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Useful guides from MoneySavingExpert.com Do I need a business bank account?Coronavirus Self-Employed & Small Limited Company Help
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Starting a business to help people save money
I live in an area with a lot of elderly people who I'm assuming will not be getting the best value for money in a lot of areas of their lives. I'm planning on starting a small business to help these people and to make a little for myself in return. Ideas that I've had so far are: * Buying a thermal camera so that I can…
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Second Self Employed Income already Self Employed
I've been self employed for the past 6-7 years and for the 23/24 tax year I started doing survey/research tasks as a side hustle along with my main self employed job. I know if I wasn't already self employed I would have to register and declare what I make, but seeing as I am already self employed I'm unsure where to enter…
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New company, property purchase and VAT
We are buying a building that has opted into VAT. So VAT is being charged on the purchase price. We have applied to register for VAT. Everything I read says we can only claim quarterly (and I don't have registration so don't know the date) but the VAT element I'd too big to pay out and wait months, or even weeks really, to…
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Unexpected debt
Hi, first time posting in Small Biz, thanks for reading. I started work for a company that had a mail order department as well as a bricks and mortar shop, the mail order department would take payments for health tests from customers then have the tests conducted through a third party lab. In 2022 the owner split the…
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Software - making tax digital
I need software to facilitate a vat return, very few monthly transactions, less than 10, maybe less than 5. Can anyone recommend something free or really cheap. I was just going to do an excel spreadsheet but need to be able to submit it, so need software.
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Booked a stall, got cancelled, refusing refund.
Hi, I had no idea where to put this but I'm hoping someone can help me figure out where I stand. I booked and paid in full to have a craft stall at a local event, it's a large event usually over 5k visitors. The event was cancelled due to the recent storm. The event organisers have refused to refund the stall holders. The…
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Sole trader, earned extra 10k, who should I see for advice?
Hello all. I've been lucky enough to earn almost 10k last year as a sole trader in addition to my full time role where I am a basic rate tax payer. Please can I ask who should I speak to for some advice regarding mitigating the tax that I will have to pay?
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New NI limits/ allowance
I know I’ll be able to use the Employment allowance to mitigate NI come April - I have one employee earning £6960, so well within the new £10k allowance. My query is whether I have to pay the NI then claim it back or whether the hmrc basic paye tool does the calculation monthly so there will be nothing to pay from the…
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Being billed by a small business & not sure what I'm being asked
Hi, I do apologise if this isn't the right place for this question, but I'm not sure exactly wha the situation falls under......basically, I'm starting with a coach this year and we agreed a rate per hour. They've just said that, as they're VAT registered, they want to find a way round so that I don't pay more than we…
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Closing Limited company down with a bounce back loan?
Hello Is it possible to close a limited company down with an outstanding bounce back loan of approx. £7000. If so are there any repercussions on the director personally? Many thanks
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moving a business
If you have had a business for sale and decide to opt out and start a new lease at another premises doing the same business will that void any deal done with a broker??
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Money Claims - Court Date received, anything I should do/know in advance?
Run a small business, we ordered £1600 of products from a large online retailer last summer. It came in 32 separate boxes, and around 25% of the goods were unusable/completely broken. I'd just had twins so was a little preoccupied. I opened the boxes the day after they were delivered and reported all the damage with…
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Sole Trader and Higher Rate Tax Payer
Hi. My 16 Yr old son is very entrepreneurial which I want encourage. He's keen to set up a business drop shipping. As he is under 18 I believe this will have to be in my name and I want to make sure we do everything right. I understand that I will have to register as a sole trader with HMRC if revenue exceeds £1,000.…
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Wix website price hike
I am a retired nurse who makes jam for a hobby. I was persuaded by friends to sell it and now have a very small successful business. I sell to local shops and cafes and via an honesty stall. I also have a website as I was contacted by tourists asking if they could buy more after they’ve gone home. I have 10-20 online…
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Company shares and separation
I am director of a small limited company. Just me as owning all shares except wife who just draws enough in dividends to use her tax free allowance. Currently £500 per year. She is wanting to separate. I am the only other shareholder. Nothing in the way of assets other than computer equipment needed for the job. My…
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Commercial Lease - Removal of goods
I've taken on a new lease for my business and the previous tenants have left a fridge sized server cupboard which is wired in. It's about 1m x 1m. It's very ugly and I'd like it gone. I could possibly sort it myself but I'm wondering if the it's the landlords responsibility? I've sent a message and awaiting their reply.
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Has business asset disposal relief (BADR)been scrapped from april 25
After 22 years and working to 75 I am retiring and plan to liquidate my solvent Limited Company. I had assumed that the mainly cash assets would attract 10% corporation tax as my wife and I would have been eligible for the entrepreneurs relief. But now I am hearing that will no longer be the case due to the last budget.…
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Limited company and deceased sole director
Hi After spending almost 12 months going around in circle I need some advice please? Last xmas my dad unexpectedly passed away. He was a sole director of a small limited business with an apparent friend being a 20% shareholder. Dad was not married, nor held a will. The business was closed was immediate effect and all…
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How to enforce a charging order on shares
I have a charging order against the shares of a limited company held by its director. And, as a consequence I should be entitled to be paid the dividends which correspondent to these shares. I do not what are the dividends and when they are paid and how to be paid them. In the balance sheet of this company filed in the…
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Royal Mail Stamp Swap Out over £200 : any advice from experience please
We are currently preparing - with some trepidation - an application for the Royal Mail Stamp Swap Out over £200 (new application form and T&Cs from Sept. 2024 / sending by Special Delivery Guaranteed) We are following the instructions therein to the letter - at every step. There is a considerable sum of stamps involved.…
