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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…
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Nominee for a UK Registered Company
I wish to set up a UK Registered Company and I wish to have a "safe" nominee shown for the new business.Is there a safe and hopefully inexpensive way of doing so.I expect to dispense with the nominee within 12 months.
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U.K. Freelance invoicing U.S.
I've just done a couple of projects with a US company and about to invoice them. In total it's approx $5500. I was planning on invoicing them in dollars as the exchange rate is in my favour right now, but what kind of exchange rate fees could i be looking at (it's into my personal Halifax bank account) and what other…
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remove money from company bank account for interest
My husband and I are directors of our own Ltd company In the company bank account, there is a very big cash holding which we usually leave until March and then max out the pension contribution and take a dividend each. This money is earning 0% interest. Therefore could I theoretically remove the money that I won't need for…
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BT discount with Pension Credit
Hi My father is now in receipt of Pension Credit. We were advised about a possible discount that BT offers it's customers who are receiving Pension Credit, so we applied. However, they said that they're database didn't confirm he was in receipt of "Guaranteed Pension Credit", or something of that nature. But information…
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Have I done the right thing putting a lump sum into our pensions
End of tax year and I've just put a lump sum each into mine and husband's nest pension to reduce corporation tax. Now I'm concerned that I've not done the right thing with markets plummeting. Can anyone reassure me?
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Trading allowance and self assessment (employed)
helping a relative sort out a tax query, suspect it is straightforward we just can't find the answer... Employed all of 21/22 - also had about £1200 in payment from abroad for freelance work - added this as "income" in the online tax account and HMRC have amended the tax code for 22/23 to take 20% off. Now realise could…
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Business partnership
Sorry I could not find the right category for my question. But I do hope, if you cannot answer my query, to point me in the right direction. My problem is a bit complicated ... I have been in a partnership with a friend and his son in a care home business. Initially, it was the father and I - He had 66.5% an I had 33.5% -…
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VAT payments for kids clothes???
Afternoon all, Not sure if this is exactly the right sub to post in, but thought business owners in here might have the low down on VAT. This is more 'out of interest' as well, as opposed to trying to drop anyone in it. So I was on a large, reputable retailer's website just now (I won't name them, as they may be doing…
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Small gardening business - worried about the future.
I’m a self employed gardener, I have good regular customers and one off jobs. However, I’ve already started to see a decline in new work and some of my clients who were regularly fortnightly customers and now monthly. I’m worried sick about what next year will bring. Anyone else the same? Im currently earning enough to pay…
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Lost money - Payroll company Not responding
I am working as IT contractor under IR35 and payments made through payroll company. And in one of my payroll slip, they generate the wrong low figures and i am trying to followup with three months to their customer support, complaints email box and dropping the reminder every week and everytime when i called to cusotmer…
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Help! Sole trader switching to a Limited Company. Is it really tax efficient?
Hi all, I have been a sole trader for more than 5 years and my net income has been steadily increasing, and so has my tax. My net income will be around 30K this year with around 5500 for income tax and class 4 and 2 NIC (I have used an online tax calculator for self assessment) I have been advised to registered as a…
