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Author Topic: Starting a UK BTC shop  (Read 1336 times)
Anonymailer
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August 12, 2011, 08:38:42 PM
 #1

Hi all,

I want to start a UK-based webshop, buying products in bulk (for fiat cash, at least initially), splitting them up and selling them online exclusively for BTC.

What legal hurdles do I need to take in to consideration? I'm sure it's not just as easy as building my site and putting products up for sale. I'm talking taxes and regulations here. Any help would be much appreciated!

MacMiner - The first, best and easiest to use native Mac coin mining app: https://bitcointalk.org/index.php?topic=197110.0

BTC: 12vZf8mjaXvHorXWVWfv7nZspHa8L8kfoG LTC: LLRqwo3YcLqoRyfZRVmUevtd2Y35Vvnt4w
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infested999
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August 12, 2011, 08:54:46 PM
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Is there still a discount when you buy wholesale if your buying less than 10,000 of something? Or am I looking in the wrong place.

Anonymailer
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August 12, 2011, 09:08:30 PM
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Is there still a discount when you buy wholesale if your buying less than 10,000 of something? Or am I looking in the wrong place.
Yes, there are still some independent retailers out there!

MacMiner - The first, best and easiest to use native Mac coin mining app: https://bitcointalk.org/index.php?topic=197110.0

BTC: 12vZf8mjaXvHorXWVWfv7nZspHa8L8kfoG LTC: LLRqwo3YcLqoRyfZRVmUevtd2Y35Vvnt4w
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August 13, 2011, 02:19:19 PM
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For tax purposes you'll need to decide whether you want to start out as a Sole Trader or a Limited Company. Take a search in the web for a "Sole Trader vs Limited Company" for the advantages of each.

HM Revenues and Customs has some useful general info at http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml
Anonymailer
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August 13, 2011, 04:41:39 PM
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For tax purposes you'll need to decide whether you want to start out as a Sole Trader or a Limited Company. Take a search in the web for a "Sole Trader vs Limited Company" for the advantages of each.

HM Revenues and Customs has some useful general info at http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml
Thanks for the info! Does anyone know whether you need to pay VAT on products exchanged for BTC and if so how you calculate that?

MacMiner - The first, best and easiest to use native Mac coin mining app: https://bitcointalk.org/index.php?topic=197110.0

BTC: 12vZf8mjaXvHorXWVWfv7nZspHa8L8kfoG LTC: LLRqwo3YcLqoRyfZRVmUevtd2Y35Vvnt4w
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August 13, 2011, 05:10:40 PM
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Does anyone know whether you need to pay VAT on products exchanged for BTC and if so how you calculate that?

You don't need to charge VAT until your turnover is above some large amount, something above £50000 per year. By the time you reach that level, someone will have worked out how VAT applied to Bitcoin businesses.

I suggest you go to the newsagent and get the magazines for market traders. They are full of ads for suppliers who will give good discounts on reasonably small orders.
Anonymailer
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August 13, 2011, 09:42:19 PM
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Does anyone know whether you need to pay VAT on products exchanged for BTC and if so how you calculate that?

You don't need to charge VAT until your turnover is above some large amount, something above £50000 per year. By the time you reach that level, someone will have worked out how VAT applied to Bitcoin businesses.

I suggest you go to the newsagent and get the magazines for market traders. They are full of ads for suppliers who will give good discounts on reasonably small orders.
Excellent! That makes things a bunch easier! So as I understand it, I can operate as a Sole Trader usually would, keeping track of sterling costs of products and profits from sales of bitcoin?

Keeping that in mind, I'm very happy to announce

BitBacco.co.uk

BitCoin's first tobacco shop! England only though for now, sorry guys Wink

Now I just need to find a trusting first customer to give the rest the all clear.. Do people commonly use escrow services to get off the ground?

MacMiner - The first, best and easiest to use native Mac coin mining app: https://bitcointalk.org/index.php?topic=197110.0

BTC: 12vZf8mjaXvHorXWVWfv7nZspHa8L8kfoG LTC: LLRqwo3YcLqoRyfZRVmUevtd2Y35Vvnt4w
hoki
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Say BYE to tobacco taxes and bureaucratized trade.


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January 07, 2012, 04:18:42 PM
 #8

BitBacco, you could buy cigarettes in bulk from Cigs.eu and re-sell them!

http://www.cigs.eu — The Europe's leading discount cigarette shop. Worldwide shipping. Now accepting Bitcoins. Affiliates click here.
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