Yes bad debt is a legitimate business expense . Should the debtor ever pay up after write off the sum received is taxable.

fisicx said:

I buy tarpaulins online off eBay. Can’t think of any reason why I’d want to go to a petrol station to get one.

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Am I okay to send you a PM?

While the account review cleared our account I am left somewhat worried out the longterm viability of Braintree so it has me thinking of moving elsewhere. I am currently looking at Stripe so may give them a shot instead. That said I am thinking since our account has now been risk reviewed that we may be okay at Braintree.

Thanks for the replies everybody.

Newchodge said:

Are you working for anyone else as well as this client?

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It started off being 4-6 weeks to cover someone unexpected leaving, so I am indeed doing a job that was previously done by an employee. Now they're talking about it going on longer. If it does become ongoing I'll certainly be thinking of pushing for employee status, but it's tricky because the reason I stopped working for them previously was that they were moving from contractor to office-based, and I just might push them into re-hiring (I don't live close enough for me to apply). Need to make myself indispensable first and show them they don't need to have someone sitting in their office.

If the name is the issue why don't you just change the name of the business and then register it as a Partnership between you & your wife.

No need to register for a new vat number. The partnership business can then branch out into other markets/line of business.

billybob99 said:

The J stands for job. I'll let you guess what the B stands for.

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Better?

Maybe Quickbooks would be worth looking into
https://quickbooks.intuit.com/uk/pricing/

Thank you for your reply Gavin...much appreciated.

Did you do this via the FORM from HMRC ?

If you can't compete and do not have a solid plan (and a pile of cash) to get to the stage where you can compete with acceptable profitability, then you need to get out. Now.

RobRobRob! said:

The whole case just seems a little far fetched as they are suing for a figure that hasn't even been confirmed yet, in excess of 150k but the CMC figures were should the cost to take the case to court will be 220K on either side.

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They are clearly suing for general damages, which means that the loss is to be assessed by the court. This is an extremely basic principle of litigation. No disrespect intended to you, but as the posters above have said, YOU should not be dealing with this yourself. The fact that you are dealing with this, when this most basic piece of information is unclear to you, is astonishing. It is also a gift to your opponents.

I don't really understand what you mean by "the CMC figures were should the cost to take the case to court will be 220K on either side" but whatever that means, if they are suing for damages circa £150,000, their legal costs are going to £75,000-£100,000+ if they win.

My last position, before I started this business, was partner in a firm of solicitors. We had approx 30 full time litigators, and probably no more than 3 of them would be entrusted with a case of that size, and even then, they were rigorously supervised.

There are dozens of reasons why you should not only NOT be running this yourself, and probably as many questions as to why you are in this position, but the most pressing question is do you not have professional indemnity insurance, or some form of liability insurance, which covers this, and if so, why are your insurers' solicitors not dealing with this for you?

As far as the disclosure question is concerned, no-one here can reliably answer the question for you because no-one here has any sufficient knowledge of your case, and applications such as this are won and lost on specifics. I have made and defended numerous applications like this, and the applications are often heralded by an exchange of statements and evidence bundles totaling 100-200 pages. You need to stop wasting your time here and find a way to retain a firm of solicitors. If you haven't already looked into it, whatever insurance you may have is your first port of call.

Once again, this sounds harsh, and I mean no disrespect, but people do not just lose their livelihoods over cases like this, they lose their houses. I have seen it happen, but I have NEVER seen it happen to someone who was dealing with the case themselves. In fact when I first started reading this thread, I thought it was a joke!

I am sure it's not, but you appear to be in a state of denial or ignorance about the possible consequences of this litigation and you need to act now if you are to avoid this utterly ruining your life.

Good luck,

Dean

Similar to what people have suggested above - it may be worth contacting generic emails but there is possibly better ways to reach out, through facebook pages where you can message teams or through linked in - finding specific contacts who deal with this aspect of the clubs business.

I wouldnt be to dishearted though - it defintly isnt a waste of 4 months of work - things often don't go to plan in business, you just need to think creativly and be willing to adapt your strategy.

Im just starting out my ecommerce business, and have being looking into shipping options so this was really useful - thank you to everyone who contributed.

I would defintly encourage you to keep going - new businesses are really hard going, but it seems like you have a great concept and have gained some valueable tracktion so far. Keep pushing on.

why did you need a Magento site for a non e-commerce business?

Maybe

They get inspected, get their pants pulled down and their bottom smacked.

There is NO excuse for not being ready for this, it has been coming in for years.

Yes.

lesvatadvice said:

I would certainly consider registering for VAT. You are not required to account for VAT on services provided to non-UK customer

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Thankyou

Ali McGowan said:

Thanks, do I need to be showing my drawings in the written figures each year or not?

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If you are preparing a full set of accounts with a profit and loss account and a balance sheet yes you must include drawings.

AW Swindon said:

Hi

Mr D & AdaminReal.
I know what you mean, nowadays I get about a 1 in 4 reply success from filling in a contact form, how do these companies stay in business?

Please be assured that we will always reply to our contact us forms. Please let us know if we can help. (you could also send me a PM)

Regards
Alan (VA Distribution)

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Thanks.
May take you up on that later in the year.

I have never heard of unpaid directors being allowed EIS or SEIS relief

SITR relief, yes, but not EIS or SEIS

Most of these services use a company called Yodlee who are pretty much the only major player in this space. I use the FreeAgent bank feed reluctantly, as mentioned above it does put you in breach of your T&Cs although I'm satisfied with their security (especially as it has two-factor auth).

Hopefully over the coming year or two web scraping APIs like Yodlee will disappear as banks continue to roll out open banking services and APIs for online accounting packages and similar to use. I know FreeAgent is in the process of rolling out more open banking feeds (including Starling integration which is due soon).

Reminds me of recruiters who were targeted on phone time, they called the speaking clock or each other.

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I had a job with call time as a target. Monday morning, called up my good accounts and had a catch up on football. Friday morning, talking about the weekends football.

Champions league - mid week targets smashed.

We used to piss ourselves saying it is "building relationships" - easiest job ever... unless there was no football.