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Home baking business & expenses
This year I have set up a small cake making/decorating business from home, I’m self employed so doing my own self assessment. In order to set this up I had to get a new kitchen fitted and wondered if I can claim (and if so how much) this as an expense? Any advice appreciated
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Accountant mistake, who's responsible?
Hi, After a difficult 18m following bereavement I'm in the process of having wound down my ltd company. The accountant's have struck off the business without realising that there was about £20k due to me from HMRC. From tax year 17/18 apparently.:eek: Now HMRC won't pay the money (even though it's going straight to settle…
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QS/Estimating Services
Hi All, I’m looking to test the waters slightly and see what the demand is for part-time quantity surveying/estimating for Sub-Contractors and small main contractors. To give some background I’m a QS currently working in the South East with 8 years of experience working within residential development, commercial fit-out…
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Help starting business when I have a DRO
Last month I was approved for a debt relief order, and after reading through all the rules I noticed a few things which could potentially ruin my plans for starting a business. According to the letter I received it says I'm not allowed to do business in any name other than the one on the DRO, I must get permission from a…
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Capital vs Revenue expenditure question for small value capital items
I am aware that if a capital expenditure is of a low value, say a £100 monitor (no set limit by HMRC), the accountant can choose to treat it as an asset or treat it as an expense (directly to the P&L account). From a taxation perspective (Ltd company), what are the differences? My understanding is, if treated as an asset =…
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Sole Trader NI Question
Hi everyone, I have recently taken the step to become a sole trader. My business is delivering online therapy on behalf of companies that hold NHS contractors. In short I get sent patients by the NHS and I do online therapy with them. I get paid a sessional rate. I understand that I get paid gross, and that I have to pay…
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Small biz info
Hello, would anybody be willing to share their thoughts on 1. a good small business bank account provider, with a good, user-friendly app/online facility. Ideally, a free account to start with. 2. any useful publications for small business tax/finance advice. 3. good websites for new small business owners to read through…
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How to claim VAT paid to EU
I am vat registered in UK but due to a recent admin error had to pay vat on an invoice from a Spanish company. The goods are zero rated in the UK. How do I reclaim this £600 odd thanks in advance for your help
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Self-assessment bottom basics
Hi all, sorry for the complete ignorance, but I've been working on a very limited self-employed basis as an income topper since 1st October 2018. I've just left my job because of health, and need to really step up operations. I registered as self-employed last year, but am I right in thinking that the self-assessment form…
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Loan from family - expense or gift
Can a family loan at 0% interest, but with an £800 monthly payment be classed as a business expense? The loan has been paid back in full (the £800 paid per month has not been deducted from the amount paid back). e.g £50K loan £800 per month (£9600 over the year) 50K paid back
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Group back account?
Hi Me and a few family members have got together to pool a charity fund. We want to pay towards the fund via standing order throughout the year (£10 a week per person). We then send the money to UK registered charities when we feel there's a disaster, charitable cause we must help. Or if there is someone in the family who…
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Company over draft, how much and Credit card
Hello, Need some advice please, I have my own limited company and for the past year I have been working as a consultant to a small company who are about to close their company and they are allowing me to take over the clients they have and deal directly with them which will mean invoicing directly, their accounts dept.…
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start-up about to go bust - my options?
Hi, My business has ran out of investment at a critical time and I’m wondering if I can get a business loan, despite me only just trading and not making profit yet. I have a few hundred customers that have expressed interest in my service, but I’ve fallen short of cash at a critical time and can’t continue as it’s…
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I want to set up a C.I.C.
Hi, I received funding today to set up a CIC (community interest company) I need to register it with Company’s House but I am getting stuck with the questions and I’m unable to find the answers! Is anybody to kind enough to help? I.e. I don’t want to profit from the business, I just want to be paid minimum wage (where…
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Making Tax Digital
I'm given to understand that MTD becomes compulsory by April 2019 - can anyone confirm that? Isn't there a cutoff for small business? Many VAT registered companies are still too small for accounting software and many who have moved to accounting software do not want to be dictated to by software suppliers to upgrade (and…
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Urgently Seeking EPOS System for Clothing Shop
I am seeking a simple, inexpensive, reliable EPOS system for a small clothing retail shop and would like to purchase the product outright and not rent it. Some of the desired capabilities/features include: Stock and Inventory Management Barcode creation and reading Sales tracking and reporting Remote access Anyone know of…
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Business CCJ
Earlier this year a company went in to liquidation and stung me for £10,000.00. Being a small company this has had an adverse effect on one of my businesses. One of my suppliers (Enterprise), started a CCJ claim against my company VFSL on 31/07/2019 for the amount of £7,227.10. The amount was for stock used on the job that…
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Staffing Agency
I live in Essex area near Southend. I started a staffing agency business (nursing). I have everything up and ready to start supplying. I have staff ready to work but having a nightmare getting contracts. I call and am told to send emails which I never get replys. I have sent flyers. I could call and get given email…
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Starting up a business. What do I need
Hello! I hope this is the right section to post in! I realize this is a fairly broad question but any help or pointers in where to get the relevant information would be great. So we’ve just bought a 1982 sprite alpine caravan. I’m planning on doing it up to make it a cute vintage style caravan that we can use for weekends…
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Voluntary VAT registration
Hi Guys, I wonder if anyone would be able to give me some advise? I am a small start-up company, we are creating doggy jumpers. We are having our wool imported from Peru and are subject to VAT (Peru has a free trading agreement with the EU so no need to pay duty TAX). As we will be importing quite a lot of yarn the costs…
