Legal, Tax, & Accounting February 5, 2020

Getting payments in the UK?

fANZY

Hi IH,

I'm currently working on a side project which I think should have a decent return. I was wondering if there was any legality requirements I should be taking care of before storing anything customer data (planning on storing that using AWS Cognito) or receiving any payments.

Thanks

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    Uk incorp is cheap and easy. Most importantly, the LTD stands for limited liability, your assets are safe as long as you followed laws.

    Living in Thailand it costs 500 GBP to setup a company, tricky on bank and impossible for debit card.

    Living in Thailand open UK company (UK citizen) it costs 20 GBP for company, bank and deibit card. Quicker too.

    But as said, don't incorp until you have a business and customers. Once you do, its so easy and helps so get it done.

    1. 1

      Thanks that's about everything I wanted to know!

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    Validate your business first.

    Don't spend time and energy worrying about GDPR and accounting when you haven't got one paying customer yet.

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      Ah so you're saying I don't have to register until I have a paying customer first, and that's fine in the UK? Is that also true for an entity holding customer data?

      Thanks

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        I’m Not saying you don’t have to, I’m saying you shouldn’t.

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          Got you, kind of confirming what I originally assumed. Thanks

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            Initially you can simply receive payments in your name and put these in your self assessment. Not as tax efficient but it gets you started.

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    Until the end of the transition period, you should adhere to the GDPR legislation (and I would think any other regulation in the UK).

    After that, pretty sure these regulations will be relaxed.

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      I guess that's true

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      Oh thanks for that!