How can i buy a Ltd or Limited or Inc company name for a Social network website

[Getahoster]

Hello experts!


Can anyone help me to guide me the right path? Basically i have developed a social network website that users and we also can make money with the site. We can earn money by having advertisements, placing competition, etc.


The problem now is we want to register incorporate company name but i don’t have any of idea how to do because i am living in UK. So can anyone tell me how can i register an incorporate company name and the website where i can register these incorporate company name? If i register my company name with Ltd or Limited company, do i have to pay TAX? End of the day my website is not selling physical goods and all the server will be based on USA. So do i have to pay tax from the earning/profit? If i have to pay TAX how can i avoid paying TAX? Please help me. Thank you.

[felgall]

If you earn income from anything other than a hobby then you have to pay tax on it whether you are a company or an individual.

The simplest way to get a company set up is to see an accountant and get them to do it for you.

[Sagewing]

Having a company name doesn't mean much, it's having a COMPANY that has value. In the US it's fraud to use a company name if you aren't a real business entity, but what is the point of just using the name anyway?

Regardless of where you are hosting, if you are making money you probably have to pay taxes somewhere. Forming a company is a way to reduce that, but it's not that simple.

I would recommend learning about taxation a bit before jumping into anything!

[shadowbox]

Incorporation purely for tax purposes is generally folly, as unless set up correctly you will find yourself incurring even more tax, more administrative costs and possible legal issues. A couple of hours with an accountant will be time well spent as they can advise you on the best course of action by taking into account your current turnover and general position. They can also set up the company for you, which you can do yourself online for around £100, but I'd really suggest you get professional advice first as incorporation in the UK isn't something you should do on a whim.

As for paying tax, of course you have to pay, there's no escaping that. either the company pays, you do, or both, it depends on the amount of money you are talking about. Having servers in the US is not a way of avoiding UK tax, neither is selling intangible goods, lol. A good accountant will advise appropriately. BTW, if you are running competitions for financial gain, you'd best talk to a lawyer as there are strict regulations on this in the UK