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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…
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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…
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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…
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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.…
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Card processing transaction fees
Any advice on the cheapest card transaction fee companies for a small business
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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…
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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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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…
