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Self Assessment: can't enter Loss Brought Forward from Earlier Years
In some previous years, my little business made a loss which I have been carrying forward without a problem. In 21/22, it made a net profit. The form is refusing to let me offset these losses against my modest profit. I was in the same situation last year and managed to fill in the form ok. What do I have to do? I'm so…
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Freelancer limited company accounting
I went freelance a couple of months ago, I set up a limited company but as I haven't been making much money yet I haven't employed an accountant. I've done lots of research so I'm hoping I've done everything correctly. So far, I've just paid myself in dividends - I made the assumption that since I was over the threshold…
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Question about bundling goods with different VAT rates
A little advice would be greatly appreciated. I run an online pram store and we are shortly about to start selling car seats. VAT on prams is 20% while VAT on car seats is only 5%. I want to run an offer where I give away a free car seat with every pram order. But I want to structure the purchase so that they are paying…
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Tax breaks for volunteering?
I'm a search technician with a Search & Rescue team. The organisation is a registered charity, and we are all 100% unpaid volunteers. Over time, we tend to buy our own kit (anything from rucksacks to torches to food) to supplement what's been provided by the organisation. Does anybody know if it is possible to claim back…
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Due tax refund..
Due a tax refund, not sure how it's going to arrive. Background, for the first half of this year, I was in employment and earning a regular wage, paying income tax via PAYE every month as part of my wages. Midway the the year, I quit, I'm now the director of my own limited company. I'm using Freeagent for bookkeeping (just…
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Anyone using hmrc PAYE tool?
I’m assuming it’s very straightforward for a sole trader with one employee earning £580 monthly?I’ve just downloaded it onto my laptop, my Wife (who does my books and tax returns) was hoping to be able to get to grips with it before April when I will be registering as her employer/ paying enough to get NI credits.…
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Advice on selling to EU countries
I was hoping for a little advice on Exporting if anyone could be so kind. I run a small online Pushchair/Pram/Car Seat business here in the UK. At the moment we only ship to the UK and I was considering expanding to selling in Europe. I am trying to figure out what duties and taxes will be liable on orders shipped to…
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General Partnership declaring profits vs drawings
Hi all, In our first year of a general partnership (50/50 split), and the accounting year comes to an end in line with the tax year. In terms of assessment forms we need to complete (partnership and self assessment), we're fine with that, but my question was around what needs declaring where, depending on what we're…
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Paying emergency tax but won’t earn over the Personal Allowance threshold
Hi, I’m hoping someone can help me as neither of the HMRC helplines or Google seem to be able to help. I operate as director of a limited company but am paying myself up to the Personal Allowance this tax year as salary with the rest as dividends so as an employee won’t personally owe any income tax or NI. I used the HMRC…
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Customer in liquidation + cold caller offering to buy the debt owed to us
Hello. I'm hoping someone can offer an insight into a rather unusual situation. We are a small business (sole trader) and one of our customers (a Limited Company) has gone into liquidation, owing us circa £26,000 (inc VAT). We have submitted our Proof of Debt form to the liquidators but aren't holding out much hope of…
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Small claims court - amending and reserving claim
Hi Hoping someone can help. Paid fee to amend a claim via small claims who said unlimited changes could be made and now rejected. We have submitted a claim on a defendant however a N1244 form has been completed and the fee paid to amend and reserve the claim due to some corrections and new information we need to provide…
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Starting business with existing stock
My wife has quite a lot of items from various sources i.e. own old items, house clearance from family members. She wants to start as a sole trader selling items on eBay and such. What we aren't sure about is how to show the existing "stock" on the books as such.
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Other Business/ Individuals using my SumUp Card Machine
Hi All, Wondering how I handle this with my first ever tax return for the 23/24 period, does anyone have any advice, I haven't had much luck trying to find an answer online so far. For a weekend every year we have a big community art event this year we used my card machine to process all the card sales. The majority of…
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opening a google business email
I have a gmail address but want to have professional looking domain email address. Do I go onto google workspace I put down domain I wanted but it won't let me fill in a name at that domain (keeps leaving gaps between end of name and @ sign) What to do? Can i make two different names on this same domain for £10/year? Also…
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Cheap business email
Want to get a business email as gmail isn't considered professional apparently, what's the cheapest way?
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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…