NLIC.org

Alan Said:

how would starting an online business affect my tax and national insurance?

We Answered:

All UK citizens get a tax-free personal allowance of £6475, and the UK tax year goes from 6th April to 5th April. Your personal allowance will now be at your job, and it is likely that this will continue, although you can have it against self-employed earnings if you wish. That would mean you would get a straight 20% deduction from salary, and most people prefer to leave tax allowance at job. Yes, if your earnings were over £6475, you will still get PAYE tax deductions from work. You would also have to fill in an annual Tax Return with employed and self-employed pages. Self-employed people pay tax by 31st January and 31st July each year, although that is over-simplifying the system, which can be complicated. You can check it out on http://www.hmrc.gov.uk , then into self-employed if you want to look further. You will pay a straight 20% tax on your self-employed earnings, could even go up to 40% if earnings large enough. Yes, tax is paid separately, deducted by employer on earnings, and paid direct to HMRC on self-employment, but after Tax Return processed, you get a statement which shows it all, and with the credit from wages deductions. If for any reason tax at job is over or under-deducted, adjustment is made with tax on self-employment, or if wages are high enough, self-employed tax can be collected through wages if Tax Return done in time.
Employed people get a Class 1 NIC deduction at job. Self-employed people have to pay a weekly Class 2 flat-rate by direct debit (although if earnings low, you can get a small earnings exemption). They also can get charged Class 4, which is based on amount of self-employed earnings if high enough. You can look at that on http://www.hmrc.gov.uk/rates .

Loretta Said:

What kind of insurance do I need for a small home based online retail business?

We Answered:

You're probably not REQUIRED to have any, by anyone. But here are some possibilities: general liabiltiy, in case you get sued. Property, in case of fire or theft, that wipes out your inventory. ECommerce, for internet fraud/wire fraud.

Cost is going to vary wildy from $1500 a year for start up, to tens of thousands, depending on sales, type of materials sold, where you get them from, and where you store them.

You'll have to talk to a local agent to get specific quotes.

Ashley Said:

What sort of insurance will I need for an online business?

We Answered:

In the insurance world, if the product has your name on it... you are the manufacturer. You'll need Products coverage.

If you are selling online and storing any sort of personal data, you'll need internet liability coverage.

Kathy Said:

What insurance policies are available for an online real estate business?

We Answered:

check out globalwideinsurance.com they can get get quotes on all insurance policies

Olga Said:

Is it better to promote a online business decorations website & catalogs or sell business insurance online?

We Answered:

Being an online marketer myself and an insurance agent, I can tell you that the insurance business is highly regulated. You will have to pay a lot more in advertising fees. For example a typical average cost for a google PPC ad can run you anywhere from $0.20 to $3.00. In insurance, costs of $5.00 to $50.00 are not unheard of.
You will have to determine all rules for your state's insurance commission for advertising insurance as well as the rules of each company. If you make an honest mistake, it could cost you! It can be done with out advertising directly for insurance.
There are some great drop shippers at info.com (look up business decorations and catalogs) and other great products you can sell as an affiliate at joebucks.com and of course clickbank.com and others. You can get a site through many of these drop shippers and it costs nothing. Just drive traffic and collect a percentage of the sales and the drop shipper does the rest.

Rosemary Said:

do I need to take out business insurance for an online web business?

We Answered:

It looks like a non easy cracking nut,looking around here http://www.InsuranceFreeTip.info/insurance-for-free.htm ,you may find something useful for you.