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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…
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50k Income Limited Company
Hi All, I am starting my own limited IT company how maximise my earnings if I have an income of 50k per year. My only monthly expenses are; £20 petrol per month average for petrol as I work from home and just use the car for work meetings.£24 Sim only phone bill £26 use of home allowance£0 Bank is free £50 accountant I…
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Looking to start a new E-commerce craft beer shop for my local area.
Hello all, So this would be the first time i have really looked into doing something like this (And i also hope i am posting this in the right thread) my ideal situation would be to own a brick and mortar community bottle shop selling craft beers from the around the U.K, holding monthly tasting events etc. but before i…
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New Business Insurance
Hi, Hoping someone can help me please.... I'm setting up a new 'Retreat' Business, which I'm hoping to start next year. Briefly, people will pay me and I will then pay the hotel. Included in the price is an overnight stay in a hotel. I rang Direct Line as I have various personal policies with them and they said they were…
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Starting up a new business
I've started selling on ebay, And earning £350 so now need to register for self employed do I open a business as well I'm not sure what to do next?
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Tesco charity roundup
Tescos are doing the charity roundup again which I was OK with but this time its not 10p its up to £1 ! So if you spend £1.01 you could be asked to add 99 p to charity . In the current climate with people struggling I think this is bad timing Tescos !
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Getting Postage cost down
Hi I currently send around 75 letters a week out with my ebay business and am looking for a cheaper way to send them other than buying it through ebay. Is a franking machine the best option? Thanks
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Delivery disclaimer
Dear all, I am in a quandery. I need to purchase some material from a company based in France. They are the only ones that can supply this kind of material. They were previously based in Uk and I had worked with them before with no issues whatsever. I was just about to purchase the material (decorative material for a…
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Forced out of my business premises by co-leaseholder. Landlord says 'nothing to do with me.'
I am a small business owner renting premises in a former town hall. The town hall has three large rooms each with their own separate lease. I hold the lease over one of the rooms whilst another lady holds the lease over the other two rooms - lets call her Mrs P. My room at the back is accessed via a shared corridor and…
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Restructuring business advice/options
MSE has a wealth of knowledge and experience so I thought I would throw this out to the masses for a fresh eye to see. Current situation Family business of 2 residential care homes for adults with learning disabilities. It is a limited company with myself, mum and dad as directors. My mother manages one home (20 years) and…
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Registering for HMRC
I have set myself up my own business . I work in construction and will be working sub contract for others as well as my own work in my new company name . I have been doing this since before lockdown but not making a penny during that time . I need to set myself up and register with HMRC . I will be employing one or two…
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Being the/a UK distributor for a US product?
I want to preface this by saying it's all just an idea at the moment, I have no idea if it will even be viable, let alone if the creator would be interested. Which is why I'm asking for advice. I'm interested in becoming the UK distributor of a niche (but popular) product range in the US. Let's say it's health supplements.…
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Selling business
Hi all, I have a family member selling his retail business and attached accomodation and an offer has been made after some wrangling of 20k under an already reduced asking price. The potential buyer seemed keen and told my family member to instruct a solicitor. Last week he asked for all the valuations that had been done…
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Setting up patio cleaning business advice
Hi all, Just wondering if anyone has set up a patio/power washing cleaning business before and if there is any advice? Many thanks,
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Setting up business ideas/advice
Hi all, I’m new to this so go easy. I have no business experience and was made redundant recently. I’m looking to set up my own business and have been pondering a few ideas recently. Just wondering if there are any thoughts on the following ideas. I’m aware of insurance costs etc but just if there are any other pointers. I…
