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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am looking to set up a series of websites that are affiliates

Resolved Question:

Hi I am looking to set up a series of websites that are affiliates and earn commission. I will be launching in March 2016. How do I set up a web site for tax, do I need to register a company? Does the company then own the websites?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.Please clarify ...Is it your intention to conduct your business through a LTD company or run as a sole trader? Many thanks
Customer: replied 1 year ago.
Well an Ltd is the route I was thinking, their will be four of us with me being 51% main shareholder. Will that be the best route to set it up?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your prompt reply.
LTD route is a good choice.. The websites and any domain names would be company assets and these assets would earn revenue in the form of commission etc.
You should set up the company and register domain names in the name of the company. This way, as there are 4 of you in the venture no one can claim right to ownership etc.
Any profits arising would be subject to corporation tax at 20%.
You can set up a LTD company online or use a company formation agent to form one for you.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
Thank you, ***** ***** as expectedAs I am setting this up and want to keep full control, can I be the sole director employing the remaining three shareholders? Ie; Myself CEO/Founder (51%) Associate (29%) IT Developer (10%) Web developer (10%)The last thing is, can I just have commission paid into a Paypal account in the business name I choose or must it be a company bank account?Thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
If you wish to exercise full control of the management of compnay, then you should be the sole officer (director).
You offer the other a stake in the business and you would share profits after tax in the ratio of your shareholding in the event of distribution of these profits as dividends.
They can be on the payroll as employees in the same way as you would be one but they would not be on the board.
I see no valid reason why you would wish to pay commission into a bank account other than the one in the name of the company. This could give rise of mistrust amongst stakeholders and maybe questions asked by HMRC if this account has income from more than one source and income is unrelated.
I hope this is helpful.
I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site,to ensure I get credited for it by Just Answer.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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