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Small biz MoneySaving

Archives for May 2016

What return to expect for an investment
Hi everyone, I am selling my business for £1million (it is a successful holiday cottage business with 9 properties and 25 years of trading with good figures). However, all the people who have been interested so far have backed out saying that they can't make the figures work for them. So I am interested to know what the…
Payroll/PAYE Query
Hi all So I recently went from sole trader to Limited company and would like some help please. I'm the only employee of the company and although my accountant is very competitive on the yearly accounts etc is asking £140+VAT per year to do the payroll, this seems a little high to me especially given there is only one…
Doing freelance work whilst employed
I am employed in a school part time. I have been doing some freelance work in the holidays. In order to be paid for the work, the school have invoiced the organisation I have been working for, who have then paid the school. The school then add the payment to my wages as extra hours and I am paid through the PAYE system. In…
FreeAgent Alternatives
I'm running a web hosting company currently and registered as a sole trader. I'm looking for an alternative to FreeAgent but for a fraction of the price. Whilst I know cheapest isn't always the best, I'm really not sure I'm getting the best out of the money with FreeAgent. £21/m to just import my PayPal/bank, explain…
How much does your company bill an hour?
Surprised to get a quote from a web development firm for £40 an hour. Got a £50 quote from a London firm. I was amazed, having worked in low paid jobs all my life and living in the North perhaps I am blinkered. How much does your company bill per hour?
Professional Indemnity Liability Insurance.
I am looking for Professional Indemnity Liability Insurance for a small business. Are there any good suggestions for companies to go with that are good and cheap?
funding for 1st aid courses?
hi there, i am currently in the process of setting up a business as a strength and mobility course and think it would be prudent to do some form of first aid course. the red cross run plenty near me. i was wondering if anyone knows of any funding sources that would cover the cost, or some of the cost of any course for a…
Must company directors register with HMRC self assessment
My son has only found this out after some years as a director of a small speculative start-up company. He receives no financial benefit apart from a few hundred quid a year for mileage expenses. The plan is that the business will take off and generate some value to him - but not yet... The guidance seems to be "if you are…
Is receiving payment in food self-employment?
This might be a weird question but I'm struggling at the moment and need a little bit of extra help. If I receive payment for a service in the form of food instead of money, do I count as being self-employed? What about if it's a gift card from a supermarket? I don't think I can cope with being self-employed. ETA: As it…
Struggling working out mark up when charging vat
Hi all. I'll keep it simple. I am vat registered so all my goods have vat charged when bought in and then I charge the customer. I have no problem with this. What I am struggling to do "easily" is come up with a formula to workout my markup to add varying amounts on each sale. As all my prices are different so for example…
Changes to Class 2 NIC for self employed in low income?
I have currently been on ESA for 5 years, unfortunately my health isn't going to get better any time soon and as my husband earns over the threshold I recieve no actually benefit payments from the DWP. I studied at art school and still do some painting when I can and I also have a blog. I would like to try being self…
Sole trader - Client cancelled Contract - what should I do?
hello, I'm a Scottish based sole trader. I have a 12 month contract with a client, which is 3 months into the contract, with outstanding payments still due. I just received an email from my client stating they are terminating the contract with immediate effect, with no penalties, no hard feelings etc ... This is a new…
Commercial mortgage
Are high Street lenders the best option or are there better, but less well known, alternatives? Thanks in advance
Electric Company Car
Hi I am small business owner (Ltd) and am considering a electric company car. I have spoken to accountant but wouldn't mind 3rd opinion... * First year allowances where the cost of the vehicle can be claimed against corporation tax. For example a £50K electric vehicle, I can claim 20% / £10K against corporation tax. So if…
Advice on selling cards for charity?
Hi, I've just seen some devastating pictures of acid attack victims in Iran. I don't think I'll ever be able to forget what I've just seen. I've set up small direct debit for Acid Survivors Trust International but I'm on a low income and can't afford to donate much. I don't have a particularly large circle of acquaintances…
If u had £10k, what business would u start?
This is part fun, part possibility but if u had £10k spare eg inheritance or a crazy day at the horses or just old fashioned savings and wanted to start a small business - what would u go for?! Not attempting to get guarded secrets out of anyone or come up with some amazing groundbreaking thing - just something that will…
Business Account
Anyone any recommendations for a business bank account, preferably with a start up free banking for 12 to 18 months. Tried Natwest but because my husband has been self employed for the last 18 months and is now going Ltd, they dont see him as starting up a new business. :(
VAT and DLA
Long story short. My partner and I are directors of a limited company. We bought some land 10 years ago with a bank loan, the sale was subject to VAT. We have spent a lot of money on planning etc but the bank issued proceedings against us a couple of years ago and have finally sold the land. After they have taken their…
Freezer Stock Accidental Damage
We run a small online retail business. We left a freezer door open over the weekend and this has caused the loss of the stock held. We have full business insurance with Aviva. This covers for our stock and accidental damage risks. Our broker has told us that Aviva do not regard this as a valid claim and that they agree…
Can the JC help me start a business if I'm not signing on?
Is there any advice I could have access to from my local Jobcentre with regards to starting my own small business if I don't actually sign on? Thanks F x

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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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