-
SE Cash basis - Delay expenses to following year?
Say I've been calculating my profits for tax year 21/22 and I've finished adding my expenses up to March '22 and I'm currently at £10,000 profit (so below the threshold) I haven't yet accounted for a £2,000 computer that I bought in March '22 that would put my profit down to £8,000 - but I'm already below the tax threshold…
-
Business account with cheque-book & paying in book
As the title says i'm looking for a business account with a high street bank. I'm a sole trader and just need the above to buy stock and pay in cash from takings every week! Which high street bank would provide these with just fees on transactions and no monthly fees?Thanks!
-
Declaring Interest on Tax return necessary if below the threshold?
To try & cut a long story short I usually do my own tax returns via Cash Basis for a very small business that I run alongside my full time employment. For year 2021-2022 I made a loss of a couple thousand pounds due to buying a lot of new stuff for the business, which I'm hoping to expand as I have left my employment. I…
-
Swap out stamps
I recently sent some stamps back to Royal Mail as part of the Swap Out Scheme. 95 second class & 8 first class. RM took 5 weeks to replace my stamps and when they did, they sent back ALL first class with a covering note explaining that it is not always possible to replace ‘like for like’. I’m furious as I’m pretty sure RM…
-
Product Instructions and Guidance.
Hi, After some advice... If I sell children's home use toys that are for ages 3+ and only for home use...not to be used as a rental or commercial use... If this is shown on the website, on the product page, on the instruction manuals and in the T&C's on website....and then someone purchases, and then uses the toy for ages…
-
Returns and refund law
Hi not sure if this is the right place for this. I’m thinking of opening an online store which sells children’s toys which I will be having manufactured. I want to know that if someone buys something from my online store and open the item, box, packaging and “sets up” the product…then decides they want to return it within…
-
Shipping Courier
Hello all, I'm looking for advice on the best courier service in the UK. Cost effective would be great but service more important. I'm about to setup a B2B/Ecommerce business. It'll ship anything from 1-20 parcels a week. Most parcels small in size and less than 5Kg although there will be a handful (hopefully more) parcels…
-
End a partnership: how to?
Asking for a friend. They used to co-own a house, which they rented out. Tax returns all compliant: partnership, both individuals, all up to date. House sold some time ago, final returns which would include this income source dealt with. Other partner has been unable to find the right form to end the partnership. Is that…
-
Director's loan account
Can someone clarify somethings for me because the only info I can find online is if you take money out via a Director's loan? I am the opposite - I have given/loaned/lent my newly formed limited company a large sum to get it up and running. Is it true that I can take money out as repayment of loans INSTEAD of a salary/wage…
-
Commercial Property being sold by Landlord
We have been renting a property for 20 years, for the first 7 we had a Heads of Agreement Lease and then when that was due for renewal in 2011, we did not sign a new lease and continued to pay rent on a monthly basis since then.. Fast forward to 2023, the landlord has passed away and the beneficiary of his will is looking…
-
Why can't you open a business account these days?
I have banked with Barclays for over 20 years and was told today that they are not opening any new business accounts at the moment. So I had a look around and none of the major High Street banks are making you feel welcome. What on earth is going on?
-
Sole vs Limited Company
Hey folks - looking for some real world advice. I am due to speak to a tax advisor this week, but being a little impatient :) I have been a sole trader for 7 years working as a comedian, however over the last year or so I have diversified a little bit into event management and promotion as well, and now have several…
-
Personal Tax Allowance not show in my Self -Employed Assessment
Hi Can you help, I have entered all my details on the HMRC self-employed assessment for 21-22 but the calculation for tax I owe is wrong, as it does not take in account of my personal tax allowance, in total I earned less than 20K, Just call HMRC this morning on hold for 1hour, once I got through there system was down and…
-
Small Claims - Payment offered but rejected
We are in the process of making a money claim online, the defendant offered a payment and made it before we rejected it. Mediation failed so it is now going to a hearing. They are asking for the money they paid back, do I need to do this or should we wait and see what happens in court. They offered £100 but paid £120
-
CCJ REPAYMENT
I have taken to court a customer who owed me for services provided. I have used a Solicitor, at considerable cost and the debt has now increased to just under £5000. There is a CCJ recorded. High Court Baliffs attended the business address and reported back, no contact with the debtor and was aware the property was owned…
-
Late registering partnership advise please
Hi, myself and my partner are individually registered as self employed. As of November 2021 we set up a partnership together (new venture) but failed to register this new partnership with hmrc as we thought this was done at the same time as tax return. We have just discovered the partnership return should be submitting…
-
Sole Trader giving leasehold business assets away to a Limited Company
Hi, my partner has had no luck with selling his business. To save him the trouble of folding it, he has offered it for free (including all assets) to another business owner, in the same field. I believe this owner is a limited company, owning one business already. The lease can easily be re-assigned by the lessor, the…
-
Seiss took SE income over threshold BUT Martins advice saved a fortune on Tax bill amount.
In case it is helpful for anyone I wanted to highlight a small success, inspired by checking Martins advice site once again. My partner is a sold trader who lost all work in creative industries during the pandemic and was therefore in receipt of Seiss payments. These were a godsend and effectively kept his earnings on the…
-
Companies House dissolved small limited company as I missed Confirmation Statement letters
I wondered if anyone else has experience this, as my bank said they'd heard a lot of it happening. I have a small business and was shocked to find my business has been dissolved a week ago. My bank account has been frozen. I now have to go through a process to reinstate everything with fees around £1k. On my first…
-
Adding VAT to a quotation retrospectively
We accepted a quote for a bathroom refurb some 7 months ago. The work has been delayed for several reasons but is due to commence next month. We’ve just been told that VAT now has to be added to the quote as the tradesperson has reached the £85k limit and now needs to register with HMRC for VAT. Do we have to pay this or…
