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Payment on Account (Hmrc)
Trying to get my head around this, Say first POA will be due in December with Self assessment Tax / NI bill of £1600, so POA is £800 = £2400 in total. Then another £800 next July yes? Assuming Tax/NI for 2024/25 is higher, say £2400, I deduct £1600 for the previous POAs, leaving £800 to pay, plus a POA of £1200? So £2000…
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Weekly payroll service recommendations for 12 staff for a pub - URGENT
Hi My brother took over the tenancy of a pub at the start of July. He needs to find a payroll service ASAP as the accountant he took on who looked after the previous tenants is terrible. He’s done the weekly payslips for staff from July but has not submitted the RTI info to HMRC as the agent. My brother has got his PAYE…
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Deregistering from VAT. Will I need to repay claimed VAT?
Hi! I voluntarily registered for VAT in April when I started my business as I knew that I had a lot of purchases to make that I wanted to reclaim the VAT on. I now don't have any further large purchases to make and I fall well under the VAT threshold. I am continuing my business but my question is, if I deregister from VAT…
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First Time Self Assessment Advice
I’m doing my self-assessment form for the first time because I have not been working but selling things via Etsy and a local shop and have made over £1000. I have itemised everything in a spreadsheet, and my profit has been about £1500, but my outgoings have been more like £2500 (not unusual for the first year of a small…
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Company car for new business
Hi there. I'm about to start a new ltd company, I already have clients lined up and activities booked. I would like to have a company car which would be 100% company use, no personal use at all. Being a new company, it doesn't have any money yet. So the question is: - Lend the company money from my personal account and the…
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How to calculate 50% after taxes
Hello i have a little business which is in a self employed capacity. Recently with a friend I had a job for £1000 which we agreed we’d split profit in half for and she would invoice me for 50%. I’m not VAT registered. I know I need to account for tax at 20% which means it is £800 between us but then we had to rent a car…
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Bank account does not accept cheques
Hi, I run a small business and I have a customer that has sent me a cheque (they usually pay by BACS, but they have no one to authorise BACS payment until the end of the month apparently). My business bank account is with ANNA, but they do not accept cheque deposits. I believe that there are various ways to cash a cheque,…
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Stripe Holding Money in Reserves
We recently had a surge in online payments with Stripe and had a large payout (£47k) withheld until we provided information, we did this quite quickly and supplied all the documentation they asked for. We have since received an email saying that Stripe will now hold 25% of our balance and all future transactions until 12th…
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VAT number
Just a quick question :) As one of the unlucky ones, our fixed mortgage deal ended in January, since then we went on to tracker as that was the best option end of last year (rather than fixing for 6%+). Anyway, I have registered with HMRC as self employed (as I have few ideas to make some extra cash hopefully). I have…
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MTD quickbooks vs xero
Hi, first posting. I have seen this question came up a few years ago before MTD and all that it entails. I do find keeping my books stressful and I'm not a natural with figures. Although MTD is a few years off for sole traders, I'd love to be able to have an app where i put my mileage in snap my receipts etc and keeps…
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Community Driven Football Club - What Should I Do?
Hi all - hoping you can assist. In April the football club I was part of, which was a Ltd organisation, closed it's doors. The guys I played with very much wanted to continue the football, and the regular sessions, so I agreed that if everyone could stump up the regular memberships, I'd take on the admin of putting…
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Business address/virtual office recommendations please
I have set up a LTD copany under my home address which has been inactive fore a copel of years. I am now looking to start trading. As I work for mhome and on the computer and telephone only,I need to register my business at the differemnt address to my home one as I don;t want any client;s etc knocking up my door. So…
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Can I legally sell products from one of my businesses to another for a slight profit?
I'll try keep this short; Couple of years ago I started a LTD company aimed at digital media production. It was more of a hobby and never replaced my full time job. I was producing marketing content for local businesses, but my main source of income was from an old YouTube channel earning ad revenue. Though mid-last year…
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HMRC rebate after filing DS01
Hello MSE forumites, I’m hoping your good selves might be able to help me as I can’t seem to find a clear answer online… I basically have a limited company from years ago when I was a consultant. Thanks to the IR35 rules I have been unable to use this company as a vehicle to pay myself since 2018 & the business has been…
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Ltd structure
Hi. I would like to find out more about LTD structure before I setup one. How to setup LTD structure so later I can pay different amount of dividends to shareholders? 1. Lets say company makes £70,000 revenue in a year 2. There is 2 directors on Payroll £12,570 p.a. and 1 shareholder which is not on employed 3. £70,000 -…
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Importing products feight costs seem very high
HiI made a card game which is made in China, the cost of the delivery is nearly as much as the game.I wonder if this is correct? I ordered 1,000 card games, which is 8 boxes, delivered by air. Each box is heavy maybe 15kg. Cost is $1,000.Does that should right.Its half when delivered by sea. When I use to order toys they…
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Small Business Energy Bill Support
I have just taken on a local community cafe as a client. Upon our first meeting they told me about their latest energy bill of over £30,000 for the month. Now, energy bills are not my area for helping but with the amount of support this business gives to our local community i wanted to help. I'm currently exploring options…
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I'm being threatened with small claims court - what is the best course of action?
Hello, I am in a situation and need to know where I stand from a legal perspective. I run my own business and recently paid a non-refundable deposit for a product sold by Andrew. Following this, Andrew offered me a place on an excursion for a certain price. This price was discussed via email/messaging. The invoice link was…
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How to close a 1 man LTD
Hello, I set up a LTD company when it should have been set up as sole trader. I have just filed my first tax return and paid corporation tax. I haven’t done any trading for a year or used my business account, I do have a couple of hundred still sitting in there though. Any advice on how to proceed from here? I have no…
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Business rates revoked and council tax backdated. Can they do this?
Hi all, Hope this is in the right place. We bought a holiday home late Oct 2018, the kind you can’t live in full time, just 11 months, it has private bin collection and was registered with business rates as a holiday rental. It needed gutting and we were doing it all by ourselves couldn’t afford to pay someone to do it. We…
