I actually believe that it's taxable turnover, so be sure not to get it confused with profit.
Also, registration for tax depends on what type of business structure you are looking at.
Sole proprietor, Partnership or Private company?
If you're not registering a company, you don't actually register for income tax (unless you're registering for VAT). You pay tax for earnings of the business in your personal capacity. That means as long as you're registered for income tax, you can add your earnings from the business to your taxable income every year.
We're busy working on a new web resource for small business owners actually, that will cover all of your questions, but it's still a long time coming.
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