Thank you for your kind answers.
DeliciousDesserts: I have looked at the legal requirements and a lot of the pricing structures and what others are charging in the area. I was just a little confused by it all and just wanted to get an idea as to what others might charge as I was trying come to an answer using the pricing calculators.
Thank you LovelyCakes4Us and itsacake for your pricing as it gives me a better idea of where the prices might start for a similar cake.
If you have any suggestions for anything else that I should consider, please do let me know. But I am trying to search through this site and others to learn as much as I can to be able to make an informed decision before I decide to go ahead with selling cakes. I do appreciate your help :)