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Small business tax advice
I’ve opened a shop on Etsy. I’m just wondering do I need to be VAT registered and at what income would I need to start paying tax as a self employed business? I have no clue and find the information a mind field.
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Start up loan and credit check
Did anyone get a start up loan and is their credit check the same as for a personal loan which means without credit history you have no chance of getting it?
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Bank account for business partnership
Looking for recommendations of best bank account for a new business partnership (two sole traders working together) - looks like it’s tricky to find one easily. Any advice gratefully received! Thanks.
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Small business. Name dispute
I’ve recently opened up a small business on Etsy selling crystals: I also opened up an Instagram with the same name as my Etsy. A lady on Instagram contacted me to say because her Instagram business name started with the same reiki term as my shop starts with (it’s a reiki chakra) but hers does not contain the word…
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Import tax
Hi all, Im struggling to understand what the point of importing items and selling them in the Uk is, if the purpose of import tax is to make sure the prices are fair and inline with EU prices? My grasp of it is if I buy an item, from say China for £5 and want to sell it in the UK for £10, and customs value the item at £10…
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Import tax
Hi all, I think I’ve me a beginners big mistake 😬 I’m looking to start my own business in December and I’m just getting everything ready such as the website etc and bought goods from China. I bought 24 necklaces had them delivered and thought great. They cost £50 and I won’t make much off them and then a few weeks later, I…
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New Business
Firstly, apologies, as these questions have likely been asked previously. I've been developing a cloud-hosted web product and the cost to customers will be £50/month. Initially, I will have only one customer who will start paying in around a fortnight. The costs of hosting are around £44/month, so I will initially generate…
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Just committed to a magazine advertisement, is there protection if paid using credit card
Hello Just committed to feature in a local magazine over 2 years, deposit paid and remaining to be paid in month 3 to 5. I've paid the deposit via BACS but was wondering if I pay the remaining instalments via a personal credit card, whether section 75 would apply - we don't have a credit card in the ltd's name? Just in…
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Can I pay off my personal credit card... using my wife's business card...?
Wondering how the best way to do this is.... over time, my wife managed to clock up my personal credit card (I know... ), to £1500. She's recently been self employed and doing well enough, to now be in a position to help pay this off in one go... however, to make things extra complicated, she is a sole trader, has biz…
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Business rates and approval from the Valuation Office Agency (VOA)
Hi, I have rented a small unit recently. When contacted council for
business rates, they informed me that this unit is partition of bigger unit and
that have been
unofficially partitioned without sanction/appropriate approval from the
Valuation Office Agency (VOA). They advised to apply via the VOA website
for the…
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New Business Website Help Please
Hi, Just wondering if anyone knows what the most cost effective way of writing a Cookie & Privacy Policy is and also a Terms & Conditions for my new website? The company who is designing my new website have advised that it is my responsibility to provide them with this information - which is fine. I'm just not sure who to…
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Business mentoring
I am looking for a business mentor/couch. Does anyone have experience with the free mentoring and if your business idea and all the process is protected if you use the one?
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Setting up a parent and toddler group
I am a registered nurse who has had to retire early due to health problems. My daughter who is now 12 went to a parent and toddler group from being 18months old. She was then childminder by the leader of the group (who was a registered childminder until she was 10 years old. Due to personal problems my childminder had to…
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start up loan through New Enterprise Allowance scheme
Hi, Are there any problems with getting a Start up loan for a business that has been registered couple of years earlier to only protect the name and has never started trading?
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Business Structure advice required
Hi, I am currently a sole trader. My friend has been approached about taking over a shop & she would like me to go in with her as a partner. The shop is an independent fundraising shop donating a % of profits to local charities. All items are donated goods. If I were to do so, I would want it set up with a separate bank…
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Soul trader/ Limited Compnay
Hi guys, I am currently working as a sole trader doing freelance design work. I plan to start another business which will not earn a lot of money to begin with and envisaged also running this as a Sole trader at the same time. Is this normal/ a good idea? As long as i keep separate books and bank accounts it should be ok…
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Starting limited company - different classes of shares
Hi, We are starting limited (by shares) company with partner We wanted to model it in way that I have 70% of dividend and capital distribution rights and my partner 30%, but we both have 50%/50% of voting rights We structured our stocks like this using wizard on Companies House website Class A shares (for dividends and…
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Buying established holiday rental - best bank accounts?
just in the process of buying a small established holiday rental. what would be the best bank account provider to use? Most of our income will be paid directly into our bank account via Airbnb etc. Probably turning over circa £1.5k per month and will have the usual direct debits going out for utilities etc. Any assistance…
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Are online accountants any good?
Hi,Ive been using the same accountant for 10 years. I have very simple accounts and I give them my details in a very clear spreadsheet together with digital/paper receipts. Over the past couple of years their service has deteriorated somewhat and yet their fees go up each year. I currently pay them £270.So Ive decided to…
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Salary
Hello, I have seen a lot of limited companies who have just 1 director paying them selves £8,788 For the 2020/21 tax year, if you pay yourself an £8,788 salary, am I right in thinking you will pay no income tax or National Insurance at all? If that is the case what will happen after 10 years of paying no Tax & NI in terms…
