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Accounting for closing stock when buying mixed lots at auction
Hi, I buy and sell items from auctions, a lot of what I buy is mixed lots, for example I may buy something for £42, but it has 10 items in it, all of which I will list for sale at differing prices. I have been accouting the £42 as an expense for the month purchased, but I'm not sure if this is the accurate way of doing it?…
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payroll and employing part time staff
Help. im a small dog walking business and have just taken on my first ever member of staff part time and i have no idea about payroll or what to do. (i do have an accountant) I have made a generic contract which i think is suitable but im so confused over payroll (maths is not my thing!) can anyone recommend any good…
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FRS VAT and "associated business?" as self employed
Hi folks, Your help/thoughts gratefully appreciated. I will try and be as accurate as possible, please bear with me if I use incorrect terminology here (there is a risk of that!). So, I have been running a marketing agency for a number of years and it has been on FRS VAT for a good couple of years now. I am self employed,…
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Mis sold card terminal machine
Hi, I'm after some advice please. We recently ( last Thursday ) changed our credit card terminal supplier to Payment Sense and now we think that they have mis sold this contract to us. After speaking to them they informed us that we have no cancellation period as we are a limited company. Can anyone advise if this is…
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Trying to get out of a contract with an advertising company
Hey first post so gonna try and make it short... My partner is a sole trader in the building business. A few weeks ago he received a call asking if he would be interested in getting an ad put In our local councils planning permission pack it’s a private company not the our local council that runs it Within an hour he had a…
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What is the catch with Equity Investment?
Hi! I want to research a novel device and I cannot find funding as they want me to have a university partner and universities want to own the IP. I am thinking to get equity investment, or is there any better way? If not, what is the catch with equity investment? I understand that I will pay them part of the profits, but…
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4G as a replacement for slow ADSL
Hi, We have really slow broadband, less than 1meg, and mobile signal is hit and miss. I have tried all networks. I have been searching for an alternative using 4G but all I see are these mifi things, I tried a friends and it wouldn't connect at all. Satellite is one option but seems expensive. Has anyone had any success…
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Silent Auction Card Payments
I am organising a charity coffee morning and have just discovered Silent Auctions which would be a really great fit to help raise additional funds for the charity. The event will be hosted by my church on behalf of the charity. This is a one-off event. Some of the items are going to be high-ticket and to raise as much…
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Didnt know to transfer funds when dissolving a LTD
Good afternoon, I am totally panicing. I didnt know to transfer my funds before dissolving my limited company that I used to contract through and now my funds are not accessible. I didn't realise this was a law and only blame myself. I am not sure what to do next, apparently I need to issue a court order to have the ltd…
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Paying Neighbours Electricity Bill
New to this side of MSE, hopefully I have the right sub-forum. I'm posting on behalf of a family member who isn't the most confident or clued up on these matters. She runs a beauty salon on the ground floor of a 2-storey building. When she first let the premises there were no tenants above. At some point a bar was opened…
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Best way to buy pick up truck
A little help please. I have a pick up truck that i brought with my own money to use for my business. Brought with personal money, currently just claim the 45ppm. It's slowly falling apart so weighing up the option of buying a new or fairly newish one in the near future. What would be the best option. Pickup cost 13-14k +…
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Class A1
Afternoon all I have a Convenience shop that sells most items except alcohol. I've been trying to get hold of my landlord to ask for permission to sell alcohol in my shop. It's now been nearly a year and still no reply. Whilst reading through the lease it says I can use the shop for anything in class A1. I've searched…
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Best way to get a discount on specialist tools
I’ve got a relatively new small business where I do precision metal work on small parts and I’m looking at some new equipment and the total order will be the most expensive thing I’ve ever bought. Probably about £3,000 in total. The only people I can buy this from is the authorised UK distributor as the parts would be…
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Funding SPV from existing limited company
Hello, Long time reader but first time poster so please bear with me... Over time I have built up some retained profits in a limited company through which I do my day to day work. I would now like to invest these profits in buy to let, and possibly stocks / bonds. The research I've done indicates that mortgage providers…
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Tax return for sole trader
I basically transitioned from sole trader to LTD (inc VAT registration transferred) about a year ago so have had to submit two tax returns - one for sole trader and one for company. The accountant has billed separately for them both - am I right in thinking I can't pay for the personal tax return from company accounts, and…
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Card Design for extra income
I’m struggling to find a part time job after my maternity is up next month and my FT role can’t go PT and we have no help with childcare. This means I need to give up my job to look after my child and we aren’t entitled to benefits because my husbands wage reaches the 25k threshold so we will be down a lot of money with me…
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Capital expenditure on Flat Rate Scheme
Hi all, I'm looking to build a new computer for photo editing and administration for our limited company business. We're registered to the VAT flat rate scheme. I'm aware that we're able to claim back the VAT on purchases made over £2000. The components we want total over £2000 including VAT, but if we order on Amazon (for…
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Under VAT E-Commerce
Hi All I am currently setting up an e-commerce clothing company and have a couple of questions I hope aren't too hard to answer. We have been paying designers, printers and suppliers, all of whom have charged VAT on their services. We have not yet registered the company yet, something we will be doing very soon though we…
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Capital allowances in tax return
Hi - due to health reasons our business activity took a hit last financial year so we had to make the decision to stop using our accountant so this is the first year that we’ve filled in the self assessment form (for partner). I’ve pretty much got my head around everything including annual capital allowance. However we did…
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Business Mail forwarding
Hi All, I need to setup a non home address for my sole trader business asap. I receive very few letters - this is merely to give to a new client who requires an address for their invoicing system. I want it too look professional , but cheap also! I may become limited eventually, but not for a while. A bonus would be if I…
