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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…
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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…
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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…
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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?
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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…
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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?
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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…
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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 ?…
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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…
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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…
