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Registering for PAYE
As a sole trader. I’ve registered as an employer via the sole trader link on hmrc /Gov.uk and am awaiting my details. I’m going round in circles trying to register for PAYE , it won’t let me do it from my online tax account, saying I need to register as an ‘organisation’ which I’ve done via the link and have a new Gov. uk…
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Compensation payment - how to categorise it? Limited company
I recently received a monetary sum as good will gesture from my insurance company after some appalling customer service. How should I categorise this incoming payment?
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Buying existing Retail business - best for business loan
I am currently going through the process of possibly buying an existing retail business. I have a large portion of the funds needed but would need a business loan to fund the rest. Does anyone having any recommendations. I don't think I would qualify for a start up loan as I would be buying an established business. Thanks…
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Is it possible to switch from Ltd company back to being a sole trader?
Hi my partner and I set up a limited company for our vintage furniture shop last year with the two of us as directors, but I'm wondering if it's possible to dissolve the company so that my partner can just run it as a sole trader. I know there are supposed to be benefits to having a limited company, but so far it's been…
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Vehicle mileage allowance versus Buying a van
Could anyone advise me please, On behalf of my son who is self employed and been claiming 45P per mile on his last few tax returns. If he sold his company the van that he personally owns already and puts bills through for the year rather than claim the 45p mile allowance,Is this possible? Is he doing anytyhing wrong if he…
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Feasibility of setting up an online store
My LO starts nursery two days a week next week, and I don't go back to my day job until early May (going back on reduced hours as well, so will have two days a week at home) and I'm once again considering the dream that I've had for a long time - setting up a little online shop. For context, I love stationery and planners,…
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company car and selling the ltd company
I'm planning to buy a car, but I might sell my ltd company soon, how much do I have to pay the car if i sell the ltd company? I mean If I buy the car with full payment, not leasing the car. Thanks
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Small Limited Company Accountant recommendation
As the title mentioned, I'm looking for accountant recommendations to prepare and submit our limited company tax return. It is a property letting and development company with only two properties under it's ownership during the reporting period (one let, one was being refurbished). I've had a range quotes so far. Right now,…
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Bad advice from accountant: Can we recover money from them?
We have a subcontractor who recently registered for VAT. Long before he registered (and months before the start of the tax year) we asked our accountant (a "Senior Accountant" from a large company) whether we needed to make any changes in preparation. They responded (in an email) that no changes were needed and we should…
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Son's Cake Business
Hi. My son is 15 and wants to start selling cakes on Etsy. He's expecting this to only be small scale with a handful of orders a month so not much money. I've been looking at the requirements and it seems we'd need to register with the Council, take out public liability insurance and register with HMRC which seems a lot…
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How to prevent an incompetent accountant from messing things up for others?
Hi all, Please can someone help me to understand who to complain to about an accountant that my employer previously used who was basically completely incompetent? I don't know which regulator she was operating under (it's stated neither on her website nor her LinkedIn profile). The FCA says it's not them, the ATT says not…
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Basis period change for the self employed
Hi everyone, I'm hoping someone clued up on tax for the self employed can confirm something for me? As part of making tax digital the government will require everyone to change their accounting year so it runs from the 6th April 2024. Most people already do this, but many , like myself use a different date, in my case my…
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Is there a web site builder
Is there a web site builder or best plugin to build a web page like the below, https://www.attlasdoors.co.uk/design-a-front-door-step-2?product_type=ARD&product_style=Battersea&product_cat=signature
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First premises, confused about utilities.
Hi, I have just started a tenancy for a council-owned workshop. During the handover, the meter readings were recorded and I was told who the current supplier is, and that they would contact me directly. The following day my phone was ringing off the hook from 8am, with calls from energy brokers trying to get me to sign up.…
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tax on partnership
Hy. Two in partnership, £40,000 proffit, each partner takes out £20,000, how much tax to pay? Two in partnership, £40,000 proffit, each partner takes out £10,000, how much tax to pay? Two in partnership, £40,000 proffit, each partner takes out £0, how much tax to pay? Merci
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Daughter setting up a craft business, advise, pointers appreciated.
HI, our Daughter is about to turn 16 and wants to turn her crochet passion into a business selling her creations, can anyone point us to a checklist or anywhere to get an idea what we need to do legally. So far we figure we need to look into:Insurance for events, Product testing,Tax? Taking payments,Online stores - Etsy vs…
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Does Sage integrate with Starling Bank?
I use Sage accounting, but it's time for me to open a "proper" business bank account. I am looking at Starling but can't find out if it integrates with Sage without opening and account to have some details to enter to test it. So, do you use Sage and Starling together? Does it bring through transactions into Sage ok?
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Bounceback Loan Question
Hi, I have a question regards my bounceback loan that i cant get a straight answer from the lender on. My ltd co is myself and my wife as joint shareholders and the BBL agreement is made to the Ltd co. We would like to remove my wife as a director and shareholder. The potential problem is this - the company bank account is…
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Registering for self assessment
Think I am missing something, following the gov uk website to register and it says do through tax account online, I log in through government gateway but then theres no option to register?! Just previous tax year records etc. Can anyone steer me in the right direction for registering? Thank u
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First year running small business
Please could someone answer some questions I have about submitting a tax return in my first year of running a small business. Basically it’s a very small business operated as a sole trader. The turnover is probably £4000 a year. Do I need to submit a tax return on that basis, and when do I need to submit it by? I started…