Advice needed !

[kevinbandy]

Hello everybody
I am in full time employment and have no plans of leaving but I have just started a web based business selling a product I constuct myself,I wish to do things right and not have any issues in the future.I predict to have a turn over of 7000k with a profit of 4500k

So please help me with the following questions:

1. Set up as a sole trader or a limted company ?

2. No company wishes to give me public liability insurance,any ideas ?

3. Do I get taxed on every penny profit I make ? and does my paye tax get affected ?

4. If working from home what extra expenses can I claim for,i.e heating,elec % of my mortgage ?

Any advice is welcome and please view my website and all feedback is welcomed stinger2000.com

Many thank
Kevinb

[Malvolio]

If you've got a likely income of £4.5m, I suggest you go and hire your own accountant... Or is that a typo?

But FWIW a Limited Company is probably the only sensible option.

No idea on PI providers, but why would they sell it to an employee? That's why you need the company...

Yes. Read the First Timer guides.

Yes, but it's not worth it. Read the First timer guides.

[David Colom]

Do you really expect a turnover of £7m? How will you do that?