Recent content by Herandu

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    Distance Selling Rule advice sought

    I have read the DSR (Distance Selling Rules) many times, but can't get my head round some vague details. The 1st one relates to the refund of the item and the delivery cost. It does not however mention refund of the handling cost. It is by all accounts a separate cost that many business could...
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    Simplest, most economical accounting for small business?

    For that sort of quantity of sales, would it make sense to get an accountant? I would look into preparing and filing my accounts by myself in that case. Loads of info on the net how to do that. HMRC even runs a couple of free training courses each year for small startups. That is how I started.
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    Warranty transfer on goods sold in the EU

    Does anyone know what the situation is with regards to warranties in the EU? I am specifically after information with regards to the legal position with goods bought from a retailer and subsequently resold by a private seller to someone else. Can the new owner claim ownership of the warranty...
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    Legal implications of a website?

    It becomes a nightmare then. The income generated by the website counts towards your tax liabilities. I was in that same situation and ended up setting up a limited company so that I could avoid going over the £42K combined income from my website and my normal daily job.
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    VAT on purchase from Poland

    I am a big trader on eBay and have been so for 7 years now,and use Paypal as my main method of payment, including credit card and bank transaction. Whilst there are reciprocal VAT agreements, a couple of loopholes were closed after dodgy dealers were claiming to sell mobile phones in container...
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    VAT on purchase from Poland

    As I pointed out, you can make adjustments to the final bill sent to the customer, but you have to do it from within eBay. That includes postage discount, as you correctly pointed out. The final seller's fee calculated by eBay is based on the amount on the invoice posted from eBay to Paypal when...
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    Director loan

    I don't use Clearbook, but I do run a director's loan account for my business. What I have worked out is that the director's loan account, or DLA for short, should not be part of the cashflow balance calculation. Look in your accounts package to see if you have the DLA set in the wrong group...
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    VAT on purchase from Poland

    When you buy goods from within the EU, you have to pay the VAT at the rate that is applicable to the country the goods are sent from. Now, with ebay trade things get a bit trickier. Let me use my own experience and business as an example. I am registered for flat rate VAT. That means that I...
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    Dividends distribution

    My partner is entitled to 20% of the dividends but wishes not to accept them the next time dividends are issued. I am however badly in need of some extra cash that the dividends would provide. My question is whether it is legal to get dividends issued just to myself, or does my partner have to...
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    Negotiating payment terms with foreign suppliers, and procedures for defects.

    In the case of defects you would normally be expected to send them back if they occur within an agreed time frame. Some companies might replace them and send them with your next order. Others might put a ceiling of 1 or so percent as a level of acceptable defective products. I suggest that you...
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    Product Liability Insurance

    I am paying about £1K on a product liability insurance of £1M, but that's world wide coverage. So it is safe to assume that you'll be paying less than £2K on £2M of cover if it is not worldwide.
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    Setting up a limited company?

    Thanks for that clarification Anna. It is most enlightening. It does make me wonder though whether turning from self trader to limited company has a 'black spot' in the tax system. If I pay 21% corporation tax, and then on top of that have to pay 20% income tax ( by limiting my income to below...
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    Setting up a limited company?

    I am facing the same situation, but don't quite understand the tax part of it. After paying the 21% corporation tax, can I then pocket the rest of the money without paying any additional taxes? Or are there limits to what I can take out tax free? What about National Insurance contribution? How...
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    Working from home?

    I got made redundant about four years ago, and at my then age of 48 not one person granted me a job interview. So I decided to set up my own electronic retail business from home. Since then I have won a few audio magazine awards, have had several forum devote numerous topics on my product range...
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    Importing goods from China - advice please

    Getting back to the question... I happen to be importing goods from Taiwan, but the procedure would still be the same. 1. Make sure your got an import authorization number, or import license. It is required these days. The forwarder is going to need this in order to pay the duty and VAT for...
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