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Transactions done before limited company was set up
Hi, I am in the process of opening up a limited company for my eBay business. I have already bought a lot of stock using my personal bank account. When it comes to doing accounting and taxes does the fact that I had purchased stock before the company was set up cause an issue? Additionally, I have already made a few sales…
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Anyone cancelled their VAT registration?
Has anyone done this and was it a simple process or did you have difficulties? Business is thinking about cancelling as turnover is WAY below compulsory threshold for registration and reducing. Been registered for years. Thanks
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Property Sourcing
I wonder if anyone here does or had done Property sourcing as self employed. I run a hone business already but an old friend approached me with a venture she does where she sources and packages property deals. It sounds far too good, with my skillset, it seems like a great fit but curious if there are any pro's or con's to…
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Jury Service
Hi. This is my first ever post on a Forum and so not sure if I've posted to the best section. My husband is a self employed driving instructor and has been called for Jury Service next week. He will be there for 2 weeks but has been advised he could be called for a trial lasting up to 5 weeks. He has been advised he can…
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You got £20k what would you do with it?
Hi,You got £20k and want to invest it or put it into something where you get a passive income, any ideas?
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Starting a CIC - directors
I've posted this on the charities board too but thought there may be more traffic on this board :) I am going to register a cic this week, I will be the only named director, moving forward I would like to apply for grants and am aware that you need at least three named directors to do this, problem is I don't have anyone…
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Commercial lease - ending prior to break clause
Hi MSE’s, I’m a small retail business owner. My business is doing well however my lung health is declining. Sadly, I need to give my store up as soon as possible for some major surgeries coming up. My next surgery has a 50/50 chance of success. I’m rather complex and also very poorly. We have a break clause coming up in…
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Do I need to submit a Self Assessment?
Hi, I work inside IR35 so pay tax/ni at source BUT I make quite a large Salary Sacrifice contribution to reduce Income Tax. My total Gross is likely to exceed £100k per tax year but not if you take off the SS - is the SS part of that £100k or not does anyone know? Thanks in Advance
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Despair after being scammed
Dear
Sir, I
am writing this as a journal in the hope that something in it may
assist me to regain stolen funds. As
some background, I have for many years(since 2008) owned a small
retail business (newsagents), by way of providing an income for my
wife and myself. We
had differing disciplines and chose this as we could work…
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Self assessment and EV help
Hi I’m looking for info on my work vehicle. I’m a self employed cab driver and have recently started renting an electric cab. How do I account for this on a SA? Before was simple I would just claim back my diesel expenses. I know how many KW it takes to charge and how much I’m paying per KW/h do I just calculate that and…
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Working From Home
Hello you very knowledgeable and wonderful people that make up these forums. I sincerely hope you are doing well today and you are happy. I find when i am working from home, i work at home a few days a week doing website design, i find i jump onto my PC in a morning without breakfast, my meals get late like lunch and i…
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Can your landlord back date an electricity terrif increase?
We rent our unit from the local authority, who supply our electricity and bill us quarterly. The landlord has recently emailed all the tenants in the building advising that our electricity unit price will increase, but they are going to back date the increase from November 2022, and apply a standing charge. Can they do…
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Shopify is mandating a business phone number. Any ideas for an expensive second phone number?
Hi! I'm setting up as a sole trader selling business to consumer using Shopify and Etsy. Shopify require a business phone number for customer receipts. Giving my personal number is not an option, do you have an ideas for how I can get a business number inexpensively? I don't want to buy a second mobile phone, I was…
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Daughter has set up new business in our home. Are we eligible for any benefits?
Hi All Our Daughter has set up a business as a lash/beauty technician in our garage that I have converted into a salon. She is doing amazingly well for a 17 year old, and the business is now in its 2nd year(Super proud parents!!) We have recently completed her first self assessment, and as expected for a new business after…
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Ltd Company - income and related expenses in different c.tax years
Hello everyone, Coming up to corporation tax return time, and with a slightly change of business trading I'm finding that income for quite a few jobs is coming in before the end of one tax year and the related expenses and costs being paid out after - so I'll end up with a large tax bill this year and possibly a loss the…
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Alternative address as a sole trader
I am wanting to start as a sole trader but live in a rented property. I will be selling very small items online, using postal services. It takes up one desk and a shelving unit within a bedroom of my 3 bed property. I have written and explained this all to my landlord. Do I have any others options if my landlord does not…
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Finding a chinese supplier
Hi Its early days but I looking to source some general products from china to start a small online business. I have read some of the pitfalls and scams you can get into but I wondered if anyone had used a sourcing agent such as Kanary or Sourcingallies. It seems when you start off its better to use one of these agents…
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Starling business banking is closing down my account as I have a 'separate entity'
I opened a Starling Business account over a year ago, as a sole trader. I thought that was the correct option. But Starling have now told me they are closing my business account next month as it's a separate entity. (I gather they mean registered as a Ltd company with Companies House). Ok, I get it, but why not just offer…
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Customer Won't pay debt. What to do next...We'd prefer to make them cease trading? CCJ? Strike Off?
Hi all Please pardon my business ignorance here but I am not sure what to do in trying to help out a relative who's very upset because his customer won't/can't pay. The story goes... My relative has a decent business buying and selling construction products. He has had a particular customer for a few years who has always…
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Can I sell crafts on Etsy or my own website if my mortgage prohibits business use of my house? (UK)
My sister (27) and I (28) have separate homes. I own a house with my husband, and my sister lives with our parents. However, I am uncertain whether our parents own the property or are still making mortgage payments. The mortgage agreement for my house prohibits using the property for business purposes, and I am unsure if…
