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Pre trade expenses on electrical work?
Hi Can anyone tell me if electrical work is allowed as a pre trade expense? I work at home in a detached garage which already had an electric supply but I spent £900 bringing it up to modern standards and safety before officially starting the business. I know that building work or conversion work is not permitted as a pre…
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Self Assessment Forums for Support?
Hello all I am unsure if this board is suitable for queries on Self Assessment Returns so if it isn't does anyone know of any other suitable forums? I am self employed and my returns are pretty simple but I used to have a friend who advised me on what I can claim back (BUPR etc) but they are not available now to do this…
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Amazon Vine
I'm self employed .. sole "trader" .. essentially I do digital Audio Typing - currently just for one company (although did provide support for more in the past). I don't earn enough to pay tax but do fill in a tax return. I've been invited to Amazon Vine, which is basically where they will send you free stuff, that is…
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£1000 trading allowance & self employed partnership confusion
I'm posting this on behalf of a family member who has written it for me! Hello, I am confused about the trading allowance
rules and would like to know where I’m going wrong with my understanding
please? I have a simple business partnership with a family
member. This is my main source of income. I’m considering some casual…
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Tax year confusion. New sole trader, but using equipment originally bought for a hobby,
Hi, I hope someone could help me in plain English please? I'm slowly working my way through various documents sent to me by a business advisor and links to HMRC but I'm struggling with the concept and whether I have done something wrong. I am PAYE in my day job and have been self employed in years past so am familiar with…
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Business partnership but being frozen out
Hi all, Looking for some advice from any of you who have had experience of this sort of thing. Ive gone into a limited partnership and the business is trading in the UK. The other partner is in Spain. Its a 60/40 split in his favour. We have since had some disagreements and some profitable opportunities have been cancelled…
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VAT Calculation
Dear All , how i can add vat 5% on purchasing ?? because In my country they calculate VAT like this (VAT On Purchasing )-(VAT On Sales)=VAT I have to pay for government ??..
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Business inactive - is this all I need to do? (HMRC)
Hi, I own a limited company that I used to rent out a property. This property was sold in October 2022 and has not traded since, had any activity whatsoever, and all filing is up to date. Although I am not currently interested in purchasing another property, I would ideally like to keep the company, just incase this…
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Amazon Allowing Sellers to use my Trademark
HI,So at first when I complained to amazon about sellers using my trademark they did take them down. Second time, they said that the sellers where allowed to use the terms. It looks like there not using my trademark in there title but when putting it into the search engine it comes up so there using it in there keywords…
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First time tax return
Mid last tax year I picked up a second job. Self employed processing invoices and invoicing the company in question. It's not loads. I earnt roughly 2.5k last year. So I'm expecting to pay 20% on 1.5k of that with the 1000 allowance. Questions are I have a full time job that I use all my allowances with and obviously pay…
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What do you wish you'd known before setting up your Limited Company ❓
I'm about to set up a limited company with my husband. We're thinking of having both of us as directors with a 50/50 share split and the registered office as our home address. We've done quite a bit of research but theoretical knowledge is no match for experience. So, we were hoping to get some wisdom and insights from…
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Joining the Federation of Small Business
Looking to Join the FSB, as i need to issue about 4 contracts of employments... work in construction and Ltd company. dont want to go down the route of HR comp[any yet and have been looking at FSB, wondered peoples thoughts on this
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Trading allowance and marriage allowance.
I know the trading allowance is under £1000 turnover (not profit). Does my marriage allowance affect my trading allowance at all or is this a totally separate thing? I haven’t worked for a couple of years, so I have transferred my marriage allowance to my husband. This year, I have started selling crafts online and had a…
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eBay Private Seller - Self Assessment tax return??
I have been using my eBay account to sell my personal collectibles collected throughout the years. I am not registered as Business Account as I am not in any intention to trade, just to downsize my personal collection. What is classifed as Income? A painting cost me £500 a few years ago, I have sold this for £550, minus…
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Lost income due to client inconsideration
Hi. My wife's friend has recently set up a domestic cleaning business and asked my wife to help so she can grow it. Earlier this week they visited a client and only well into the job discovered that 2 members of the household had COVID (both in the house at the time). By then it was too late to do anything. At no point had…
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Excessive Gocardless fee increase
Have been using Gocardless to collect payment for my yoga classes for several years now. Overnight I see they've increased their transaction fees by more than four fold!! Where I was paying a 40p fee on a £10 transaction last week, I'm now being charged £1.70!! They sent a letter saying there were upcoming charges to my…
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Starting a Limited Company with Existing Stock (Items)
I have a large Lego collection that I've built up over several years as a hobby and have been selling some of it piece-meal. However I want sell the majority of it in the next 12 months or so to help pay down our mortgage. Currently I estimate I have about £30-40k worth at resale value. As I work fulltime and am close to…
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Wages into Personal Account instead of Business LTD
Hi, I am a Contractor with my own LTD company. For the past 3 months I have been carrying out IT work for a few companies and instead of paying the money into my Business account all 3 have paid the money into my personal account due to my own stupidity having the wrong bank account details on my invoices. I now need to…
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Direct debit wrongly paid back
have a client who paid by Direct Debit when he joined the gym 36 months ago. During that time he used the facilities on a regular basis without issue. He phoned last month saying he wanted to cancel his DD, I said that's no problem and would refund him the amount which had already been debited from his account and left ot…
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Re-registering as sole trader
Hello I'm in employment (26 hrs) and also was self employed (sole trader) part time. 1 month ago I stopped being self employed, but due to circumstances can I re-register again? Also in case it happens in the future do I need to register self employed if I'm earning less than £1000 but still employed (26hrs)?