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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…
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Anyone know about PAYE Tools from Revenue and Customs
I have been using the PAYE tools for many years and made a stupid mistake last week. I put the wrong date in for date of payment. Instead of the 13th i put in the 30th and then submitted them to the Revenue Maybe i should retire ? Now i have skipped two weeks pay details and it wont let me put in those weeks missing as the…
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Large heavy deliveries - Anyone used bidding companies?
Hi all. Very long long time no see on this site :) I am a small business that wants to ship large items across the UK. Weight ranges from 10kg up to 100! I've been told that there are companies/drivers that bid to deliver your items. Has anyone used one of these businesses before, or recommend a good company for regular…
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Self Assessment Expenses
Hi, I am PAYE, but additionally do some work on the side, for which I now need to do a self assessment. Part of this obviously is I have to provide expenses. I bought a laptop for work which I have on 0% finance over 2 years. On the expenses do I state the full price or the cost I have spent in that tax year? Thanks.
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Business banking interest rates for deposits
I have noted that the interest rate on business bank deposit rates are small compared to those for private individual bank deposits. However HMRC are currently paying 4% for early payment of tax and will change as interest rates move up or down. I have almost doubled the interest return I earn by paying my Corporation Tax…
