Need advice for selling domain names

[FantasticNames]

hi all, im new to domaining so need your experience

I have many .co.uk domain names and want to start a portfolio website. Just want to know all the detail

1)whois optout - I have selected whois optout for my domains. Can i keep these opted out if I want to sell domains?

2)I have selected sole trader as I dont have a company - is this the best option

3)Tax -I am self employed with my current business. I havent made any money selling domains yet but invested £200+. If I ever do make a sale do I include the profits in my annual tax return or do I have to set up a separte business for domains.

let me know anything else I need to know for setting up a UK portfolio domain sellling website

cheers & thanks to acorn domains for having such a great forum

 

[grantw]

1)whois optout - I have selected whois optout for my domains. Can i keep these opted out if I want to sell domains?

In theory if you're planning on trading in domains you should be opted-in, you're not going to go to prison or anything for leaving them opted-out tho but Nominet may amend the whois if alerted to it.

2)I have selected sole trader as I dont have a company - is this the best option

That should be fine but also goes against the opt-out as that should only be used for personal registrations by individuals.

3)Tax -I am self employed with my current business. I havent made any money selling domains yet but invested £200+. If I ever do make a sale do I include the profits in my annual tax return or do I have to set up a separte business for domains.

You probably need to discuss that one with an accountant, someone on here may be in similar position though and have more info.

Grant

 

[FantasticNames]

Thanks Grant

Hey Grant , thanks for your personal advice & taking time out to break down each reply.

Best of luck with your ventures.

I would welcome more advice on anyone in the same situation

Thanks

 

[monaghan]

3)Tax -I am self employed with my current business. I havent made any money selling domains yet but invested £200+. If I ever do make a sale do I include the profits in my annual tax return or do I have to set up a separte business for domains.

There's no reason why you can't just include the domains as another "product" in your current accounts, however, I'd discuss with your accountant for the best tax advise.

 

[wb]

What's the current business you're self employed for? When you do your annual self assessment return, you have the option to add additional businesses. If your main line of work is very different then as far as I know you're not aloud to combine the two so would need to treat them separately.

 

[AuthorityDomain]

You may need to register as a sole trader, then simply fill in self assessment forms at end of tax year.

Best to contact accountant for clarification though. There is a load of stuff on the hmrc website though. Depends how complicated your accounts will be.

 

[crabfoot]

3)Tax -I am self employed with my current business. I havent made any money selling domains yet but invested £200+. If I ever do make a sale do I include the profits in my annual tax return or do I have to set up a separte business for domains.

If it is a "one-off", chuck it in with everything else. If you succeed, and it starts to look like a separate business, keep separate accounts for domaining.

You just fill in a separate sheet for each aspect of your enterprise and combine the results on the main tax return. The forms are designed to accommodate things like this ...