-
Allowable expenses
Hello, I am looking to start my own business which I will run alongside my full time employment. I plan for this business to carry out 3 main activities. Before I can do one of the activities, I will need to some training and buy material which is necessary to do the activity (I am being vague I know, but it is quite a…
-
Investing, is it better from a company or personal?
Hi,Im thinking of investing I have two businesses and was wondering should I invest money from my company or from my sole trader business?I read about capitial gains tax and both seem to have benifits if I lose the money, I've asked my accountant and he said sole trader might be better as you can off set any loses. But Im…
-
Filing my first set of accounts
Hi Last year I started my own company selling cakes and biscuits. The initial plan was to take it very seriously but soon after I got a job and it was put to the side. In total, I probably made about £300 or so. I want to keep the company around etc. so plan on doing the accounts instead of filing dormancy or closing the…
-
Client Refuses To Pay Me
Hi all not sure if I have this in the right forum. Basically, I'm a visual artist I was commissioned to paint 3 paintings for a project. The client emailed me the instructions. Because of the amount, I gave her a package price for the payment. When we met up he changed her mind and wanted one of the items on a separate…
-
Sole trader and employed at another job
Hi all. Sorry if a newbie question. I am working full time in a job but thinking of also registering as a sole trader to try a business 'on the side'. My question is, does having a Job affect being a sole trader or vise versa, eg taxwise, or different tax code etc, is my income regarded as both jobs combined - how does it…
-
Filing a tax SELF-ASSESMENT for the first time?
Hi, so I'm trying to file a self-assessment tax return for the first time and I genuinely don't have a clue and there is no-one around me who can help or knows anything about this so I'm resorting to online forums in the hope that somebody would be kind enough to point me in the right direction as I am not too bright when…
-
No reply from HMRC?
Hi, first of all I am not trying to get out of paying any due tax. I filed a late return January 2021 I believe; was genuinely struggling at the time. I also appear to have been charged late fees on CIS which now should have been refunded (approx. 5/6 from memory). I probably owe £1500.00 tax from 2019. HMRC say it is…
-
Tax treatment when buying a new zero emission car within a business partnership
I'm trying to get my head around the tax rules for the above. I will be buying a zero emission electric car that will be used for both business and personal use. It will probably be purchased outright, so registered in my name, but could possibly be bought on a business lease. I am in a business partnership with my wife,…
-
Paypal and small biz for brother abroad
Hi there, Hope I've got the right board. My husband's brother, who lives in Amman, Jordan, wants to start an online software business from his home. He doesn't have a bank account in Jordan therefore my husband wonders if he can use his UK bank account to set up a paypal account for his brother, to receive any payments.…
-
Request of VAT supplement from a purchase of goods from China - is it legit?
Hi,A couple of months ago I made a business purchase from a Chinese supplier - it was electronics goods. It was around £15. The goods arrived and I was happy with it. Yesterday they sent me an email asking me to pay a supplement for VAT. I'd like to understand whether that is something I'd have to do. Here is their email…
-
Seiss claim near retirement !
Rules for claiments mention that one will intend to continue being self employed . How long after 5th claim (Sept), do I need to continue running my business to stay within the rules ? Anyone please ??
-
'Simple' Excel spreadsheet - date next due
Hello I would like to create a spreadsheet to organise my work round. Column 1 would be date last actioned, column 2 would be 'frequency' ie 4 weeks, 6 weeks, 2 months, 3 months and column 3 would be 'Date next due'. In the frequency column I have created 'drop down lists to chose one of the interval options. Can someone…
-
TRANSFER WISE
I have used Transfer Wise very successfully I know the.name.to WISE I am sending s small amount of money.for a giftWhat do I need to do nowMoney UK.to.USA Many.thanks Sue
-
Transfer Wise advice
HelloI have used Transfer Wise to send money to my brother in the US successful. I know there is now a new Title WISEIS there.any change of the transfer of a gift to a relative ? I still have bank account stored on my laptop from when I want to pay bills or to grand children etc Many thanks Sue
-
Mileage Tracking
Hi there, I am self-employed and in the last two months, I have been tracking my mileage with Quickbooks. Currently, at the end of each month, I
view the total mileage cost for the month and transfer the money to my personal
account. I am wondering if I am I doing this correctly? If so, should
I be claiming this as an…
-
What are some good money saving tips for a couple expecting their first child?
What are some good money saving tips for a couple expecting their first child?
-
Question about £12k tax free, taking out then £1k a month
company accounts are OCT-OCT, took out £12k.Claimed HMRC paye for the £12k. But if I take out £1k a month from NOV -NOV. Can I write down the £12k tax free on the next April period? Or do I have to wait until the start of april to start taking £1k a month as a salary.
-
Accountant was purchases, what are counted as purchases?
Hi,Im sending my accounts to the accountant and he was sale, purchases, expenses.At first I thought expenses and purchases are the same. Im guessing purchases is like a car. But what else is under purchases? Cant find examples online link to UK tax. Is a computer, usb cable, printer, tables, boxes purchases?
-
Importing goods into the UK from China
Hi, im thinking about importing some pet accessories into the uk from China. What I’m a little unsure about is what paperwork do I need to insure my goods get through customs smoothly. I know I’ll need to pay 20% vat and 2% import tax and need an EORI code. But apart from that I’m a little confused. I've rung hmrc twice…
-
Failing Business.
Apologies if this has been spoken about, I can't seem to find anybody in my situation and would appreciate some advice. I've been advised to post this here. I'm a director of a struggling, small, ltd construction company, est. 5 years, vat registered and currently owing around 45k in bounce back loans. Due to rising costs,…
