What steps are needed to establish your site as a legitimate business?

[LennyP]

Now that I have a website. it has occurred to me that there might be some tax implications with the amount of money flowing. I have yet to turn a profit but I am sure that there are still reporting that must be done. What steps do I need to take to protect myself from any liability?

[Defcon 5]

Well if your using things like affiliate or adsense advertising to make money you don't need to worry about tax ( i hope :p) but if your selling a product you do.

[Darksat]

Your tax free allowance as a UK resident is £5,035
if you make more than that a year, you have to declare tax, however you make your money.

[Defcon 5]

that sucks.

[LennyP]

I'm located in the US so I would more like to know the rules involved here. I know that you don't need sales tax if the sale did not happen in state but income tax is still a concern.

[warscar]

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[warscar]

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[warscar]

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[warscar]

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[warscar]

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[warscar]

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[warscar]

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[warscar]

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