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Help just opened a cafe and need business financial advice
Hello, I’ve recently opened a cafe and I really need good financial business advice. As it’s early days I have lots of questions and good and wise advice for the way foreword. Any recommendations from anyone. There are so many companies out there but there’s nothing like a good recommendation. Many thanks in advance.
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self assessment self employed loan
Daughter is running a small business livery yard with very little profit. I have given her a couple of loans. Does she have to declare this on her self assessment form? Thanks
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Goods delivered tracked and confirmed as described but chargeback still open
Am a long standing PayPal account holder and have had no major issues. However I sold a laptop and due to a mix up in the website platform hosting system the order wasnt pushed through to me in time. This delayed the order shipping and so the buyer rightfully contacted us, to which we offered a full refund or if the buyer…
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New Online Payment- Selecting 'Personal account', for an actual business account? What happens?
When Paying an somebody on a new internet transaction, and then you set up their name, sort code, acc number you select their account as business or personal, If their account to be paid is actually a business account but you select personal, and pay then what happens? (so you make your payment to them, but have selected…
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Can I leave a contract if I am dissatisfied with the service?
I have a catering business and we originally signed a contract with one company face to face with an advisor and she had told us that there would be no weight limit even though it stated a weight limit on the contract (their vans didn’t weigh the bins) and everything was fine with them. However, their company was bought by…
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Setting up as a sole trader, but need some unique advice...
Around April 2021, I started e-commerce, and can confidently say I haven't made the £1,000 profit that HMRC likes to know about to then tax, technically I have made a loss since April 2021 (This was due studying for exams so this was on and off, but there is consistency on expenses, small profit etc) My main question is,…
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How to roughly value a small business - service industry ?
Hi Look for some guidance on how to value a small service business please ? Nominal assets - no land or property - I work from home. Established 22 years. Thousands of repeat clients. Thanks
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Moving into Ltd Company - advance set up advice
Hi, I am becoming self employed. I have already registered my limited company and applied for my UTR. I plan to become active sometime in March 2023. I have set up a few things in advance like CV, email, company registration and have lined up business bank account, accountancy support and PAYE registration for later - but…
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Self Assessment question (new sole trader)
I have a few questions about Self Assessment and was hoping people could help? I am new to this and not very savvy when it comes to bookkeeping (probably going to hire an accountant soon), so any help would be appreciated! :) * First of all, I lost my full-time job in August 2021. Shortly after that I registered for my UTR…
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Submitting first self-employment SA100
I've looked all over the internet and the information is very confusing on this, so thought I would ask here for clarification. I am submitting my first SA100 for the tax year ending 5th April 2022. Do I need to do this, as it is my first one, on HMRC's Goverment Gateway, or can I use commercial software to do this? I have…
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Is there a database of business premise leasehold sales similar to house sales?
I am looking at buying a leasehold of a retail premise. Is there some data one how much business premise leaseholds have sold for so that I could work out what thew appropriate price should be? I know with house sales, there's publicly available data and you can go onto websites like Rightmove to find historic sold prices…
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Reluctant landlords - do we need to self assess tax return?
My wife and I rent a property to a family member for £400 per month. (we also have running costs) The property is in both our names and the rent is paid into a joint bank account. The income is £4,800 per year less costs. If this income is shared between the two of us then it is less than £2,400 each. Can any tax…
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How to Record Business Expense Paid by Someone Else
Probably a simple solution to this and don't want to risk looking like a fool by asking the accountant. Both my son and me are self employed, I saw some business items reduced and bought them for him. How does my son record this expense and reimburse me.
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Need advice regarding VAT registration for a ltd company
Hello ladies and gents I have a small ecommerce business (ltd company), and its turnover has gone over the threshold of £85k in the last 12 months period, however, as I'm taking roughly 4 months off work during which my business won't be trading, its annual turnover for the tax year 22-23 tax is going be less than £85k, do…
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What records must self-employed keep?
Hi,I may be doing some work on a self employed basis next year and am wondering what records I must keep for HMRC.It would only be a small amount of work, so done on a cash accounting basis, likely paid by cheque or cash, and paid into bank.Do I need to write an invoice for each piece of work conducted, or are bank…
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Sole trader vs Ltd Co. advice
I may need to become a freelance consultant working to provide a single item of consultancy work (lets say a specialist IT service only with no hardware related service) contracted with multiple agencies who provide me with client work. I have been a ltd co. previously and it was far too much complex paperwork for simply…
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Royal Mail freepost swapout
I received a
leaflet suggesting I could use it to send my stamps for exchange to the new
barcoded type. The leaflet
says, “SEND SAFELY TO FREEPOST SWAPOUT” I posted my
24 stamps using this form and two weeks later I have NOT received my barcoded stamps. It has now
become apparent, after reading reviews, that this is…
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Money not needed for essentials - take as nil-rate dividend or let company pay into pension?
Hi, I've run a small limited company for several years, predominantly to build up a pension pot, and now is the time to let it wind down naturally. For some time I've been drawing the maximum under the current secondary threshold, paying £1200 per month into my pension via the company and me and the other two directors…
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Dispute between Customer and service provider for photography business - Legal advice required
Hi, I run a small business photography service. I did a photoshoot for a client for £60 an hour and sent him 1200 photos. He choose 100 out of 1200 and I requested him to select 50 for editing. He's not bit happy about some of my photos and he is looking for extensive editing which I said I can't make it as it takes a lot…
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Writing off an invoice?
I have a customer who is self employed not ltd - I also am self employed. The last invoice I sent her was for just over £1000. I'm aware she is struggling at her retail shop, as it's not making the sales that it did last year. And I'm aware she has built up a lot of personal debt in buying stock etc. She has paid half the…
