How do you run your domaining business?

[KevD]

Hi All

I've just started out and trying to get a feel on how fellow domainers run their operation. More centered towards UK domainers, but welcome comments from domainers world wide. My questions are:

a) How do you run your business?, through a registered company, sole trader (business without a company name) or personal (ie, tax liabilities are personal, like income tax etc).
b) Do you still have your day job also (I do, until I am comfortable enough to do it full time).

Obviously I am not asking for tax advice etc, just want to get a feel of what's out there.

Thanks in advance!

Cheers
KevD

 

[Jeroen]

Freelance job (non IT related) + domaining through a registered company.

It's great because it enables me to purchase domains and software excluding VAT and deduct costs.

Cheers

 

[StianStian is verified member.]

I'm domaining full time, a little stock trading (used to be a lot more active back in the days) and buying/selling a few cars (mostly imported) here and there.

 

[dcristo]

I'm domaining full time, a little stock trading (used to be a lot more active back in the days) and buying/selling a few cars (mostly imported) here and there.

Nice what imported cars?

 

[katherine]

I am incorporated too, but I don't do domains only. I run an IT consultancy.
This is a business that can easily accommodate domaining.

But most domainers lose money so it is more a hobby than reportable income.

Incorporation is not really needed until you do sales on a regular basis

For example you can sell stuff from time to time on ebay in a personal capacity but if you're a PowerSeller you will probably have to incorporate and pay taxes.

 

[StianStian is verified member.]

Nice what imported cars?

Mostly newer (2010+) Mercedes Benz. I only buy one at a time. Right now I have a 2010 MB GLK220 CDI SUV that's for sale.

 

[south]

S Corp here. Networking, IT service. Been servicing small-medium businesses in the Miami area for about 15 years. Domains & affiliate marketing are a nice diversion for passive income.

 

[StianStian is verified member.]

BTW forgot to say. My domaining biz is incorporated. It's my main income.

 

[BiggieBiggie is verified member.]

a) personal

b) yes

 

[bgmv]

S-corp w/ a full time semiconductor engineering job

 

[KevD]

Thanks everyone for your taking the time to reply. Really appreciate the feedback.

Have a great weekend.

Cheers
KevD