I want to set up a football analysis and betting website, and I was wondering what's the best way to go about this. I have no technical expertise and don't really have the time/willingness to learn. I want to be be able to have a straight forward .com/.co.uk address and be able to put up adverts of my chosing. Does anyone know what the best hosting options etc would be for me?
Also does anyone know anything about the tax treatment of ad revenue?
Can't help with the first part - but would be interested in any answers as I need to set up a website for my company at the moment. It's something I've previously had other people do, but I have no cash so need to look at cheap alternatives such as a wordpress-based system. Possibly.
In a nutshell, you are going to have to pay tax on the advertising income. Depending on how much it brings in, obviously, affects your tax bracket.
You need to decide if you are you going to be self employed or set up as a company. I'd suggest the latter, as it would enable you to reduce your tax outlay, though there would be set-up costs involved and you might want an accountant if the maths is going to get complicated or if you also earn a salary elsewhere.
If you are running a company, then you currently pay 20% corporation tax - ie 20% of profits, after salaries, outgoings, expenses, etc have been deducted. This would enable you to claim mileage, running costs, claim back VAT on computer equipment, etc. You reduce the corporation tax by paying yourself a tax-free salary of about £7k, and deducting as much as possible from the remainder. You then pay whatever's left to yourself as a dividend.
If you just caim the income as your own, then you will pay the usual of approx 22.5% on everything you earn, to include income tax and NI.
You would only charge VAT to advertisers if you are VAT registered, either as a self-employed person or as a company. You can/should only be VAT registered if your gross income is pretty high - something like over £70k.
Note I'm not an accountant, so please don't take it as gospel. This is what I've picked up since starting my own company last year.