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Advice on taking over friend's business which has £50k declared losses to write off against profits?
A friend of mine runs a business which is similar to mine, in a related but not identical sector. She has been running it for a decade and run it at approximate £5k declared losses each year, which means it has £50k in losses now. On Companies House it states that there has been an "Application to strike the company off…
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Self Assessment & Pensions
Hi there. I'm just in the process of setting up as a sole trader but I'll also be receiving a medical retirement pension. Will this affect what I have to pay in terms of tax as the assessment asl for the information. Presumably my pension will already be taxed at source? Many thanks, Chris.
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Bad Credit Joint Business account Opening
Both my business partner and I have poor to average credit, a few miss payments last year and a few years ago combined. We are looking to open up a joint business bank account. I posted in the wrong thread earlier but someone had suggested making a business bank account on a LTD? Any help or suggestions would be welcome…
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Recommend virtual medical receptionist
Hi we are a small business (x2 osteopath) wanting a virtual receptionist to take calls which are mainly booking appointments and an online booking system for existing patients and new patients. With appointment information automatically sent to new patients and appointment reminders sent the day before their…
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Going limited, do you need a new vat number?
Hi, when going from sole trader to limited does the vat number carry over or do you need to register for another number? Thanks
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VAT charges on food items
Our small business recently went over the VAT threshold, but the VAT charges means we are earning less than we were below the threshold. Details below, but I wanted to check if this is correct, and if there is any way to mitigate it. We create beautifully designed fresh food boxes for customers (grazing boxes), which…
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Small Claims Help
Good evening, My wife has a small business and has a customer who hasn't paid his invoices and now owes around £500. He's admitted via numerous messages that he hasn't paid but will and then never does, money is owning from March this year. He's always paid via bank transfer, she's got the messages as evidence. She's today…
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Book keeping and working out cost of materials for crafting
I have been thinking about starting a small crafting business from home, and I was looking at the bookkeeping side of things. I’ve looked at YouTube videos and also HMRC website but I’m still confused, so I will be grateful for any help given, thanks. I understand that I will be using cash basis accounting for HMRC. Using…
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Want to start a small home job
Hi guys I am wanting to start my own kilt making business, working from home. I want to be a sole trader, working under my own name. I want to know if I am right in thinking this: As an example I buy fabric and materials: £250 trade price all in I charge the market cost of say £350 I make the kilt - labour cost: £150 So…
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Self assessment DD payment plan
Hi, need some advice please if anyone can help! I have been self employed for the last 6 years (a side job to my employed work) and set up a payment plan for my tax after I was introduced to 'payments on account', my monthly direct debit was set up to run until Dec 2023 as far as I was aware, but I have just received a…
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Charging Vat when not registered.
I have just bought goods online and received an invoice. The invoice states that I have been charged VAT @ 20%, but the company is not VAT registered. Can a company actually charge VAT if not registered?
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Lowest exchange fee: Receiving a wage from the US in the UK
My salary comes from the US, as I work freelance for a US-based company. I currently receive my wage via PayPal. I was wondering what the best way to receive the wage would be, to cut the costs of the PayPal exchange fee?
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My flat is falsely registered as a company
Somebody used my address to register their fictitious company to my address. I have been receiving letters from various organizations I have returned to sender all the letters and I got in touch with the Companies House, they expect me to send about 4 or 5 forms and other papers to show that that company is not in my house…
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Tell HMRC I don't owe any tax
Hi, my company was registered on 13/11/2022. I'm the sole director. The accounting period is from 13th November to 13th November each year. I've not been operating for a full accounting year yet, so I don't have to complete my company tax return yet. I see that I need to tell HMRC that I don't owe any tax 9 months and 1…
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Companies House late filing penalty against a dormant company which is being striken off
Some Background: I set up a limited company a few years ago for a business which never came to fruition. Over the past 3 years i've filed annual Dormant company accounts and the annual confirmation. This year however I decided to close the company down and have it striken off. I applied to strike off on 1st May 2023 and it…
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Cash flow problem, can I use personal funds
Hi, we have a ltd company and have a very small cashflow issue
to meet our corporation tax/salary for staff due in a couple of weeks. It’s only a few
thousand. We won’t have any issues in the future months. Can I as the shareholder
director, transfer funds from my personal account (so directors loan) to the
business bank…
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Bona Vacantia over 4 years ago, any advice appreciated.
My company was dissolved in 2019 after I failed to submit accounts. I had stopped trading but failed to close down the company properly and moved country so didn't know until my account was seized in Bona Vacantia. Around the same time I had an illness and couldn't deal with it which seemed complicated at the time. Since…
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Recommendations for bank account for LTD please
Hi, the accountant has said its time to go Limited but which bank account would you suggest? The company will have 2 directors (myself and my wife) Services based (chauffeur service) UK based Mainly payments in to the company will come from card payment or bank transfers, will be a small percentage of cash (guessing IRO…
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(Former) Business Premises Rates and Electricity
We have spent so many hours days on the phone getting
nowhere I am hoping someone here might be able to give us some insight. My uncle was self- employed, working from a workshop in his
garden which is classed as a business premises for rates purposes. In 2021 he
got ill and ceased trading. He simply
closed the doors of…
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SSE Contract
Hi, we are a small business (only 2.5 employees) using approx 11,000 kw of electricity per year. We are in contract with SSE which finishes on 31st July 2023. In May 2022 due to the massive increases in electricity charges, I signed up with SSE in a new contract to start 1st August 2023. Recently we decided to help with…
