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Tax Return Threshold
I'm currently registered as a Sole trader doing 1-2 photography jobs a month, nothing major. Last year I was below the £12500 Income Tax threshold, I think this year I may have gone over it but around £2000, my question is if I'm over it do I pay 20% on the whole £14500 or just the £2000? Thank you
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HMRC - do they send a bill/demand?
Hi I have completed my tax return and have tax to pay. The HMRC website says that it takes 72 hours to ensure the return is processed. It has been a little longer than that but I have had no acknowledgement that it has been processed (although I have had acknowledgement that my submission was received). Do I wait for a…
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New business insurance with ccjs
So I've got a ccj of about 8k to a credit card, it's over 2 years old, the debt significantly older. I was gifted some cash before xmas by a relative (500) which I have used to build stock for a craft type business. I have a full time job but basically live to the last dime every month with no spare pennies. This little…
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Revenue from US, Aus, EU for new ltd company - where do I find accountants?
Hello, and thanks in advance for any advice. Partner and I have just set up a limited company, because he's going to start giving workshops. He's already booked 5 sessions - 4 in USA, one in Germany - and others look likely in Australia, Canada, Hong Kong (yes, the carbon offsetting will be epic). I've promised to sort out…
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Business, or not?
Daughter of friend owns and lives in a 2 bed flat in Londinium Husband has a new job with a house included. They are renting out their flat - would they be getting 1.5K pcm? Ought they to be registering as a 'business'?
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RBS business banking switch
RBS business banking switch I don't know if this attempt to get their customer to switch is something going on across all banks or not but has anyone switched banks based on the offers received through your bank? I did ask on here a couple of years ago if there are any free business banking accounts anymore and most people…
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recommendations for card payment while out and about.
Hi thanks for reading . I am a tradesman fitting windows doors ect . always managed to sort payment using bank transfers / cheques and cash ect . I feel a credit/debit/ contactless payment machine I can use while on site would be useful . Linked to my phone Bluetooth direct to my business bank . good service and minimum…
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Major confusion about employer NI contributions
So I have an employee who has in 2018-19 tax year has only worked 7 monthe. Payroll system sends HMRC what it believes employers NI is due for every month. So the total employer tax liability for this employer in above tax year bwsed on the amounts added from those 7 months is circa £250. All well but the total amount that…
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New Biz - Accountant & VAT Returns
Hi, My wife and I have just set-up a new ltd, for an online tutoring service. We are both self-employed and have our own ltd and sole trader companies, that are separate to this, so are fairly experiences in working with accountants and filing etc. For the first 6 months for this new venture, we will have only a handful of…
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Starting a business.
My partner and I both work full time and earn in excess of 55k between us. We have started a venture which each month for simple maths we outlay £180-200 and our income is lets say £1000. We don't draw a wage we basically pay for the the following months materials from the previous months takings. The long and short is we…
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1 day consultancy
Hi I have been offered 1 days consultancy. Do I need to register for VAT? Do I need to charge vat on the invoice and does anyone have an invoice tool?
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should I pay an incomplete quote
Hi, 1st time poster! I have looked on forum but have not found any threads similar! I am hoping someone can advise what our position is........ I obtained a quote from a company to repair some heavy automated wooden doors that had ceased working when moving into new premises. The company spent a couple of hours on site…
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New business advice on; Ecommerce site, Eco packaging, courier
Hi I am hoping to start a new business selling educational kids books to schools and for home use that I have created and tested in schools. :eek: Has anyone got any advice or recommendations on a good Ecommerce site, Eco packaging, and good couriers? Thank you so so much :beer:
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Self employed
Hi all, I have been doing some work for someone as a self employed person, the money i earned i filled in a tax return but i will no longer be doing this work, i want to tell hmrc that i wont be doing this and want my self employed status taken away does anyone no how i do this? Im due to fill in my tax return maybe i…
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Rolling 12 months VAT
Hello Can anyone clarify when I would start calculating my turnover with regards to vat, for todays date (7th jan), would I be including Jan 1st 19 to Dec 31 19 turnover?
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PAYE for small Ltd Co
Hi Everyone, Looking for some advice. Established a new Ltd co to invest into property for tax efficiency purposed (removal of MITR etc). Company has been running now around 15 months. Two directors (myself and partner). My partner is full time employed - I have no other job since taking redundancy prior to the formation…
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Crowdfunding donations- classed as income?
Apologies if this is not the best board to post this query on- it seemed the most appropriate one I could find. Are contributions to crowdfunding platforms counted as taxable income for the recipient? I have an idea for a product, but need funding to initially get it off the ground. Crowdfunding has been suggested to me as…
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Scout group - credit card advice
Hi... First time poster... we are looking to change bank accounts to allow for a credit card. Not sure if this is possible as we are a charity... if it isn’t is the best way to go a pre-paid credit card? Any ideas gratefully received!
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Running a holiday cottage: do finances stack up?
Just wondering if this kind of business would give a sensible return on an investment of more than 200,000. The property in question is close to a beach and a designated "area of outstanding natural beauty"; has one large bedroom and comes with a field that could be used for camping. Could anyone please point to some…
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When to pay employees?
So we normally receive payslips from our accountant around the 10th of each month and I was just wondering if there's like a date that you should pay your employees? I know when I was employed, it was always around the 25th of each month (towards the end in arrears). What's to stop me to pay them earlier this month given…
