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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…
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Self employed overdraft or loan?
My husband bought a franchise 11 years ago, he borrowed £40k off the bank a couple of £k off parents and we paid the rest ourselves out of my redundancy money. Fast forward 11 years, the debt to family is all paid, he has been “paying” us a monthly amount which has increased steadily but is not a massive amount. I recently…
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Can limited company make pension contributions to a non salaried director
I'm a non salaried director of my spouse's limited company but I'm not a shareholder since I'm am on payroll for a full time job and don't need the extra income for tax liability. Can the limited company make pension contributions to my personal pension as a way of taking income from the business tax efficiently?
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Free Bank account
I was wondering if anyone has any advice on a business bank account for a small business, think side hustle. I want to keep money separate for accounting purposes, but there are so many options. I would like a free account as I don't see the benefit of a paid account for my small business. TIA
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Taking card payments in different currencies overseas
Hello! Hopefully someone has some tips on this. I'm a musician in a band. The band is (or very soon will be) a limited company. We're tidying up how we run things. Until now, when we've toured we've used a SumUp reader and APP to take card payments for records and things we sell at shows. Mainly in the UK. We've also…
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When to register for tax
Hi - both me and my partner have gone it alone in the last year. I lost my job last February and then started on my own (just self employed - not a registered business yet) in August 2022. My partner left her job and went freelance (designer) last July. When should we register for tax and does anyone know first steps…
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B&B building and public liability insurance - can't find reasonable quotes
In light of the new Scottish B&B legislation, I am now required to have building and public liability insurance. I have a full time job, so only run the B&B at the weekends over the summer for some extra income. I only made about £4000 last year and insurance quotes are coming out at around £800. That's almost 25% of my…
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Franchise help
I hope this is posted in the right place and thanks in advance for any advice. I am currently considering buying a preschool franchise. I have been looking at the pros and cons of setting up a limited company to buy the franchise, to give some degree of protection. However, the franchisor has told me that even if I do set…
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Setting up a LTD company - free and easy
Just saw a thread on setting up LTD company's and noticed a lot of people messaging things about how confusing it is or how costly it is. I used these guys to set up mine and it's totes free and took about 5 mins and I had the companies house documents within an hour.…
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Business energy contract
I agreed a new business energy contract for my gas (due for renewal 01/04/23) , in August 2022. I did this to get a better deal on my electric. Now energy prices have come down a little I can get a much better deal staying with my existing provider. They are telling me that the broker I signed the contract with won't be…
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Fees have been paid to wrong bank account
Hi I am owed £979 from booking.com for hosting guests over new year -this money was paid to an account called prepay technologies account instead . Customer service told me that there had been outages in Jan which (in my case) obvs replaced my bank details booking.com are a lowest of the low company and I was nothing to do…
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Another business is buying from us in bulk then selling where we sell.
HiI have a product that I manufacture and sell via website. Some times I get people who have shops who want to sell my product so I sell them in bulk at a discounted rate. The problem is are main income is from google ads shopping and we have sold to another businesses and there selling on google ads which is reducing our…
