 06:17 PM) [*]696421[/*]
Thanks, finally I got reply.
So if I correctly understand if turnover less tahn GBP 68,000 yearly no taxes?
But if higher?
How high is profit tax?
P.S. If You will met Peter Nelson - James Bond Museum in Keswick owner - say him hello from Leo from Riga

I think your profit can be 30 grand before tax if ltd
If turnover less than £68,000 No VAT to pay unless voluntary register to reclaim VAT charged on expenses and purchases.
http://www.hmrc.gov.uk/vat/start/register/...to-register.htmBUT as far as i know if a limited company you still pay tax on ALL profits after expenses deducted.
Only self employed and Sole trader has a personal allowance before income tax.
PS Occasionally come across Peter Nelson but not in my circle of friends