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Inclusion of expenses prior to 1st year of self assessment
In first year of business I spent money setting up before 5th
April but did not trade (get income) until after 5th April so my
first self assessment covers year after 5th April. Can I include outgoings
spent (invoiced) before 5th April as legitimate expenses and if so, how best to
do it? Could I include it as a loss…
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First year trading
I employ a labour-only sub contractor, and a year ago his accountant suggested he form a limited company and register for VAT. Neither of these things really affect me, I simply deduct 20% tax from his earnings, send this to HMRC, but now pay VAT on his weekly invoice, which I didn’t previously. He is under the impression…
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Trading / Export to Israel - VAT?
Hello all, My business is VAT registered in Wales,UK, although a company that is based in Israel is looking to place a purchase order with us for goods we sell that are manufactured in the UK. My question is should I charge VAT on the invoice and if so at what rate? HS Code for goods: 8536901000 Incoterms will be Ex Works…
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Small Business Conflict Resolution
Hi Everyone, Not sure if anyone here can offer and advice/opinion but if so I’d be really grateful. I’ll try and keep as much to the point as possible. About 18 months ago my friend and I set up a small retail business, selling via our website, over social media and at local events. During this time I decided to increase…
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Online selling - inform HMRC for a one off deal ?
A friend is closing his toy shop and offered me old the stock at half cost . I was thinking of buying the items on behalf of a family member who is currently not working ( housewife ) for her to sell on ebay / facebook but not too sure of the tax implications - I have read you are allowed to sell upto £1000 without…
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LTD Co. VS Sole Trader and Registering for VAT?
Hi gang, I've done some searching on the forum (and elsewhere on this) and found various answers but none that feel particularly definitive - specifically for my situation so would really appreciate any input here. Nutshell: having been made redundant at the start of the year, I've started doing some freelance work as I…
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Former Tenant not collecting belongings, what are my/their rights
Not sure if this is the right section for this question, but looks the most relevant I could see. We had a tenant at our business premises for a couple of years, mostly a good relationship but they got a bit useless towards the end. Not communicating, not turning up etc. Not the end of the world, had a mutually agreed…
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Google Merchant Centre Help
Hi Guys & Gals, I am hoping you can help. I need to speak to someone at Google Merchant Centre as I have had my google account suspended due to a small error. I know that they are unlikely to help but I am struggling to find out who runs the Google Merchant Centre or Google Tech Support. All I can find is automated email…
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Been running cafe with A1 licence
Relative of mine took on a lease early last year, was previously operating as a cafe, and he's carried this on for the last year or so Someone from the council visited today to inform him that the property only has A1 licence, it had a temporary use A3 licence for 3 years which ran out the month before he took the lease.…
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Is a limited company the way to go if mixing an existing job with self employment?
I have a full time
job and earn 41k per year working for the council on PAYE. I live in Scotland, so currently
pay 21% tax. I am very close to the next tax band, which is set at
£43,663, thus meaning I would pay 42% tax on earnings above this. I also run a B&B,
which my ex partner ran last year (she was not working in any…
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Being refuse PL insurance
I applied for PL insurance on Saturday online putting Monday as my start date it wasn’t an urgent date just need it to start soon. I heard nothing so tried to call the company and they were closed till Monday. I was busy Monday morning when they called asking for information about my DRO and was told if I couldn’t give…
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Questions regarding self employed/partnership taxes (dates, tax calculations etc)
Hello, I have a few questions regarding self assessment tax returns for money made via a partnership. I have no financial training but as out incomings/outgoings are fairly minimal I'm hoping to avoid paying for an accountant, but we'll see! In August 2022 myself and a friend were approached by a company (company X) to…
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Buy now or in new tax year?
Hi, I posted previously about buying a franchise and whether to register as a limited company and people were so helpful. I decided to go down the sole trader rout and am now due to buy the franchise on 4th April. As this is right at the end of the tax year would we be as well waiting until 6th April to buy? Would this…
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Closing a limited company with no money
Hi, Would anyone please be able to help me regarding a limited company that was setup about 4 months ago and I need to close it. The reason was that I was planning to setup a restaurant business. At the time I didn't do much research and simply I paid Company Formations to set it up and they did everything for me. However…
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Setting up Mileage Expenses
Hi. I am looking into paying our staff mileage expenses. They all use their own personal cars. I don't know what to set the amount at though. I know we could cover the full 45p per mile. Would our staff be better off getting the full 45p from us? I am guessing they will get less when claiming the difference from the…
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Lease equity?
Hi A friend leased a shop from the council 20 plus years ago. The lease I understand cost about 20K. The business now leases a year at a time, due to the original 20 plus years having elapsed. Is there any value in the lease if you see what I mean if the business were to move on and someone else take over the lease? Thanks
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Any other business owners noticed a big drop in turnover the last 1-2 months?
I am involved with 3 different UK businesses, each of them is in a totally different industry from hospitality, to car products and online services, and since covid they have had many ups and downs good times and bad and although Jan/Feb are usually quiet, however since Xmas this year all of them have been hit way harder…
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Leasing new shop when whole building up for sale
We have a shop on the edge of a small town and have been keeping an eye out for suitable premises in a more central location. We think we’ve found one that suits us and is in a great location for the business, but have just noticed that the landlord has decided to sell the building (retail unit plus 2 flats above). Has…
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GDPR question
I bank with Mettle, have been with them for the last 12 months. Today I've received notification that they are reviewing my account. They've picked out 4 transactions that they would like more information about. They are incoming payments from other people that have been invoiced. All businesses. They haven't specified…
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Being asked for a cancellation fee I didn't know about
I contacted a printing business for a quote for some personalised shopping bags. I went back and forth with them on the design and then they asked if I could approve the design, they would then send an invoice and I would have 30 days to pay. They sent over the invoice for 100 bags, however things took a turn for the worst…
