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Small biz MoneySaving

Running your own business? This is the place for MoneySaving questions for small traders.

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Useful guides from MoneySavingExpert.com Do I need a business bank account?Coronavirus Self-Employed & Small Limited Company Help
Product liability insurance
Hello, can anyone recommend Product liability insurance for a 16yr old? We've found public liability but need product liability too. Many thanks.
VAT Calculation
Dear All , how i can add vat 5% on purchasing ?? because In my country they calculate VAT like this (VAT On Purchasing )-(VAT On Sales)=VAT I have to pay for government ??..
16 yr old
Hi, my daughter (aged 16), wants to set up a business. She's needs insurance but you need to be 18 to get it. If I run the business in my name, can she invoice me, and I pay her the profits (I don't want to pay tax on her business)
Outstanding BBL results in persistent voluntary wind up[
In May 2023 I applied to Companies House for voluntary strike-off of my partnership as it had not traded since January 2022 and was completely dormant. The partnership had taken advantage of a perfectly legitimate BBL in 2021 on which we paid interest and principal but realised in 2023 that we couldn't continue to do this…
HMRC used QR code for payment on account - help!
For the first time, once I got into my government gateway account, I opted to pay my taxes (payment on account) by QR code. I am sure I read that the payment should go through within an hour, but it's been 30 hours and no money has left my bank account. Any advice? Reassurance? How long to wait before I make another…
HMRC VAT refund BACS delay
Hi All. Just posting this here because I can't find an answer anywhere else. Probably worrying over nothing, but here goes. Have been trading about a year, VAT refunds usually a smooth process. However I submitted this quarter's return on 1st July (evening) and it was approved and sent to my bank account the next day, no…
Salary sacrifice schemes
Hi. I'm a partner in a small company and one of our staff will be sending a child to nursery next year. I remembered about salary sacrifice schemes so have been reading up on them. Are they worth it? And that's a question as an employer but also for the employee too. Plus I've seen there is now a Groceries scheme. That…
Starling-like Business bank accounts for two person partnership
Hi folks My wife and I run a little side hustle that we were getting payments for into our joint Starling account (perhaps naively). It turns out this is not allowed, but they don't offer an account we can use because we're not registered as a business, and we both need access (so a sole trader account doesn't cut it).…
Southern Water complaints
As the owner of a small community based coffee business, my business has been virtually pushed to the wall by Southern Water. In November 2024, I reported a burst water main at the site of a previous major pipe refurbishment in Portsmouth. The extensive repairs lasted some 4 months and were being undertaken by Southern…
Internet for office - minimal use - recommendations
I only need internet for one hour, sometimes 2, a week for zoom meetings in the office I rent for half a week. Is there any way I can do this more cheaply than paying business internet rate? Like phone hotspot or anything else?
Buying a business but not the staff
Hi Im buying a business and relocating it, But due to the distance will not be keeping the 3 staff, the owners are going to give them 3 months notice but is that enough i want to make sure it all goes okay and no issues ? Thanks
How to get help closing a business?
Are there Government information sites to close a small business? A friends nephew has been running a bakery for more than 6 years, at least two years on the building lease rental to go. Unfortunately due to rising costs, trouble with a staff member, not charging what they should, despite being told repeatedly. Probably…
Looking for online bank for sole trader
Hi I am going to start a new IT business as a sole trader. But I don't want to trade under my own name. I have a different name in mind. However the banks that I have approached (Tide and Starling) insist that the bank details will be in my name. So if a company pays me they will see my name and not the company name. This…
WIX Alternative for a small online seller.
My 3 year subscription has come to an end with WIX - I bought it on a promo and cost £150 for the 3 years but it now doubled in that time ( including the 50% off ) . I was wondering if anyone can recommend an alternative ... I just use the website to show my stock ( around 20 - 30 musical instruments ) and contact details…
Retirement in 3 years and I want to start/try something new business or career related wise.
OK, I know this is a long shot, but I have been looking for ideas and suggestions for 18 months now and not come up with very much. I have a small electrical installation business which at it's most busiest had four people working for me and where at the age of 63 I am now slowing up with now just me and some reliable help…
Final vat return
Sorted now
Resale of Tickets (Trade Show)
Hi there, I run a VAT registered business and bought 4 tickets to a trade show last year. I ended up selling 2 to another business at face value as I didn't need them and they had sold out. Do I need to charge VAT on the ticket sales? I purchased them for £236 (no VAT) and have sold them for £236, so if I should have added…
Self Assessment Questions re How to Declare 'Bundles'
I have bought & sold items online and now need to complete a Self Assessment as I am over the £1k trading allowance, and have (inadvertently) become a Sole Trader. I have some questions regarding how to declare 'bundles' please. Eg a Beauty Advent Calendar. Cost £250 from the retailer & contains 24 items. Purchased knowing…
questions about sending in to HMRC as requested.
So childcare want more proof I work and want to see income and expenses etc. I do have an accountant but childcare want this very quickly and it needs to be all sent in, in next 48 hours so Im doing it myself. I have some simple questions. 1. They want to see my business account statment, each line just says "paypal…
MPLC licence in a business with no TV, just computers
I run a small business with around 120 employees, I have been contacted by a quite aggressive sales person from the Motion Picture Licensing Company - MPLC - who states that their database indicates that we do not have an MPLC licence and insisting we need one. I have never heard of this organisation but a quick Google…

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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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