Recent content by Nacha

  1. Nacha

    Paypal - Blended vs Interchange Fees

    It's a blag: https://www.paypal.com/uk/webapps/mpp/ua/upcoming-policies-full
  2. Nacha

    Can a VAT registered Sole Trader use the Simplified (Mileage) Method?

    Thanks again Scalloway
  3. Nacha

    Can a VAT registered Sole Trader use the Simplified (Mileage) Method?

    Understood, thanks, and of course if it sold for less than the 'written down value' then the amount in which it was less would be a 'balancing allowance' on my Self Assessment. One more thing, for simplicity sake, if the car was sold for exactly the written value of £6,724, then would I be able...
  4. Nacha

    Can a VAT registered Sole Trader use the Simplified (Mileage) Method?

    Thanks Scalloway, much appreciated. If instead I was to use the 'full cost' (actual cost) method, I obviously can use the Capital Allowance to write down the cars value each year. In respect of that, let's say the car cost £10k and I use it 50% for private use and 50% for business use. I write...
  5. Nacha

    Can a VAT registered Sole Trader use the Simplified (Mileage) Method?

    Hello, I have a business as a Sole Trader, I am VAT registered and have just recently bought a car which will have a proportion of business usage. Hence I just want to get an up-to-date answer to the following as I'm seeing a lot of contradictions. Lots of articles including fairly recent ones...
  6. Nacha

    Does Vat Return Box 7 include cost of services from outside EC?

    Let's say that my VAT registered UK business pays for marketing services from a company in the USA, do I include the invoices from said US company in Box 7 of my VAT return or are they considered 'outside the scope' of VAT? Many thanks
  7. Nacha

    What amount of tax is paid on company profits, salary and dividends?

    Hahaha yeah the £200K is unfortunately not a true figure. The question is aimed at myself trying to figure out the long-term worthiness of moving from sole-trader to Ltd.
  8. Nacha

    What amount of tax is paid on company profits, salary and dividends?

    Hi chaps, If for example you form a Ltd company and in the fist year the company makes a profit of £200K, if you then you want to take that £200K out of the company, be it as dividends and/or salary, what do you get taxed? The £200K profit itself would initially be taxed at 20% under...
  9. Nacha

    Transitioning from sole-trader to Ltd - good idea?

    So generally for a very simple small 'working from home' type business, not many suppliers, hardly any fixed assets, zero liabilities - the Ltd Company accounting fees would be in the region of £1k per annum?
  10. Nacha

    Transitioning from sole-trader to Ltd - good idea?

    Thanks for the info, much appreciated. I would most likely get an accountant to do the submissions and payroll administrations as the poster above mentioned. I currently run my business from my home however I would ideally prefer not to have my home address published on the company accounts...
  11. Nacha

    Transitioning from sole-trader to Ltd - good idea?

    Thanks for the reply John. Yes as I was reading up about the 2016 dividend changes, however I would still stand to benefit as far as I have quickly calculated, but I would make sure to do a proper calculation before making the transition. Yes as you stated; an accountant would be mandatory for...
  12. Nacha

    Transitioning from sole-trader to Ltd - good idea?

    I'm considering transitioning my sole-trader business into a Ltd company for the benefits of both limited liability and lower rate of tax (I'm paying a lot at 40% right now). I currently complete all my accounts, VAT returns, SA returns myself with ease. I like that simplicity too, hence my...
  13. Nacha

    Self-emplyed but going to get a job i.e. be employed too, do I need to declare my self-employent?

    Yes that's another factor which would just make things even more sketchy sounding. I think I'll just be totally honest and instead have a good explanation as to how my self-employed business is completely manageable via my weekends. I'll probably end up getting a part-time job easier than a...
  14. Nacha

    Self-emplyed but going to get a job i.e. be employed too, do I need to declare my self-employent?

    I have been self-employed for the past 6 years with my online business, I want to continue with my online business and thus continue being self-employed, however my online business is relatively hands-free so I have plenty enough time to gain employment with a company (be it full-time or...
  15. Nacha

    Flat rate scheme, recording expense

    I'm also using KashFlow and on the Flat Rate Scheme and just like you I record all the VAT elements of all purchases and sales, in my eyes that's the proper way to do things the minute the HMRC assigns you a VAT number. The HMRC says that basically 'you don't need to record the VAT on your...
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