Recent content by seven_segment

  1. seven_segment

    Sole trader with unpaid assistants

    Thanks for all your helpful replies. I think maybe I didn't make the situation entirely clear. The two friends that are involved would prefer the situation to remain as-is, they don't want the hassle of doing a SA tax return nor paying class 2 NICs, and any profit the business makes in the first...
  2. seven_segment

    Sole trader with unpaid assistants

    Hi. As I've mentioned a couple of times on the Accounts & Finance forum, over the past year or so I've helped by providing sound and lighting for a number of charity/non-profit events, along with a couple of friends who've assisted me. Everything I've done so far has been unpaid, but as I have...
  3. seven_segment

    Profit when selling only part of a job lot

    Hi Scalloway. I think this is where my confusion arises. If some of the equipment is kept for use as part of the business and some is sold, surely HMRC would object to putting the purchase price of the complete lot down as an expense?
  4. seven_segment

    Profit when selling only part of a job lot

    As mentioned in another thread recently, I'm looking to set up as a sole trader. Whilst looking for equipment to set up the business, I've come across a few job lots that represent good value for money, but I would only want to keep some of the equipment. Let's say I bought a lot for £1000...
  5. seven_segment

    Sole trader - using personal assets for business?

    Thank for the clear and concise answer. Presumably the same applies to equipment purchased after the business starts trading? That is to say, it's fine to buy equipment/machinery that would meet the definition of a capital asset without going through the business accounts, but the equipment...
  6. seven_segment

    Sole trader - using personal assets for business?

    I've tried researching this but as someone looking to set up as a sole trader, I'm now more confused than ever. Over the past couple of years I've purchased various equipment that I've been using for charity and non-profit events, so no money has changed hands. I'd now like to use this equipment...
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