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Small biz MoneySaving

Archives for December 2015

Business insurance records retention?
I haven't been able so far to find any clear guidance about how long to keep business insurance policies, records, certificates etc. Because of the potential liability aspect, these seem to me to be rather different from the purely financial records HMRC would be concerned with for tax, PAYE and VAT. We're talking about a…
Getting an office for £5 per sq/ft with no repairs?
I currently work from home doing web development and due to more and more meetings etc need to really have a look at getting an office. Here in a market town in North Yorkshire they all tend to be £10+ per sq/ft. Is is realistic that I could bag one of these with a low ball offer of £5 per sq/ft? Also, I don't wish to be…
P11D PAYE and Self Assessment
Hi all, Please be kind as I am very new and inexperienced! I'm hoping someone here can help me... My boyfriend had the bright idea of starting up a LLP in July 2014 as he had some big ideas for software development, and asked me to be a designated partner. We both still work full time whilst we work on this venture. I am…
New Company startup, working from home
Hi all, I finally got the guts to quit my stressful job this month, and have decided tostart my own business. I have already registered with the company house, opened a business bank account and registered with HMRC. Already have several clients lined up in January (I'm an IT professional) and hopefully all should be well.…
Tax Advice - New Small business start up
Due to the threat of loosing my job (not eligible for redundancy) i've decided to follow my dream and start my own business dog walking and pet sitting. I've only been going for 3 weeks but already have clients booked in and will take £145 in my first month. I'm hoping that this really takes off and I can depend on this…
Credit Rating not good enough for a Business Bank Account
Hello Friends I would like a Business Bank account for my company but I've applied twice at two different banks and got refused. I wasn't asking for any credit from the bank or any lending, just wanted to keep my business finances separate from my personal bank account. What are my options as the director of a small…
Social Enterprise funded by Kickstarter-like campaign - best legal structure?
Hello all and Merry Christmas! Next year I'm going to kick off a project that will: 1) Raise funds via a kickstarter/crowd funding campaign (possibly more than £100k required)* 2) Use the money to perform a one-off project 3) Once complete, dissolve the company and donate any remaining funds to charity (e.g. NSPCC) The…
BT business alternatives?
Help! I am at my wits end with BT, and don't know what else to do, or what alternatives there are. An appointed BT business representative came out to see me, and quoted for a new phone system. We currently have a Vodafone OneNet System, but because we are in portacabins, the phone quality is not good, hence changing to BT…
What is the best book to read about starting up?
I have a idea for a small business which is for a soft play centre. I really want to think eveything through properly to understand viability of the whole thing. I want to buy a book which will be spot on for everything i need to know about starting a small business. i had a look on amazon but frankly i am overwhelmed by…
Ct600
I am having trouble with AC218 of the CT600 and when i check the figures they seam to match fully. This is one month accounts with no trade but it won't accept the old numbers for some reason. The company can not afford a UK accountant and African one we used before seams to have stopped replying to emails when i asked…
House Insurance -working from home
Hello I am an employee of a company however I live some miles away and actual work out of an office in the back garden, or from the breakfast bar if I can't stand the commute! Anyway, I am renewing my house insurance and many say you can't have a policy if you use home for business use. It is mainly computer use and phone…
How much to charge a mate for IT work?
I'm an IT contractor. So I work on client sites mainly doing short term stuff. Got a mate who runs his own network company. He does OK out of it. Had a few support contracts which have got less and less but it pays his bills it seems. He does this from home. Sometimes, he asks me to help if stuff in my skillset comes…
Tax if You Have More Than One Business?
Hey Guys, I don't know if you can advise at all but basically I have a part time business teaching yoga and ultimately I'd like to leave my full time job and run another part time business (at least one anyway). Now if I have two businesses, will I need to do a self assessment for each one? Thank you kindly Jen :)
New business head first...
I have gone head first in setting up a new business - awesume! Well chuffed when I got my new company paperwork through the post. Now I dont know what the hell im doing with paper, filing etc?! Any advice? Perhaps a online accountant? Bank accounts? Its a small business secondary to my job so not much coming in to justify…
Branching out - how to grow company
Hi, I'm an IT contractor with a Ltd company. I've got a new gig training people lined up in the short term with a third party, at their site. I'm putting this work through the ltd company because it's very similar to what I normally do, paying day rate etc. If I were looking to get some space for myself, with the potential…
Business account for ltd company start up adverse credit. Swift formations?
Hi. I'm looking at going Ltd in January. I would like a business account in the business name with no credit facilities just ability to pay mine and my staff (1 apprentice ) wage. A cheque book if poss and a debit card. I have defaults on my credit report no ccjs... I'm confident I'll be turned down for a business current…
Diesel Receipts
Like most companies, coming up to Christmas, my OH's business is very busy. I help out as much as I can, both in the shop itself but also with making deliveries. Throughout the year its no big deal, but in December, it can run into about an extra £100. I'm not looking repaid for this but just wondered would it be of any…
How much to leave in business account
I'm an event organiser of daytime events such as craft fayres, farmers markets etc. What started as a hobby grew into a full time self employed job. So my question is what percent of my profit do you suggest I keep back in my account to cover expenses? At the moment I'm keeping 10% back but I don't know if it's right.
Anybody have dealings with Business safety standard ?
I had a cold call today from someone claiming to be from this company . He had obviously seen my business page on facebook . It's the same old "we need someone in your area etc" They appear to be something along the lines of "trusted trader " etc . There is a charge to advertise - and everything is telling me it's just a…
'Business' bank account
Hi all, I'm starting a small business, sole-trader/freelancer, and I've been advised to keep these finances seperate from my personal money. This is fine as it will help me with my account keeping. I don't know much about the banking and finance world so help would be great! I'm stuck with what account to open, does it…

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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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