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Tax
Hello everyone!! I am coming to the end of my first tax year as a self imployed bussiness owner. I have up dated my exspenses and income and my profit is high, was just wondering if anyone had legal advice to get this figue down? Not sure if i could invest in a isa or wherever you guys could suggest be be very greatfully…
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Unfullfilled sale with small business
I'm not sure if this is in the right place and I am so sorry if its not, please forgive me. On the 8th of March I paid for an item from a small business via his requested payment method, bank transfer, I understand this means I cannot get my money back? I had hoped my order would have arrived by the 16th March but I…
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General Advice Needed
Hi all, I am looking for some general advice. I am 20 years old and I am soon to be moving into a new house with my partner. We both have relatively good jobs and work full time. Recently I have been toying with the idea of starting a business and after lots of thorough research I have found a franchise which really…
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Banking Dispute
Ok, so i'll try and be concise with this but it may go on some, am looking for some advice or even better, help. Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account. To this day, the bank have refused to say why or give us any reasoning behind this decision.…
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Paying for Business Trip on Company Account
Hey Everyone, I started my company at the end of last year, all going well (yay) I run a management consultancy, offering advice and help mainly around training and development for medium sized companies. I am the sole employee of my company. I work from home and visit clients etc all around the UK. I have recently taken…
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Small business rates relief
I rent a small industrial unit and receive small business rates relief (SBRR) we are expanding and I am thinking about taking on the vacant unit next door I will still be under the SBRR threshold with both unit however becouse it is another unit I will no longer be elagable for SBRR. My landlord is happy for me to knock a…
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Finance options for a Sole Trader?
Hi everyone, looking for a little advice on business finance... I'm a sole trader and owner of a design business (active for 28 months). During that time I have been able to support myself and the business but in my early naivety, my current pricing only gets me to just above break-even point. Now with a much better focus…
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Self Assessment
Ok, so not to lose people, let me outline the history on this - 1) I work for a company as an asbestos analyst and travel all over. As a part of the job, I get a company car for business and personal use via a fuel card. As this is a benefit in kind, I lose £10k of my personal tax allowance and pay tax after the first…
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Tide Account + Ltd Business + Moving Money
Hi all So I've recently (in the last two weeks) started my own business and I've even made some sales! :j I've set up a Tide business account, but have a few questions which I hope someone can help me with please: 1. I have cash from the sales I have made which needs going into this account. As Tide doesn't take cash…
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Confusion over VAT for teaching
Hello My head is spinning and my accountant doesn’t seem to know the answer I’m a sole trader (self employed barrister) I’m registered for VAT. I’ve taken on some self employed freelance work at a university. I don’t think I have to charge VAT, my accountant and university are unsure. I didn’t think I did because it’s a…
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Using domestic kitchen as business
Hi everyone. This might be a bit random, but I do hope that someone out there has experience and knowledge on this subject. I am in the process of setting up a very small business, making dog treats at home and selling them. Unsurprisingly, there is a lot of regulation involved. I have sent off the registration to the…
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Corporation tax late payment advice please
Hi all My corporation tax is due at the end of this month. Due to a period of ill health I was unable to work, as a consequence I'm unable to pay the full amount by the due date. I have spoken to the tax office , but they were vague about what happens next with the instalment plan. Could someone please advise me about the…
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Being Full Time Employed and Self Employed
Hi all, I know this has been posted quite a lot, but each circumstances are different and I want an answer to my own circumstance. I currently work full time (38 hours) and I want to start my own business. Now I want to know how would it affect my tax. Does it work like if you would have a second job? Or would running my…
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Gift Aid
Hi there Is there any way to find out who you Gift Aid to? :o I know one, although I remember signing others I can't remember who Many Thanks
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Buy car personally - or Ltd Company?
Hi - I’ve just set up a limited company, where I am the sole employee/shareholder. I was wondering if someone could advise me on the best way to buy a car.? I’ve been told by my accountant that it would better to buy the car myself - and then claim back 45p a mile. The alternative is for my ltd company to buy it, and claim…
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Sole Trader - Invoices
Hello, I have a fairly simple question - yet I did not receive a response from HMRC about what to do. I have been a sole trader for two years now but have only sent a few invoices only (since I charge international customers a small amount of money for a subscription). Do I have to mandatory send an invoice for every…
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My business needs to complain about another business, how?
Hi all, Just abit of advice needed please. I run a small beach cafe in south Devon and have an issue with a company called Sanderson Harper publications, based in York. They say we agreed to post an advert in their publication Smart Choice and have issued an invoice for £129. I have not seen any proof of the advert they…
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Small Business Rates as a Charity
I would be grateful to hear from anyone who has experience as a small business but also a charity in a property with RV less than £12,000 per annum. Our Charity has one property only, a retail shop with community space and office above. Its RV is £7000 per annum. I was pleased when in 2017 the GOV.uk confirmed that for…
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Maintenance Contractor breaking the law?
We run a small business. One of our customers, a very large maintenance company, has emailed all their suppliers telling them that they will deduct 2.5% from every Invoice submitted to them. This is despite their suppliers holding Purchase Orders from the aforementioned company valid for a year, confirming a set price. I…
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Where do I start?
Hi, I'm new to the site and to forums so please bear with me while I get used to it and advanced apologies if I'm asking dumb questions. I would like to know how to go about starting up a business selling candles and bathbombs. I understand this will never make me a millionaire but it's something I do as a hobby and give…
