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New side business and how to offset a loss against employed income
Hi I started a business selling on ebay and amazon in Jan last year and am doing my tax return. I am doing it as a sole trader.I also work full time. I made a loss of around 2.5k upto the 5 April 2021. I am trying to fill my self assessed tax return and have chosen to do it on a "cash basis" as after reading the help…
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Got "£75 free" bonus sign up, is this taxable?
Hi, Im self employed. I signed up to a business account, which has given me a £75 incentive bonus. Does this count as(taxable) income for my business? Thanks so much.
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Can you start a sole trader business when on materity?
Hi, good morning! If I start a nail salon 3 months into my materity, will I still get materity pay/benifits? Or by opening another business does this terminate materity pay. Thanks
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Buying a business
An opportunity has come about whereby a day nursery is looking to sell. We are interested in buying as have experience in running a nursery, but have no experience in the buying process. We've set up a meeting with the owner to go through their accounts. Can anyone recommend any advice please? Thanks
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Add a "Pay an invoice" button to my website
Hello We have an Engineering Company and currently send PDF invocies by email. OUt preferred payment is BACS, whihc suits most of our customers. We have the odd enquiry of "can i pay by Crdit Card". I had a Paypal Here account but the reader stopped working. We have a website, is there any way that a "Pay my invoice"…
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£11k electric bill!
I don't even know where to start with this. Back in 2018 we opened a cafe and choose Octopus Energy as our supplier. We negotiated a fee and set up direct debits and set about turning an old empty shop in to a cafe. This was our first high street business venture, so we had our hands full finding suppliers and getting…
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Gas out of contract charges
We moved premises last year and had the gas connected in October. As far as we are aware no gas has been used in the premises for at least 10 years. Whilst try to sort out contract which been far more complicated than necessary I am sure our landlord started receiving bills from Total Energy at 10 times the average rate,…
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Opening hotel, tax and property investing
Very speculative post and hope to get some general advice. it is a dream of mine to someday in approximately 10 years to have my own small hotel with piano bar. I intend on partly funding this using pension commutation and savings and investments in between then. I intend on starting to buy some property in the next year…
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Tesla LTD company
Hi, I have my own LTD company which I’m the director of and no employees. I started trading (Aug 2020) I have sales of £49,192 to date. My expenses (software, hardware, parking, milage, use of home, phone, etc) £6,080, I have taken £23,600.00 of Dividends, I have taken £11,750.00 in salary from 25th Aug 2020 to 15th Jan…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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,…
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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.…
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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…
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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 ??
