-
What's the point of AIA? (in relation to corporation tax)
So if i run a small LTD, We turnover 200k in the year, profit of 50k. if we buy an item worth 100k it goes into the AIA and it's offset for tax purposes. Lets say we depreciate it over 5 years, 20k a year. in year 1 I have 50k profit, +20k non allowable depreciation, then 100k of AIA, so -30k for tax purposes which I can…
-
Sole trader - quit - is old stock now business or private goods?
So I was a sole trader flipping goods online. I was deregistered because I didn't meet the £1000 tax threshold and now have old stock on my shelves. Does that now count as chattels, or if I sell it is it still a business deal as I bought it for purposes of profit? Called HMRC but I don't think they knew.
-
Amazon start up
Hi, is there anywhere that I can access an idiots guide for starting up an amazon account for selling. I've managed to get a far as them wanting to take the first monthly payment. Before I take that step what happens after that, as I don't even have any inventory to sell yet. Thank you
-
Directors Loan
I am about to take 30k directors loan out of my small company. The company can easily afford this, so no issues there. I need the money quickly to fund repairs in my other business (BTL, not limited company). I am aware the money will have to be repaid in full, and I’ve experience of directors loans in the past, although…
-
Ways to reduce standing charges on half-hourly meters?
I’ve just moved my business into a new premises and discovered it has a half-hourly meter installed. Our electricity usage will be very low, probably under 2000 kWh a year, but I’m being quoted standing charges of at least £13 per day, despite going to several suppliers. I've also talked to the energy broker we've…
-
Merging adjacent units
I have 3 adjacent units, which total 6 individual street addresses, trading as a bar. There is only one entrance (with several emergency exits). I receive 3 different business rate bills for the bar. Would I save money by approaching the Valuation Agency and asking for a re-evaluation and a single bill? I don't know…
-
16 yr old
Hi, my daughter (aged 16), wants to set up a business. She's needs insurance but you need to be 18 to get it. If I run the business in my name, can she invoice me, and I pay her the profits (I don't want to pay tax on her business)
-
Business Investment for a Start Up
Hi Im looking at starting a business up, but would like some investors in with me where. other than crowdfunding is there anywhere i could meet such people of sites ? Thanks
-
WIX Alternative for a small online seller.
My 3 year subscription has come to an end with WIX - I bought it on a promo and cost £150 for the 3 years but it now doubled in that time ( including the 50% off ) . I was wondering if anyone can recommend an alternative ... I just use the website to show my stock ( around 20 - 30 musical instruments ) and contact details…
-
Starling-like Business bank accounts for two person partnership
Hi folks My wife and I run a little side hustle that we were getting payments for into our joint Starling account (perhaps naively). It turns out this is not allowed, but they don't offer an account we can use because we're not registered as a business, and we both need access (so a sole trader account doesn't cut it).…
-
Business to business dispute
Hi All, Sorry if this is in the wrong place but it is my first post, i have a business that has been gong for many years and we are always expanding and trying to streamline our processes. We embarked on a new invoice software so we was recommended a company from a welll known company who unknown to us didn't do the…
-
MTD for income tax for VAT registered sole trader
Please can someone shed some light on when my husband needs to start sending digital returns for his income tax. He is self employed and VAT registered, his turnover is around £65K (His VAT is already provided digitally using bridging software). I have regularly looked on Gov.uk and seen that sole traders with income over…
-
Mobile phone business contract
Hi Guys, Could you help with some advice please. My Ltd Company is really struggling and I need to reduce my costs massively. I’ve made many people redundant, to survive, and this means that I have a mobile phone business contract of about £3k per month that I cannot pay. (I made 50 people redundant) I don’t want to fold…
-
pub business rates backdated
Hi I bought a pub 2.5 years ago, rates were £0, I recently sold the pub as it was not doing well and good old Starmer put wages up and NI, making it impossible to earn a bean. anyway just received a letter from business rates norfolk for £45000.00 per year backdated 2 years when I bought the pub, there is a 50% discount…
-
Product liability insurance
Hello, can anyone recommend Product liability insurance for a 16yr old? We've found public liability but need product liability too. Many thanks.
-
Outstanding BBL results in persistent voluntary wind up[
In May 2023 I applied to Companies House for voluntary strike-off of my partnership as it had not traded since January 2022 and was completely dormant. The partnership had taken advantage of a perfectly legitimate BBL in 2021 on which we paid interest and principal but realised in 2023 that we couldn't continue to do this…
-
HMRC used QR code for payment on account - help!
For the first time, once I got into my government gateway account, I opted to pay my taxes (payment on account) by QR code. I am sure I read that the payment should go through within an hour, but it's been 30 hours and no money has left my bank account. Any advice? Reassurance? How long to wait before I make another…
-
HMRC VAT refund BACS delay
Hi All. Just posting this here because I can't find an answer anywhere else. Probably worrying over nothing, but here goes. Have been trading about a year, VAT refunds usually a smooth process. However I submitted this quarter's return on 1st July (evening) and it was approved and sent to my bank account the next day, no…
-
Salary sacrifice schemes
Hi. I'm a partner in a small company and one of our staff will be sending a child to nursery next year. I remembered about salary sacrifice schemes so have been reading up on them. Are they worth it? And that's a question as an employer but also for the employee too. Plus I've seen there is now a Groceries scheme. That…
-
Internet for office - minimal use - recommendations
I only need internet for one hour, sometimes 2, a week for zoom meetings in the office I rent for half a week. Is there any way I can do this more cheaply than paying business internet rate? Like phone hotspot or anything else?
