hmrc

  1. Suseendaran

    How I automated the mid-month BIK proration nightmare in Xero

    I’m an engineer and accountant, and like many here, I’ve been frustrated with how Xero Payroll handles Benefits-in-Kind (BIK). Specifically, when an employee joins or leaves mid-month, or changes a car/medical plan, Xero doesn't automate the HMRC proration logic. I ended up building a tool via...
  2. everyhost

    UK ****** holders: what’s your practical plan for records + “if I’m not here tomorrow”?

    I’ve noticed more UK people now hold a small (or not so small) amount of ******, but the practical side still feels under-discussed: record-keeping for HMRC and what happens if you die or lose access. Two questions for the group: For CGT/self assessment, what’s your realistic approach to...
  3. S

    Self Assessment January

    I’ve noticed most Self Assessment stress comes from: – paperwork being spread everywhere – uncertainty over what counts as an expense – misunderstanding HMRC letters – missing or almost missing deadlines The tax itself usually isn’t the problem — it’s the admin. If anyone wants it, I made a...
  4. K

    Tax Guidance for an E-commerce Business Run by a Minor

    Hello, I am 14 years old and have recently started a small business selling goods on eBay. Since eBay requires account holders to be 18 or over, the account is registered in my parent’s name and linked to their bank account, with their personal details such as name and National Insurance number...
  5. S

    Accounting and Tax questions from a new Startup owner

    Hello, I'm new to this site and looking for some help and guidance on an Accounting & Tax related topic. I registered my software development business about 4 years ago however it has been dormant ever since, whilst i was building it. Over the course of the past 4 years I did incur expenses...
  6. Making Tax Digital for Income Tax - The way you file your Tax Returns is changing

    Making Tax Digital for Income Tax - The way you file your Tax Returns is changing

    April 2026 will see the UK income tax system revolutionised with the introduction of a new quarterly filing system called Making Tax Digital for Income Tax. Way back in 2015 the idea of quarterly tax returns was discussed on UK business Forums. Some ten years later the idea may actually become...
  7. MikeB03

    VAT enquiry

    Hi, I'm looking for some advice on the best way to proceed in my situation. I have been trading online since 2017 across various platforms and have been VAT-registered and operating as a Limited Company from day one. Recently, I received an unexpected phone call from HMRC. The person...
  8. H

    Compulsory Winding Up - Should I ask for this?

    Thank you in advance for reading this, I’ve read a lot of threads on here over the last few months and I appreciate those who give their advice. I have run a limited company for the last 7 years but have reached the end of the road and I quite literally don’t know where to turn next. My...
  9. 1

    I want to do work unrelated to my business during the 'low season'

    I run a party entertainment (disco, chocolate fountain, cinema projector etc) and mobile Food Trailer business registered under GT Parties as a sole trader. I'm Very new to the self employment world, my trailers opening night is 14/02/25, but everything for my business has been done properly and...
  10. Being VAT Registered is Killing My Business

    Being VAT Registered is Killing My Business

    Navigating the VAT registration threshold is a significant milestone for many UK small businesses. Crossing this threshold, currently set at £90,000 in taxable turnover, brings both opportunities and challenges. Insights from UK Business Forums (UKBF) members shed light on these experiences and...
  11. P

    Running 2 businesses or 1 for VAT

    Hi, I voluntarily registered for VAT with hmrc for my b2b startup as l reckoned all my clients are all vat registered too so benefits outweigh downsides. Since then l created a new product that l will sell b2c instead, using a different brand name, seperate website, bank account etc. So for this...
  12. S

    Balance Sheet (Creditor amount falling due within one year)

    Hi, I am closing down my Ltd Company, as I have not traded since COVID and I am no longer trading. It is dormant at HMRC with no cash or assets and I closed the bank account down some time back, as it was costing me in fees each month with no money coming in. The company owes me some money...
  13. Paul Kelly ICHYB

    What Is The Corporation Tax Rate????

    HMRC website states: Small profits rate (companies with profits under £50,000) 19 % Main rate (companies with profits over £250,000) 25% What do companies with profits between £50k-250k pay?
  14. IhMar

    The invoice is not in the company name

    Hi I have 2 invoices for goods paid from a company account. The name on the invoice is the director of the company, not the company itself. Unfortunately, there is no way to request a change to the invoice. How problematic is this for reporting to HMRC? I am not claiming a tax refund, the...
  15. Preparing for a VAT Inspection: What to Expect and How to Get Ready

    Preparing for a VAT Inspection: What to Expect and How to Get Ready

    Getting a VAT inspection notice from HMRC can be a worry. Still, it’s important to stay calm and prepared. This is the advice given to UK Business Forums member 'seizing', who turned to the community for advice when they received notice of a VAT Compliance Check for their Limited company. @DWS...
  16. ayka

    Seeking Advice on Obligations Following Compulsory Dissolution of Non-Trading LTD Company

    Hi, I am seeking professional advice regarding a limited company I established in February 2021. The company never traded, did not have a bank account, and had no assets. Unfortunately, I failed to submit the confirmation statement to Companies House, and as a result, the company was...
  17. M

    Corporation tax return to HMRC issue with foreign currency transactions

    Hi, I have my first CT due, and I have a micro LTD. While going through the HMRC free service to complete the CT, it's not allowed to use that service if you need to report any foreign currency transactions. My company paid a supplier in Poland and some subscriptions in dollars. But I have all...
  18. A

    Is it common for HMRC paye direct debit to not be monthly?

    I setup a DD months ago to pay PAYE because my finance admin day is at the end of the month so HMRC labels it as late and charges interest. And it's one less manual task. I assumed wrongly they're taking it every month. But my bank app just told me that a payment is due tomorrow, but it's for...
  19. C

    Directors Loan being used for Premium Bonds

    Does anyone know if a directors loan can be used for premium bonds? Let's say a director borrows a modest £5k from the company account. That amount is transferred into their personal bank account - and from there, transferred into premium bonds. The sum is kept in PBs for 6 months (possibly...
  20. E

    HMRC Winding-Up Petition

    Hello all Wonder if the learned members here can help Today I received a call from a company informing me a petition to wind-up the business has been posted and for a fee of £1,100 could help This was the first I'd heard of it so was taken aback a little, I checked the link sent via email and...
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