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Car Business Asset - Capital Allowance Question
Hopefully I will try and articulate my question correctly. I have a car as a business asset. At the start of the year the car had a Tax Written Down Value of £3000. In March the car was sold for £4700. In addition, the car has not been used for the last 12 months for any business purposes. I believe that my tax liability…
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Personal Bank Account also used for business
Hello, We have set up a new business (partnership) but we don't have a business bank account yet so we use a personal bank account. We are unsure what to do in relation to tax records purposes. Should we print out a statement each year of this account and itemize each item that was for business use and then save this as a…
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Startup Business VAT Questions
Hi, I'm a student who wants to start a business whilst studying. This is because I've done some tech work for friends, they're friends have liked it and paid me to do the same, and basically, unintentionally I have built a small client list. I figure, might as well do it properly, stick it on my CV and have a solid…
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Product Giving for Social Good.
Following the #COP21, the environment and circular economy are on everybody's lips. And not before time. With landfills worryingly full, companies need to think more consciously about their impact on the environment. But what if companies could divert their surplus stock from landfill and do social good at the same time?…
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Unsure if to open a Ltd company - any advice appreciated
As a quick overview, I currently work full-time as an employee. My salary puts me just under the 40% tax bracket. Back in August I started do a bit of Amazon Affiliate work on the site and within 1 month, out of nowhere, I started making considerable money. I've kept track of my expenses, however all earnings so far have…
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Vat Question
Good afternoon, I have a question regarding VAT on a second hand car from Germany- Belgium, I don't want to pay vat for the car, how can I do that without paying vat on it? The car will be exported to Bulgaria for re-sale. The car that I want to buy is 13,100 euro + VAT, 2012 bmw 3 series.
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self assessment: overpaid tax
Hi, a newbie here - hope I'm posting in the right area. Just to let others know that if you overpay tax to HMRC and let them hold it to set against later tax bills then - going by what's happened to me - they won't add interest to the sum. However, they told me that if you ask for a repayment then they *will* add interest…
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Have your say on access to finance for businesses in the UK
The House of Commons Business, Innovation and Skills Select Committee are holding an inquiry on access to finance, looking at how the landscape for access to finance has developed since the end of the financial crisis and the improvements on finance which Government could make to boost the number of successful and…
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Van finance / lease - Best option for sole trader ?
Hi , I'm just after a little advice , I'm a sole trader been established just under 3 year's and do my own book's , self assessment etc . I'm now at a point where I can justify a new vehicle , however I'm not sure which option is best for me regarding tax efficiency . I have read that if I lease a van it's 100% reclaimable…
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Closing Limited Company
Hi, I have been a single director limited company for many years but recently got a good staff job so am in the process of closing my limited company, there has been no trading for months, I now have £400 left in my business account but i still owe £900 out in debts, this debt is actually expenses owed to myself. I don't…
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Employed to Self Employed transition
I'm currently working 30 hours a week, I've started a part time business which isn't turning over profit yet. My wife and I currently receive housing benefit / WTC / CTC and child support. I want to get the business moving forward quicker and make it a full time job, I'm very confident it will be succesful by the summer,…
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In a partnership but opening a second business
If you open a second business do you just keep the accounts separate and declare them to HMRC when you do the tax return as the individual? Or do I somehow need to claim I am running a second business? I have spoke briefly to my accountant but his advice is to run it through the partnership to make it easier but I'm not…
