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Setting up advice
Hi everyone, I need some thoughts and or advise. Hope this right place So if I set up two side hustle or small business 1. Selling cards 2. Small therapy sessions am thinking having them both under one brand but separate identity ( potentially same logo ?) Amazon do this in sense right ? They have there wholesale side and…
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PAYE and one off self employment
Hi, my son is 18 and a full time student, he works part-time at a local gym but doesn't earn enough to pay income tax. He has recently done a one off training session with the local authority so he needs to issue an invoice so they can pay him. His fee will only be around £100. Is he required to tell HMRC about this one…
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Pursuing overdue invoice from EU customer
Hello I have a customer based in the EU (with parent company in the US) who has not paid their invoice which is now 8 month overdue. Reminders are now being ignored or told to contact the parent company in the US who are also ignoring any correspondence. The sum outstanding is relatively modest at £1500. The question is…
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Pension
I opted to start my very small private pension paying out at age 60. I’m now 61 years old.I am completely naive about pensions. Does this mean that I now can not opt to cash in any of the lump sum from this pension? Many thanks
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Closing out a business
Looking for advice, I am trying to strike a uk business off the companies house register. It has not traded in over 4 years although still active on companies house. There are 2 shareholders, no creditors or employees. The bank account has been closed and there have been no transactions in over 2 years. The balance sheet…
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Do I have a contract? Contract for services - Sole trader issue
I work on an open ended contract for services basis as a sole trader, I recently left the company I was contracting to, they owed me £8k, and have decided not to pay me. I have a specific clause in my contract regarding the commission from a product I sell, it states I will repay commission if something cancels. There is…
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Employee Tax Codes
I am a small business employer with approx 25+ employees. Over the last year HMRC are constantly changing their tax codes for no reason. Each employee is entitled to the code 1257L unless they have more than one job or on marriage allowance etc, So I don't understand why the tax codes get changes randomly and sometimes…
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Do i need to register for Paye?
I have just started out as a sole trader as a sports coach and I am looking to run some school holiday camps. To do this I will have 2 other self employed coaches helping me for about 10 days a year. Do I need to register for PAYE? Or can the 2 other coaches just invoice me for the hours they work and i pay there invoice…
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Renting products, how to minimise risks?
So I'm thinking of running a simple side hustle that allows people to rent some of my products for a small fee, so basically instead of them spending £300 on something they can borrow it from me for £20 per month then send it back to me when they are finished, it's a very simple idea. But, how do I protect myself from…
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Social Media - Help!
Hi All, I'm hoping some social media savvies will be able to assist. (there doesn't seem any way to specifically search this forum anymore so apologies if it's discussed here already!) I need to set up some business social media accounts. However, in order to be able to 'switch' accounts, Meta (thats Facebook, Instagram,…
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Setting up as a sole trader
Hi, I am currently employed full time but have also just started a new business working evenings and weekends as a sports coach. I am looking for various advice on the below questions to get my business as a sole trader set up properly. At the moment I'm unsure how this new business venture is going to go re income etc. 1…
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Second Self Employed Income already Self Employed
I've been self employed for the past 6-7 years and for the 23/24 tax year I started doing survey/research tasks as a side hustle along with my main self employed job. I know if I wasn't already self employed I would have to register and declare what I make, but seeing as I am already self employed I'm unsure where to enter…
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Advice re Royal Mail stamp swapout
Last year Royal Mail announced that they would no longer be selling the '1st class signed for' and 'special delivery' stamps. I use the 1st class large letter service for many of my packages (which are also under 100g), and knowing that prices would be going up, I purchased all of the '1st class large letter signed for'…
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Sole-trader is interest on loan from spouse allowable?
Does anyone know if a sole-trader can borrow money from their spouse for the business with the interest paid being an allowable business expense?If a loan is from a bank or even from a friend then the interest paid is allowable as an expense on the accounts but what if that load is from a spouse?
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Business with Councils - Contracts
Having already owned and sold a successful catering business I am looking at something new to start. I'm always horrified of Fly Tipping and have some ideas to help prevent this, working with councils. In theory it would reduce offending by a fairly high margin. I have worked with councils in the past but this is a totally…
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No NI this time?
I’ve slowed down this year and plan on doing even less in 25/26 as I have a pension kicking in at 60 later this year. My turnover is looking likely to be £32kish, expenses around £6k plus I employ my Wife at £7k ( all official so she gets NI credits ) my tax code is 1130 (married allowance). So only £5200 taxable profit.…
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Cheap Alternatives to Royal Mail's PO Box for a small business?
I need a PO box for my business, but the Royal Mail's are £270+ a year. I cannot justify this expense because my business is very small. What would be my best alternatives? Cheers
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Amazon Business Prime Duo.
Hi All, I have long used my personal Amazon Prime account for regular business purchases sent to a number of different client addresses so that I get the benefit of free Prime delivery, which I imagine they hate. The downside of for me is that I need VAT invoices and Amazon makes it as difficult as possible for me to get…
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Shortfalls in payment of invoices from eurozone client
I’ve been underpaid for each and every one of six invoices I
sent to a client 12-18 months ago. I only just noticed this when doing my tax return. The client is based in the eurozone so something must have
gone awry with the € to £ conversion. I billed them in pounds sterling. The client has conceded that TWO of the…
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Employed/Freelance Advice Please.
Hi, I am employed 25 hours p/w by 4 different employers. I really want and need to work more hours and I have been offered a position for a couple of hours a week that would have to be self-employed. Can you help me to figure out whether this would be worth my while and the pros and cons of doing this? Ideally I'd like to…
