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Setting up as a sole trader, but need some unique advice...
Around April 2021, I started e-commerce, and can confidently say I haven't made the £1,000 profit that HMRC likes to know about to then tax, technically I have made a loss since April 2021 (This was due studying for exams so this was on and off, but there is consistency on expenses, small profit etc) My main question is,…
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How to roughly value a small business - service industry ?
Hi Look for some guidance on how to value a small service business please ? Nominal assets - no land or property - I work from home. Established 22 years. Thousands of repeat clients. Thanks
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Moving into Ltd Company - advance set up advice
Hi, I am becoming self employed. I have already registered my limited company and applied for my UTR. I plan to become active sometime in March 2023. I have set up a few things in advance like CV, email, company registration and have lined up business bank account, accountancy support and PAYE registration for later - but…
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Self Assessment question (new sole trader)
I have a few questions about Self Assessment and was hoping people could help? I am new to this and not very savvy when it comes to bookkeeping (probably going to hire an accountant soon), so any help would be appreciated! :) * First of all, I lost my full-time job in August 2021. Shortly after that I registered for my UTR…
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Submitting first self-employment SA100
I've looked all over the internet and the information is very confusing on this, so thought I would ask here for clarification. I am submitting my first SA100 for the tax year ending 5th April 2022. Do I need to do this, as it is my first one, on HMRC's Goverment Gateway, or can I use commercial software to do this? I have…
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Is there a database of business premise leasehold sales similar to house sales?
I am looking at buying a leasehold of a retail premise. Is there some data one how much business premise leaseholds have sold for so that I could work out what thew appropriate price should be? I know with house sales, there's publicly available data and you can go onto websites like Rightmove to find historic sold prices…
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Reluctant landlords - do we need to self assess tax return?
My wife and I rent a property to a family member for £400 per month. (we also have running costs) The property is in both our names and the rent is paid into a joint bank account. The income is £4,800 per year less costs. If this income is shared between the two of us then it is less than £2,400 each. Can any tax…
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How to Record Business Expense Paid by Someone Else
Probably a simple solution to this and don't want to risk looking like a fool by asking the accountant. Both my son and me are self employed, I saw some business items reduced and bought them for him. How does my son record this expense and reimburse me.
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Need advice regarding VAT registration for a ltd company
Hello ladies and gents I have a small ecommerce business (ltd company), and its turnover has gone over the threshold of £85k in the last 12 months period, however, as I'm taking roughly 4 months off work during which my business won't be trading, its annual turnover for the tax year 22-23 tax is going be less than £85k, do…
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What records must self-employed keep?
Hi,I may be doing some work on a self employed basis next year and am wondering what records I must keep for HMRC.It would only be a small amount of work, so done on a cash accounting basis, likely paid by cheque or cash, and paid into bank.Do I need to write an invoice for each piece of work conducted, or are bank…
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Sole trader vs Ltd Co. advice
I may need to become a freelance consultant working to provide a single item of consultancy work (lets say a specialist IT service only with no hardware related service) contracted with multiple agencies who provide me with client work. I have been a ltd co. previously and it was far too much complex paperwork for simply…
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Royal Mail freepost swapout
I received a
leaflet suggesting I could use it to send my stamps for exchange to the new
barcoded type. The leaflet
says, “SEND SAFELY TO FREEPOST SWAPOUT” I posted my
24 stamps using this form and two weeks later I have NOT received my barcoded stamps. It has now
become apparent, after reading reviews, that this is…
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Money not needed for essentials - take as nil-rate dividend or let company pay into pension?
Hi, I've run a small limited company for several years, predominantly to build up a pension pot, and now is the time to let it wind down naturally. For some time I've been drawing the maximum under the current secondary threshold, paying £1200 per month into my pension via the company and me and the other two directors…
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Dispute between Customer and service provider for photography business - Legal advice required
Hi, I run a small business photography service. I did a photoshoot for a client for £60 an hour and sent him 1200 photos. He choose 100 out of 1200 and I requested him to select 50 for editing. He's not bit happy about some of my photos and he is looking for extensive editing which I said I can't make it as it takes a lot…
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Writing off an invoice?
I have a customer who is self employed not ltd - I also am self employed. The last invoice I sent her was for just over £1000. I'm aware she is struggling at her retail shop, as it's not making the sales that it did last year. And I'm aware she has built up a lot of personal debt in buying stock etc. She has paid half the…
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Accountant recommendation for an investment company
I have some spare cash sitting in my limited company. Rather than letting it sit idle not earning any interest I thought of investing them in an index fund. My accountant advised that it would be better if I set up a new company to do this and this is exactly what I have done. However my accountant told me they would not…
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Documents Required For Ltd
I recently just registered my company on 13/11/2022. I'm the sole director. I'm trying to construct a definitive list of all the legal annual documents I need to submit and the respective dates. The accounting period will be from 13th November to 13th November each year. I'm finding this slightly confusing so if someone…
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How to write a retainer contract/agreement
According to this Contractor’s guide to retainer agreements (contractoruk.com) it ought to be possible to arrange for a small business owner to agree to put me first if I want things done from time to time. I am trying to avoid being told that for example I need to wait for months if I want tiling or decorating done.…
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Card processing transaction fees
Any advice on the cheapest card transaction fee companies for a small business
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Accounting for some transactions involving a van for combined, business and private use
Hi everyone I am a sole proprietor. In the Tax Year 2021-2022, I acquired - on hire purchase - a van for combined, business and private use. Let’s say that the van ratio between business mileage and private mileage travelled in 2021-2022 has been 80:20. I will be splitting the total expenditure of acquiring the van between…