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Small biz MoneySaving

Archives for January 2015

Being paid with goods
Hi Everyone, One of my clients can't afford to pay me and wants to pay me in goods (To the value of approx £2500). Now the work I have done has cost me just time. Where do I stand re tax and declaring it ? It does have commercial value and I can use the goods within my office. It is not like I purchased it however. Cheers…
Rental of small business unit for personal use & small business rate relief?
Hi All, apologies if this is not the correct place to ask but i'm sure someone else must have had a similar issue in the past. I'm currently about to rent a small industrial unit for the restoration of some classic cars i own, however i understand that the unit has a rateable value, a proportion of which needs to be paid…
Sa302a
Hi all, Just a quick query I hope you might be able to help with. I've been self-employed since September, and so will be due to complete a self assessment after the end of the tax year. I'm hoping to do this in April before I start a new project in May. Will I be able to obtain a SA302A straightaway from HMRC once the…
HELP!! I want to set up a small business whilst working full time....
Hi, not sure whether this is the right board but here goes! I currently work full time, and earn around £14,000 a year. I want to set up my own small business, selling costume jewellery mainly. I have been trying to read up on tax/customs info etc, to make sure ii do everything by the book. I'm totally confused. Obviously,…
Very quick question regarding self assessment
Hi I am filling in my self assessment and am not too sure whether to tick yes or no to this: My 'basis period' (the self-employed period for which I am taxable) is not the same as my accounting period. I registered as self employed in November 2013 and had two jobs from April 2013 to November 2013. Should I be ticking yes…
Started Ltd Company last year - advice on Accounting/returns
I started a limited company last year (set it all up myself, £15 with HMRC) after having been offered some consultancy work, and figured it was the most tax efficient option as my income was likely to be lower than I was used to, but was doing the company I was consulting for a favour - saving ENI etc. Good intentions and…
Google to penalize "non-mobile friendly" websites?
https://www.linkedin.com/pulse/mobile-ready-prepare-lose-google-ranking-john-moffitt If you're website isn't yet mobile friendly I highly suggest that you read this article, seems that there is a big push towards mobile this year.
Any Fundraiser Ideas For Non Profit Organization?
Hello Everyone, Does anyone know any good Fundraisers for a non-profit organization? or any stores that donate to organizations? Thank You kids kards
Tax return help please
Hello all, I hope someone can help me with filling in the final parts of my tax return, I started my hire business last year and that is the problem, when I come to filling in the money spent I have added it all up, lumped everything in together, so that all the stuff I hire out and all the business cards, rental charges…
feedback requested by supplier
we were recently asked to give some feedback on a long term supplier. I am an employee. I was quite frank giving constructive criticism the owner of this company contacted me and asked me to rethink my answers as they were planning to use the feedback to persuade a prospective customer to buy their services. I think this…
Business Type Advice Needed
Hi, I'm currently employed full time, and will continue to be for a while at least, and looking to start my own part-time business. I've looked at the options for being a sole trader and ltd company but i'm not sure what is going to be the best option and how each choice would affect my full-time employment. I have two…
Good Home Office Desk?
I have been looking online for an office desk for in the home, maybe 2, but all of the desks i see look horrid. I've looked on the ikea website, they're well priced, but they don't look that nice. Can anyone recommend a desk that is big enough for laptop, printer, paper work etc that looks nice but also doesn't cost the…
Selling art and tax
Not sure if this is the right place to post, so mods please move it if it isn't. I work for an employer who pays all my tax and NI, so I have no experience of tax returns or anything. I am an artist in my free time, up till now just for fun. I have been given the opportunity to sell some of my work. I am assuming that I…
Closing business
Hope this is the right place to post. I started my small business nearly 6 months ago and it's not worked out. I am on the NEA allowance scheme. I am very upset about this but there's nothing more I can do - tying myself up in knots to just get on with it and move on. I have an account with TalkTalk internet/phone on a 1…
new cash basis for retail?
Hello, I am wondering if anyone can help with a query regarding the treatment of stock purchased in the year. It used to be only treated as an expense when the stock was sold and unsold stock remained as an asset in 'closing stock' Am I right that now we can include all stock as an expense in the year of purchase even if…
Goods or Services for your own use. Help please
I know this might sound trivial, but it sends me round the bend every year when I try to complete my self assessment form. As a very very small business I resell some products. Some I sell and some I use. I keep track of them all. The question is "am I liable to pay income tax on the goods I use for myself?" HMRC advice…
ideas for small business
I am setting up a small company with the view of importing items to sell online. What do you think is popular and will sell relatively easy, I am thinking micro SD memory cards, mid-range small electronics and may be ladies jewellery. Do you think the market is saturated with such goods? Ideas appreciated. thank you,
Cash Basis Accounting
Hello. Hoping you can help me out. From tomorrow, I will be self employed. I have one client and we have agreed a monthly cost for my services. I work from home. Looking at HMRC site, I 'think' I should use the Cash Basis Accounting. However, I'm wanting to buy a book to record all income and expenses and, for the life of…
Fundraising for Project trust- help!
Hi My 17 year old daughter has been accepted to work overseas with Project trust for her Gap Year. She has to fund-raise £5650 and is finding it hard as there 9 other students in our small, rural area all doing the same thing. She has a virgin money page http://uk.virginmoneygiving.com/EllisDixon, and is organizing bake…
Accepting payments through another business.
Hi, would it be possible to accept a card payment through the business next door and for them to pass on the money to me? This would mean I wouldn't have to invest in the card payment tech. Thanks

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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Small biz MoneySaving

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