Shortly going self employed as a gas/heating engineer, I used to work with someone also gas qualified and thinking of going it alone too, we live in different counties, he has a lot of contacts and has suggested we work together.
Most jobs, like boiler repairs and servicing will be done (and will be paid ) individually, New boilers are where we would work together, splitting the profit.
The sticking point is (potential) Vat registration if we go full official partnership with hmrc, as sole traders we each have an £85k limit but presumably as a partnership it’s £85k between us?

Could we have an official partnership (with partnership tax return) just for the joint work and then just be sole traders for the individual jobs? will each have own Van/tools etc.
Are there any other options if the above isn’t possible?

I recently changed from Company's Payroll to a Self Employed Limited Company (new). When I sent an invoice to the company last month, they accidentally sent to my personal bank account instead of the company's bank account. I have transferred the next day to my company's bank account.

Now that I have started using Sage from this month, while categorising my bank transactions, how should I mark this transaction as? Would it be marked as "4010 - Sales - Services" for the client name? or should it be marked as something else?

Does anyone have knowledge of the current revenue multiplier for a telecoms business client base when its being valued? Or are the current client base multipliers calculated on GP?

As a community group we are interested in taking on our local which has been closed for 2 years. It is within grounds of around an acre, part of which has a covenant. This covenant was placed by the original owner when sold to a brewery probably in the 70’s and thorough it they retain the right towards 12 1/2 % of any earnings gained from the specific area. In 1999 planning was granted for a touring caravan site and ‘change of use’ is specified (from agricultural). Does the covenant still stand? According to the planning details no objection was raised by the original land owner.

I've been told about LinkedIn 'hubs', smallish groups of 15-20 like-minded, same-industry people who you group together to promote each others posts to get noticed by the LinkedIn algorithms. I can see this working with some people on my LinkedIn feed but don't know how to do it myself.

To make it clear, these are not LinkedIn Groups. They are something different.

Can anyone shed light on this? Thanks.

Hi all,

Thank you in advance for taking the Time to look at my question.

I was made redundant on the 06/06 due to the company I worked for going insolvent, I received my RP1 along with the reference number on the 08/06 and sent all of my details in to the insolvency service on the same day.

Fast forward 6 weeks and I have contacted them to see how soon payment would be made, only to be advised that thay only receive the information they needed from the IP on the 04/07 nearly 4 weeks later!

What I would like to know is if this sounds normal?

I am only questioning it as I know that the director managed to buy the fixtures and fittings of the company from the IP and he had up until that same date to empty the unit, I suppose What I'm asking is, is it possible that things were delayed so he had more time?

Many thanks

Ok so, I'll try not to complicate this.

I resigned from my full-time job in November 2021, which means I had obviously been paying tax through PAYE.

I started to freelance on the side a few months before November 2021. Between then and February of 2022 I had earned just over £7000

I don't have access to my P45 right now, but let's say I've had 9k of my tax-free allowance from my full-time job between April and November 2021, do I then take the rest from the 7k self-employment and pay tax on the rest?

Also, I'm technically unemployed since February and actively looking for work. So there's that, too. Not for a second did "signing on" come into my head and I've been just flattening my savings since. Does this pose any problem?

It shouldn't be too much longer until I'm either back in a full-time job or I get a new freelance contract.

Our small company has two shareholders that are also employees. They each hold have 25% of shares. They are divorcing. They were both paid as employees but one has effectively left but has not yet resigned. She can no longer fulfil her role as admin support to her partner.

Can the company make her redundant? She would of course get Statutory Redundancy Pay.

Working out the share value will be another matter!

HI All,

Someone mentioned to me today that income earned from sub letting part of your business premises does NOT go down as a sale on your tax return. I am a sole trader with a business premises. I sub let part of it and have always declared the rent from this as a sale.

Any thoughts would be much appreciated.

Thanks

Can anyone give me tips on how I can get more sales on my print-on-demand business and how I can get more people to see my store?

Hi everyone,

Yesterday I learned that a friend of mine wishes to develop an HR app, meaning Timesheet (check-in&check-out), Absence/Vacation, Activity Reporting, later Evaluation + Career path Gamification. Of course, he knows about existing solutions like Workday. His intension is to target small business with a solution that is very easy to configure by the SMB without requiring training or maintenance. Should work on internet browser, android and ios. The price would be per seat, per month, hopes to go with 1-2 USD per seat per month.
Actually he started working on the design of the solution.

Personally, I know there are solutions like this. I am in security industry but I work with workday but also use some very easy to use app for Absence (only thing that it does). I would like to tell him that maybe he invest effort in something else, as I do not think he will have customers. I am sure he did his own research but I remembered about this forum and said a question would not hurt.

Any thoughts are appreciated.

Thank you!

I need some advice

The main company being marketed is a subsidiary of the main company, it has its own linkedin page but currently doing little. Should we have it as a showcase on the main company's account or should it have it's own page, can the 2 be the same (as in can it show as a page but also be linked as a showcase from the main co's page)

Does anyone know a decent step by step guide to building this kind of set up (on LinkedIn)

Hi folks, just opened a new company which is selling digital products online. It's an LTD but both the directors are not resident in UK.
Which is the best way to pay ourselves month by month?

How the taxations works? The money we give to ourselves are considered as diretcors loan or can be considered as salary?
Can the salary be not fixed? Let's say one month we earned 5K so we take each 2K? Just an example.

Any advice on this in order to make it right?
Thanks a lot

I had a request to send a VAT invoice for a customer order (it's fine to send one) but I just wondered what the legal/data protection stance is if that invoice has been requested by someone not the customer?

In this case it appears to be that person's account department but should I only send a VAT invoice if the customer themselves requests it which seems more in line with what I'd expect in terms of data protection.

I recently moved from being a sole trader to limited company, and transferred all my stock (goods to be resold) to the limited company.

Please can someone advice me on what my options are in terms of valuing the stock? Would it be what I paid? Or could it instead be the market value of the stock? Do I have a choice?

Thanks!

Hello all,

I am new on this forum and have and I have a complicated tax question regarding the margin scheme.

My business sells crystals (antiques), which fall under the margin scheme, which means I have to hold a stockbook with exactly how much profit I made per item sold to calculate the VAT over this profit at 16,7%, which I do.

My business recently also allows other sellers to sell on my webshops (items eligible for margin scheme), they list their item on my webshop and I make sure it gets traffic and gets sold. If the item sells, the money goes to my bank account, this means I get a sales invoice. However since it is not my item, there are no costs involved for me so I do not have a purchase invoice.

An example:
A Chinese seller based in China adds a product to my webshop, this product gets sold and has to be sent from China to Europe, 10 pounds enter my bank account. At the end of the month I send the Chinese seller his 10 pounds. To make it profitable for me I ask them a monthly fee to enable them to sell on my webshop, a fee of 400 pounds per month.

In this example I am not sure on what I have to pay VAT on, because there is no cost involved per item. Because I sell with the margin scheme, and pay VAT over my profit per item, the items from the Chinese sellers do not have any profit as there is no cost and I send them the full amount received minus the fees from the webshop itself.

I simply allow them to sell on my webshop and charge them a fixed fee per month. Legally, Is this a service that I am offering? Do I therefore have to pay VAT over the service at 400*1,20%? Does this mean the orders are excluded from VAT?

I hope any of you can help me in the right direction, I really want to sell the products of others in my webshop without having any costs myself, its convenient, and get paid monthly, but I do not know how to translate it into my taxes...

Thanks in advance,

New customer, decent size, but accounting principle is going concern to atleast end of the financial year 2022 (Dec).

Conflicting information online. Is it anything to worry about.

Extra info, large American owner who is selling them after a few years.

Lastly, what other types of accounting principles are there like going concern?

Should the purchase of a website (that will be used to generate revenue) go down as an asset or an expense?

If an asset, should this go down as an intangible asset and will tax relief be received in year of purchase similar to tangible assets?

Hi,

We appear to be locked out of our Zoho account because it's advising us our IP address is wrong? Has anyone come across this or know how to solve it?

Thanks
Trish

Hi all,

Doing an accounting exercise and I know I'm missing something on this balance sheet, but the coffee and lack of breakfast is clouding my vision.

If anyone has one small moment, could someone let me know if I'm working this correctly?

Called up share capital not paid:1 - would this be a liability as it has not been paid? If so, the below would be incorrect?
Fixed Assets:59
Current assets:1,594
Creditors: amounts falling due within one year 709 )
Net current assets (liabilities):885
Total assets less current liabilities:944
Total net assets (liabilities):944
Capital and reserves:944

I am VAT registered I have very few transactions - probably 30 in total in the year. I keep my accounts on a spreadsheet which I give to my accountant every year.

Can anyone recommend me a MTD software, I sent my last return for quarter ending March 2022 online filling in the form but now I need to send it via the software.

Also can anyone recommend a simple accounting package they use as I suspect many will say time to move on from Spreadsheets!

Hi,

Could someone please explain whether my understanding of this balance sheet from accounts filed with companies house information is correct

Would this effectively refer to the amount of money a company has either sat in the bank or petty cash ?



Is £290,626 the amount of profit made by the company in the financial year ?


Is it possible to tell on a companies filed accounts what their turnover was ?

Regards,
M