Recent content by Ivel

  1. Ivel

    I am struggling to open a business bank account for my start-up. Got rejected by 3 banks.

    Try Tide or Wise, use them for several months and apply for a High street bank account afterwards.
  2. Ivel

    Paying for expenses- sole trader

    YOu can still claim it as an expense; no worries there. I do it sometimes, but then transfer the money from my business to the personal account straight away so I don't forget to include the expenses later.
  3. Ivel

    DPD vs Fedex for UK deliveries

    Also, check how much they cover you for if the package is lost. I found out the hard way that FedEx are offering lower protection than another competitor.
  4. Ivel

    Xero and Shopify

    I use Xero and Link my books in my practice. LMB generates invoices based on payouts and includes all fees and deductions from Shopify. There is direct integration between Xero and Shopify. I tried it, and it did not work properly for some reason. LMB also integrates with other marketplaces...
  5. Ivel

    R&D Tax Claim

    I used to do a lot of these and still do a few per year. I never charged a percentage, as I think it is not fair. I spend time organising the financials and preparing the calculations and reports. The amount of time I spend does not depend on your costs and the amount you are claiming. I charge...
  6. Ivel

    When to register for VAT

    B2B rule is that place of supply is where the customer is. If all the supplies of services are Outside the Scope of VAT as the customers are overseas, then these would not go towards the taxable turnover, and hence, there would be no requirement to register for VAT.
  7. Ivel

    Shareholder loan to a company

    It's not an issue at all; just draft some simple agreement between the partner and the company. It will not be called a Director's loan but something else. As far as I am aware, anyone can give a loan to a company, and it does not matter if that is the director, shareholder, or not related to...
  8. Ivel

    Inventory management software

    Can you recommend inventory management software for e-commerce? The requirements are to sync with platforms like Etsy, eBay, Shopify, Amazon TikTok, and Xero. The software also needs to monitor stock levels and produce COGS reports. I know of some, but the price is £400 and up, so something more...
  9. Ivel

    IOSS registration

    Who do you use as an intermediary for IOSS registration and monthly return submissions? The quotes that I am getting are just not affordable for small businesses.
  10. Ivel

    Which accounting software to use?

    Xero has an option to file accounts and tax returns, but I have never used it. Do the bookkeeping yourself, but when the time comes to file the accounts, get in touch with an accountant. Most of us offer a free initial consultation, and it will be beneficial for you. From experience, the DYI...
  11. Ivel

    How Much Stock Should i Hold as Good Rule of thumb

    How long does it take you to make a new order and receive it? It is better to place multiple orders throughout the year so you don't tie up a lot of working capital and not run out of stock at the same time. It really depends on the supply time, but I would think you should hold enough for 2-3...
  12. Ivel

    Is there any point of having a "high street" business bank account?

    The only reason for me is that it is easier to get funding from my high street bank, and also I get better rates on loans both personal and business.
  13. Ivel

    What if my VAT claim is more then tax due?

    Just double check everything is correct and submit it to HMRC. They will repay the difference in your account. If this is unusual for your business, they might call you, ask some questions and ask to see a copy of calculations and some of the VAT invoices, but nothing stressful.
  14. Ivel

    Urgent Help - Accountants?

    I can't imagine an accountant submitting year-end accounts or tax returns with turnover over £85k and not asking to see VAT returns. If you didn’t register on time, then there’s a good chance that you didn’t charge VAT on your sales either. Unfortunately, HMRC will still expect you to pay...
  15. Ivel

    How do you stay organised?

    I block time for each task for the day. I have a plan for what I need to get done, what the deadline is and plan jobs/tasks per day/week. In the morning, I block time for each task, and I don't look at anything else. If it is something important or requires a lot of concentration, I even...
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