I was thinking of opening an online shop? But there are a thousand questions circling my head because I am new to this. Do I need to register as a business in order to open such a shop and do I need a business account in a Bank? Which payment gateway do you consider the best?
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VAT?
– Only if you sell over £70,000 worth of VATable goods in a year (more complex rules apply but this is the basic one!)
Do I need to register as a business in order to open such a shop?
– you would need to register with HMRC as self-employed within 3 months from the date you start trading.
Do I need a business account in a Bank?
– No, but it is advised so its easier to keep track of things (its usually free for the first 12-18 months anyway)
Which payment gateway do you consider the best?
– Paypal / Google Checkout are both trusted so would probably recommend them- even if not the cheapest method, your website would seem more credible having big names like that on it (in my opinion)