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No reduction in business insurance cost
I take out public liability insurance and employer's liability insurance each year. Over the past year my business has only been able to trade for 3 months out of 12. I asked my insurance company if they're able to pause or refund part of the payment but they said no. Now it's time to renew and I won't be able to start up…
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Fine for late registation of a 0% vat business?
Hi,I've been mad busy and relized if my turnover is £85k+ I need to register for VAT, the business is classed as a ZR 0%.So I wondered if I was late to register, what could the fine be even if i'm ment to pay 0%?I'm late maybe by 3 weeks. Regards
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Hiring school hall for classes but lost money
I was hiring a school hall to run classes, and the school used a company called School Lettings Solutions to hire out their facilities and take payments from hirers like myself. SLS took payments monthly via my business visa debit card. In mid-March when schools were closed I had just paid for the upcoming month and SLS…
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First time reviewing end of year accounts... what should I be looking for??
Hello! Thanks in advance for all comments and help! I co-own a small business and we've just received our draft end of year accounts for 2020. This is my first time owning a business and it's one I've taken over, so there are previous years of accounts but this is the first one i'm having to review. The accountants have…
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Bank Due Dilligence
I am really hoping someone can help me with this because I have found it very difficult to find answers online. In November 2020 I moved my business account over from HSBC to Revolut, an up and coming digital bank. Everything had been fine with them, no problems what so ever. They asked me a few weeks ago to provide them…
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Suggestions for business bank account with a foreign director
I have just set up a new LTD business with a partner, but need to find an account that doesn't have to have a PSC as resident in the UK, whereas I as the second director am. We wanted to use Starling, but this doesn't seem possible. Any ideas welcomed. Thanks in advance
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PO Box alternates - personal use
Not sure where the right place for this... Basically I am needing to do in-writing correspondence and I don't want the person I'm writing to to know my new address. But I want to give them a postal address to send letters to, I would only want it for two months max. Any ideas that aren't too expensive?
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Am I now a "proper" business?
Hi all, Forgive the beginner nature of my knowledge on this. Last year during the first UK lockdown I set up a "business" - it is a website selling posters that I hand draw. I have a full-time job alongside this which is PAYE. Since then, I've sold £10,000 worth of products and it is ticking along nicely. I am wondering at…
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How much to take on a limited company name?
Hello, My partner and his son have bought a butchers business and would like to take on the limited company name as it goes with the street name. How much should it cost to buy from the old owner? Thanks.
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Tax question with a small group of freelancers
I have been freelancing for a while, and recently joined a little group of freelancers. So not an agency or anything, just a little collective. We look like we might be about to land our first client for a reasonable sized project that should take a few months. So all good. The little collective was started by a guy who…
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posting parcel to portugal
I want to send a parcel to my daughter in Portugal and it contains some jewellery, which is hers but she wants to sell it, and there are several items and other things e.g she forgot to take her toothbrush charger. Will I or she have to pay tax on any of this - the guidance on gov.uk doesn't really help
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Export duty %
Hello I don't know if anyone can help. I am an import clerk and even I am stumped. I use trade tariff to find out the import duty costs. However a customer is asking us what the export duty will be to the Republic of Ireland. It's for ceramics from Turkey, code 6911900000, so we won't be paying duty, but I cannot figure if…
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Starting a translations company
Hi all, Having been hit, like many many others, with the impact of the Coranavirus, my wife and I have decided to take the plunge and start a business. My wife is already a translator and quite successful being fluent in 7 languages! And so it would seem to make sense to see if we can expand on that and create our own…
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Fixed Wiring Electrical Inspection Condition Reports (EICR) Landlord or Tenant's responsibility?
Hello, we have been asked, by the landlord, to provide a current EICR for our business premises. We have been there almost 12 years and have never been asked for this before. On reading the lease agreement, I can't see any reference to it. Do most tenants arrange & pay for this or do their landlords? Thanks for any replies.
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Buying block clients
Good morning all I'm currently trying to build up an accountancy practice and have recently brought in a new client as their current accountant is retiring (who is local to me). I just wondered how might be best to approach the retiring accountant to see if there are more clients that may need an accountant moving…
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Farm buildings change of use
I have inherited some farm buildings mainly built in the 1980s. They are in a rural location on a single lane road so unlikely to be overly attractive to many tenants but I’m starting to think about what to do with them. Letting them individually to small businesses is my current thought. I think I would use an agent and…
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Jury service
Husband has been called up for Jury service we have been told to claim loss of earnings as a self employed person he needs to provide proof of earnings from last tax return the problem being that he has only been self employed since November so have no tax return we are registered as self employed with HMRC and have a UTR…
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Claming a Debt
Good morning, Can someone please advise, I have an ex student who studied at my private college and therefore he had a total payment to make over 3 years (length of course). However, due to the pandemic, he had to return home to NZ and therefore he missed the last year, but with £5k left to pay. Therefore the Terms of the…
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When do I register the new business
Hi, hoping someone can help. I'm employed full time and last year opened an etsy shop for fun and the possibility of additional income. I was below the £1000 hobby threshold for 2019/20 and so didn't register as a small business and am planning to note the total earned in the additional information section when I fill in…
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VAT incorrectly put on an invoice- advice
Hi all, Just been speaking to a friend of mine who has realised that for 6 invoices this year ( first one in April ) he has incorrectly added VAT - I think he did it via one of those online ones and it did it automatically and he forgot to remove it He has asked what he needs to do but I have no idea at all Does he contact…
