When you say wind up are you referring to Liquidation or are you referring to a simple dissolution?

Is the Company solvent? Will there be surplus funds to distribute to shareholders (if so how much)?

If the final tax returns have not been filed they will object as they won't know if they are creditors.

Hi Hannah - personally I think the two brand names are too close, although I'd need to know what the Example bit is to comment properly. So you may want to pick a new name. As part of this process, I'd recommend having a trade mark search carried out before you start using your mark (or applying to register it as a trade mark) to check that it is free for use.

The company is dissolved - it no longer exists. How can something that does not exist file a return? Any debt owed died with the company so the tax man can't get anything and the company can't reclaim anything.

Unless the tax man can prove that you did something criminal (and thus pierce the corporate veil to make you personally liable) nothing is going to happen. If you want to you could write to them pointing out that the company no longer exists but why bother.

As mentioned by a previous poster, import the glass jars into India and have your factory bottle the cosmetic cream in India.

First check how feasible this is to import jars into India, (there are always hurdles importing into India, least being heavy taxes) and first check that the glass jar does not contaminate the cream. (You will be surprised).

We have recently sourced 30ml glass bottles for natural serums and had to test bottles from 5 different factories before deciding on the correct one.

The other option is to import the glass jars into UK and supply the bottling company in UK with both the jars and cosmetic cream to bottle for you.

Labelling is also an important (legal) factor to consider for any cosmetic product.

If you want to discuss your project, feel free to contact me via the website link in my signature below.

Scalloway said:

I now make it

Called up share capital not paid .......1
Stock ....................................................6400
Bank ........................................................878
Creditor .............................................-8105
TOTAL.....................................................-826

Capital and reserves
Capital......................................................1
P & L.....................................................-827
TOTAL....................................................-826

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Thank you so much. That's perfect.

Thanks to you all for taking the time to give your valuable advice. It's so very much appreciated.

Sumita Singha said:

yes, I am thinking of doing a media story about these admin charges from which companies make money regardless of whether they've done anything useful for you or not, and despite having made mistakes. It's like going to a restaurant and having a terrible meal and then a service charge being slapped on the bill. In a restaurant, you can decide whether to pay the service charge or not, depending on the service, so why not for these admin charges? BBC did a programme on admin charges sometime back but they only covered insurance companies.

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If the business made money on an 8 pound admin charge I would be surprised. Contribution towards the costs you have generated.

Service charge added to the bill? Yes that is common, it's not a tip it's extra voluntary price. You can ask to have it taken off.
For great food and service there is always a tip too, which is not company income and not subject to tax on profits.

Newchodge said:

Or not paid, presumably, otherwise there would be no arrears.

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True point.

I been in this premises for 19 years, so most have been paid

Some very useful advice above.

As noted above, termination of LTA protected tenancies is a pretty technical area, so (assuming it applies) you should make sure the landlord complies with his obligations under that.

You say the owner / landlord is a lawyer. Chances are he will know what he is doing, so all the more reason for you to get some professional advice to protect your position properly.

Gnucash is great, but the user has to configure it and you will have to add a plugin for MTD.

Gnucash will do everything from multiple currencies, payroll and even bank direct and P&L printouts and charts. It is a proper double-entry system for adults!

Stick with your limited (as changing your trading status with Amazon later will not go well) & if one of the avenues you're goimg to also explore is B2B...being limited carries a certain gravitas (vs for example a sole trader trading under the name of "Bob's Widgets")

Amazon FBA & accountants - frankly they won't care about FBA ...in your accounts software, things will be categorised under sales, or fees/commision etc (so to an accountant it's just more of the same - they don't/won't need to know the intracies specific to FBA)

If you get a P45 from DWP in time, give them that, if not, complete the new starters form. It won't make one iota of difference as your first pay date will be the first pay date of the new tax year, so previous earnings/tax paid will not matter.

Therer are huge employers (Civil Service for instance) who have cut off dates for payroll information very close to the beginning of the month, so can't process the information in time for the end of the first month. Usually you would get an 'advance' at the end of the first month and then 2 months' on your May payslip. with 'recovery of the advance' on there, so you get the money on time and the paperwork catches up later. If this is an ordinaruy size employer you should get paid at the end of April.

You are within your rights to raise flexible working at any time, as you are within your rughts to raise anything at any time. If you mean 'is it a good idea' only you can judge that. You cannot know, until you have settled into the role, whether or how flexible working will work for your employer. Once you are settled it may be appropriate to rise the issue, with an explanation of how it would work and how any potentil negatives for the employer may be overcome.

Hello there

With questions like this, the devil will be in the detail, but yes it is highly likely that the plumbing works will be zero-rated - assuming the building is not habitable until after the second fix

Hello there

Does your wife have any other income, or is the £600 her only income? If the latter - then I would leave on accruals basis as the profit would be within her tax free allowance. If she has income elsewhere, then it is possible that creating a loss initially would give rise to a tax rebate. Ultimately this is just a timing difference, so she may just be deferring a liability.

The partnership itself generates profits / losses which are then split in accordance with the partnership agreement. If the partnership agreement states that your wife takes all of the losses, then she can utilise them as appropriate for her own personal tax position. The partnership does not have a tax position in its own right.

Hope this helps.

If a sole trader transfers money from their personal bank account to their business bank account that money is classed as Capital Introduced and has no tax consequences. It is not a sale, it is simply the sole trader shifting their own money around.

Hi.

I also have a business around emblem, what newspaper are you thinking about going with ? Kilburntimes ?

Cheers

Stock should be valued at cost so:

2 a) if you are a sole trader and do the work yourself with minimal costs other than materials
2 b) include other significant costs including wages and other direct costs, eg electricity used.
3. Tools and machinery go on your Balance Sheet as Fixed Assets
4. Only if they have a significant value.

Agree with that.

It can take years before a website is self funding and even longer before it earns you a living.

5 years is a good number to aim for.

Ray272 said:

Ok but retailers sell to consumers and a lot of retailers are VAT registered so do you see why I said ignore the comment since in most cases they are supplying consumers. So being VAT registered is not a bad thing even if not supplying other VAT rgd biz.

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Where did he say he was exporting? I assume he isn't seeing as he didn't bring that key point up.
VAT registered businesses pay more in VAT unless they're selling to businesses or exporting (there you go I added exporting for you).
If you want to pay more tax then crack on.

As stated above in an ideal world you want to ship a FCL but in reality many startup's just cant afford to do that which is fully understandable. Part loads can work fine but for delicate products like mirrors they must be very well packed. Make sure your agreement with the supplier has terms to deal with breakages and compensation. For electrical goods you need to make sure they have the correct CE certification. Just a tip most suppliers in China don't have a clue about CE certification and many goods have a CE mark applied but don't in fact comply with the regulations. Check t out very carefully and if you don't know how to do this get somebody who can - it will save you making expensive mistake.
Make sure you know who you are dealing with - many sellers are agents not factories (over 90% on Alibaba), despite strenuous claims to the contrary. If you are not dealing direct with the factory it adds a layer of complexity and at the very least you need to e aware of that.
Finally be aware when shipping part container loads (I have posted on this many times before). Chinese sellers will often offer to ship CIF to UK and the prices will seem very good, but you will be faced with large port handling charges on arrival in the UK. You won't know about these charges until the container arrives, by which time it's too late. Why does this happen? The shipping agents offer to ship part loads for the supplier FOC - (great for the supplier) and make back this money with exorbitant port handling charges in UK. This can be avoided by doing the shipping yourself - my advice don't use the CIF shipping they offer for part loads.
Using companies like Easymex is an option but as you have pointed out they are not cheap and it may well wipe out any financial advantage. There are cheaper alternatives so my advice would be to shop around but remember there are no free lunches and to some extent you get what you pay for.
Good luck with your plans - trading with China is fun and can be very profitable if done correctly.

AbsoluteVAT said:

If you are not VAT registered in the UK, you will not need/be able to submit nil returns. Note that domestic sales in the UK contribute towards your threshold. Sales to EU businesses will also count towards your threshold. EC Sales Lists will only be required once registered.

For B2C sales to EU consumers there is now a £8,818 threshold, under this amount you charge UK VAT but only if registered! Of course Brexit could change all of that!

Both B2B and B2C digital supplies to non-EU customers could bring with it a VAT/GST obligation!

Might be worth getting thorough advice on the requirements!

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Regarding the bolded paragraph, what are the implications if a non Vat uk registered business breaches the limit? Will they have to register for VAT (UK and eu) and charge EU vat, even though below UK threshold?

Distributors are worth working with. Usually a history of trade with supermarkets and they can normally pay you prior to production and when goods are ready.

Big supermarkets will crucify you with terms like sale on scan. Paid monthly based on number of items sold/scanned.