Recent content by xuanchen

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    Employers - 0 hours per week but 50% profits of certain products?

    A question about the employment issue - I thought of a zero-hours contract with (monthly salary of 50% profits - (hours worked x £6.31)) + (hours worked x £6.31), if you see what I mean? Is this valid? Your solution treats him as an independent contractor - what are the taxes payable on this...
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    Employers - 0 hours per week but 50% profits of certain products?

    billybob99, Is there a legally binding contract we can sign to make this work? Apparently higher managers are exempt from the minimum wage thing, is this true?
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    VAT and Import Tax

    As far as I understand, VAT can only be reclaimed if we are signed up for it. Is this correct? Is VAT chargeable on the first £79,000 of profits? Do we have to list VAT on all products, regardless of current profits? -Import tax question still stands. Thanks
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    Employers - 0 hours per week but 50% profits of certain products?

    Hi We are operating a small online retail, and wish to employ a retail manager. He has suggested developing the business by introducing a new range of products. Because the business is small, we have decided the fairest way of payment is to provide him with 50% of the profits from the...
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    VAT and Import Tax

    Hi, As this is the first time I've started working in retail, I'm looking for a little advice on taxes to get financial accounts in order. To keep costs down and to learn what is involved myself, I am not considering hiring an accountant. - What are the taxes involved in importing...
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    Making a colleague a director of a limited company

    Apologies for not clearing this up; I thought all your answers referred to a 50:50 split. What if I wanted something like a 69:31 split? Would I have to issue 68 to myself and 31 to my colleague? What happens if I then want to change the share ratio further?
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    Making a colleague a director of a limited company

    I was really asking for a situation where we could split 70-30 or 71-29 and then alter it later to 65-35 or something (for example).
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    Making a colleague a director of a limited company

    If there is one share at the moment (owned by myself), what steps should I take to make a x-y split? Should I issue (x-1) shares to myself and (y) shares to colleague (x + y = 100)? How exactly do I issue shares? Does the colleague have to be a director in order to make transactions with the...
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    Making a colleague a director of a limited company

    So say if we split half and half he would have to purchase 50% of the shares? As far as I understand a director does not have to be a shareholder, does he not? When the company makes money (let's say money gets added to the bank account), do the value of the shares go up? How is the money...
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    Making a colleague a director of a limited company

    Hi, As previously mentioned on this thread: forums/showthread.php?t=300894 I would like to make someone a partner of the limited company in order to split profits by percentage; how would I go about doing this? This person is loaning money to the company as well.
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    Splitting profits by percentage with employee

    Furthermore, what would be the next step going from a limited company to a partnership?
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    Splitting profits by percentage with employee

    It looks like a partnership would be the best option in the short-term after all. How permanent is it and what are the consequences of dissolving? I guess everything should be clearly stated in the contract? On legal terms, is a contract all that is required?
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    Hi, Is employer liability insurance required for working from home? Could I have a quote...

    Hi, Is employer liability insurance required for working from home? Could I have a quote for a written contract for one employee, disciplinary and grievance procedure? Could you also explain in which circumstances I would need to run a payroll and file a report with HMRC? Thanks
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    Splitting profits by percentage with employee

    How are the 'hours worked' logged? Is this by the employer or employee? I was thinking one hour a week at minimum wage with set monthly bonuses of (percentage of profits - minimum wages paid). Is that satisfactory as far as legal terms go? Is there anything else required (legally) to do...
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    Splitting profits by percentage with employee

    Do the number of hours per week have to be specified in the employment contract? If not, there may be a workaround. The issue is that the company already has exposure and setting up shop under its name would benefit both parties. A partnership would mean that expansion will be difficult in...
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