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MTD ITSA double-entry requirements for sole traders from 6/4/2024
Hi. I am a self-employed residential window cleaner and I do accounting on my own. And I am not 100 per cent sure if I fully understand all the mandatory MTD ITSA requirements that I may have to meet, along with the overwhelming majority of all other UK sole traders, from 6/4/2024 already. My understanding is that under…
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Voluntarily registering for VAT - which figure qualifies as the selling price ?
In the very near future, I'm going to register a small businesses that I am a partner in for VAT, even though the business is a long way below the threshold (we're spending a lot on some capital investments and will be claiming the VAT element back). We sell quite a lot of £30 items, & on most of them, we pay a £5…
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Solicitor costs related to buying a business
Hi, Last week I reached out to the solicitors in my area as I was looking to purchase a local shop. Everything was looking good until we discovered some discrepancies with the P&L statements sent to us by the seller a few days ago so we had to call off the deal. Prior to this, with the solicitor I discussed the options of…
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Transcription Services
Hi, I have decades of experience doing transcription and now looking to do this from home using an Agency as I do VA for the past few years and looking to fill up any downtime with transcription work. I was wondering, for those whom do this as I am aware quire a few do this, if I could get a few recommendations of agencies…
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Any Amazon / Ebay businesses sellers - Daily sale totals question MTD quickbooks
Hi My accountant has told me that the monthly invoice that we have always used in QuickBooks for both ebay and amazon is not sufficient and that I have to be recording daily sales and entering them There is no report on Amazon or Ebay that gives a daily sale (unless I am missing it) How do you account for daily sales - or…
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SUPERMARKETS (Sainsbury’s looking at you here!) AND VAT arghhhh
Hi all, Newbie here - need to vent. Not sure if I have put this under right heading but hopefully someone will point me into the right direction if it needs to be moved. Can I just have a MOAN about why supermarkets are so reluctant to say which items have VAT... it's doing my head in. I work in catering and we have to use…
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Closing down a business
We have a business we need to close down. Do you need a liquidation service or is this something you can tackle yourself?
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Query on registering a company on form IN01 companies house
Hi, just trying to understand the process and not jump to conclusions before knowing all the info. We bought our house in April 2016 so have lived here for 6 1/2 years. Last week my husband was opening our post and realised that one of the letters he opened was for the previous owner from Companies House congratulating him…
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Demand letter from ICO
I've received a letter from "ICO" who say they "have a duty to collect the data protection fee" and it's labelled "Action required by 28 October 2022".They say they've "already written twice", but I don't believe that's true.They also say "we usually name the organisations we fine on our website". My question is, are they…
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Filing Limited Company Accounts and CT600 Return
Myself and 3 other shareholders own a small property investment company which itself owns one principal commercial building producing an annual rent income circa £60K to £70K. All previous filings were undertaken by an accountancy practice of which our company directors were all partners. Things have now moved on and we…
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Self Assessment Error CGT
Hi, I am adding in my computation manually into the text box for reporting capital gains tax. Howe-ever I keep getting the following errorThere is a problem * 'Please give any other information about your capital gains below' can only contain alpha, numeric and the following special characters: ' ( ) * , - . / & @ £. The…
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Informing tax office
I have been running a business for several years with the casual help of my husband. He gave up work about a year ago to help me a little more and I would like to formalise this by informing the Tax man! What is the earliest date we can tell them without incurring their wrath? I would really like to say he started a year…
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Business Bank Recommendations
Evening all, I have a ltd company that has banked with Santander ever since it was formed back in 2014. I’m not overly happy with Santander but not because they’ve done anything wrong, just things like not being able to set up new payees in the app, so I can only pay someone in the app if I’ve paid them before, and the…
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Cant afford to pay bbl company failing
Hi everyone. I have a small business and took a bounce back loan in 2020 to help. My business is a small cafe and struggled through covid and is now failing. I have looked into liquidation but I don't even have the 5k or more or costs. I have seen an advertisment for a company that will buy my company from me with the BBL.…
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NI on Ltd company when employed?
Hi. I am full time employed and earn £65,900 per year, paying Class 2 NI. I have just set up a ltd company as a side hustle, expected to turnover £3k per year. Do I have to pay any NI on the ltd company? There are no employees just me as director. ThanksK.
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Problem paying VAT owed to Ireland
I am helping a friend with the following problem - has anyone any ideas: My friend lives outside the EU but owes the (Southern) Ireland tax office a small amount of VAT. Its overdue and there could be fines. However, due to problems with a reference number, my friend cannot login, cannot complete the forms needed and…
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Van purchase finance
Hi I'm looking to buy a van for my limited company but as we are a new business so won't credit, I could get it in my name but is there away to claim the vat?
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Business Bank Accounts with CCJ's
I've looked all over the boards for an answer to this, but nothing tackles my specific issue as far as I can see. So apologies if this question has already been answered. I have two old CCJ's on my credit record. I also have two businesses. One sole trader and the other is a Ltd company. I need a business bank account for…
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VAT Return, over paid, refund next time?
If the VAT return is £1000, but I paid £1200, will they refund it next time for me? The reason, My accountant came back from holiday late, but VAT return deadline is coming, I want to pay first before deadline with over payment, his calculation should be correct amount without error. Thanks a lot.
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Ltd Company now dissolved - received a backdated utility bill
I run a small business which started life as a sole trader then switched to a Ltd company and then back to a sole trader. I was the director of the Ltd company initially along with my wife, who then resigned as director leaving me as the sole director. I dissolved the ltd company back in 2020 as I felt it wasn't worth the…
