-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
Accountant recommendation for an investment company
I have some spare cash sitting in my limited company. Rather than letting it sit idle not earning any interest I thought of investing them in an index fund. My accountant advised that it would be better if I set up a new company to do this and this is exactly what I have done. However my accountant told me they would not…
-
Documents Required For Ltd
I recently just registered my company on 13/11/2022. I'm the sole director. I'm trying to construct a definitive list of all the legal annual documents I need to submit and the respective dates. The accounting period will be from 13th November to 13th November each year. I'm finding this slightly confusing so if someone…
-
How to write a retainer contract/agreement
According to this Contractor’s guide to retainer agreements (contractoruk.com) it ought to be possible to arrange for a small business owner to agree to put me first if I want things done from time to time. I am trying to avoid being told that for example I need to wait for months if I want tiling or decorating done.…
-
Card processing transaction fees
Any advice on the cheapest card transaction fee companies for a small business
-
Accounting for some transactions involving a van for combined, business and private use
Hi everyone I am a sole proprietor. In the Tax Year 2021-2022, I acquired - on hire purchase - a van for combined, business and private use. Let’s say that the van ratio between business mileage and private mileage travelled in 2021-2022 has been 80:20. I will be splitting the total expenditure of acquiring the van between…
-
Investing Ltd Co. profits
I have Ltd Co. I wish to keep open for future contracting use (I'm currently employed via an FTC so on PAYE but expect to be back in the contractor market within 2 years hence not winding the company up), however it has significant profits after all tax liabilities that I wish to grow. Property is too time-consuming and I…
-
Ltd company client from Norway - VAT
Hi All, I own a Ltd company - IT Software service, voluntary VAT registered. Unfortunately I make below £85k a year but being VAT it's more beneficial for my client as I'm doing only businesses to business service. I have a client from Norway, they have VAT reg. number.At this point I am confused, should I create standard…
-
Limited Company UTR
Hi, I run an ecommerce brand and I need an EORI number in order to import goods into the UK. So I've registered the limited company yesterday in order to get a UTR as it's needed to get an EORI number. However, I can't see my limited company UTR online anywhere or in any email correspondence. HMRC said they can't tell me…
-
MTD Software
Sorry if this has been covered but couldn’t see anything on it. I believe in April we, as a small business, are going to have to comply with Making Tax Digital and use accounting software to upload data to HMRC. There are literally hundreds to choose from…. Any that MSE would suggest or recommend?
-
Advice on vehicle for new business as sole trader
Good morning! I was hoping for some help and advice on the best and most tax efficient car to lease for my new venture as a sole trader. There are numerous options in terms of fuel type etc and the various levels of efficiencies they offer…and I am a bit bamboozled to be honest. The business will demand a reasonable size…
-
Startup Craft Business Advice
Hello I am currently looking into starting a small craft business where children would be able to come in and paint / make things. My question is around the type of business as I don’t really understand the types. Im cautious about being personally responsible if things didn’t work out. Can anyone advise?
-
Business Energy Relief Scheme
We are a small business, and our energy bills are now astronomical. We are being charged £1.09PKWH by Yu Energy. On the last bill there was an option for a claim through the BERF, but this was listed as £0.00. I have spoken to my local MP who has sent me the link on Gov.uk to the BERS information which as far as I can see…
-
Control over a company
Hello, My question concerns control over a company with a majority of directors. Assuming a buy to let company with 4 partners each has a 25% stake in the company. Partner 1, 2 and 3 are directors in the company whereas partner 4 is not. If partner 1+2 join forces, do they have legal right to control the company ?…
-
Business USD savings account
I run a small UK company with a large portion of our cashflow denominated in USD. We've been using Wise as a USD current account, and I'm very happy with Wise, but we now have more than $300k sitting there not earning interest. I'd like to keep the money in USD, since many of our outgoing costs are in USD also. Are there…
