tax

  1. 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...
  2. U

    Tax return - Looking for an alternative to Taxfiler

    Hello, We are a small partnership of 4 with little income. Since 2013 we were using Taxfiler, which is discontinued (at the moment the successor Taxpad is for accountants only), so we need an alternative. From Gov.uk we got "Commercial software suppliers for Self Assessment - GOV.html"...
  3. syedsheraz

    Who Pays 40% Tax in the UK? Understanding the Higher Rate Threshold

    I’ve been doing some research into the UK income tax system, and I wanted to clarify who actually falls into the 40% income tax bracket. With so many changes over the past couple of years, it’s easy to get confused about who pays what.
  4. Paul Kelly ICHYB

    Budget 2025 Overview

    Income tax - Frozen for three more years Business rates - updated to reflect increase in property prices + retail, hospitality & leisure longer term support National minimum wage - increases at all levels Fuel duty - frozen until September 2026 Plastic packaging - tax rate increase Household...
  5. A

    VAT Reclaim Eligibility for Pre-Registration Period

    Hello, I own a UK-registered company selling on Amazon (FBA model) and I am a non-UK resident. During 2023–2024, I paid VAT on Amazon service invoices (mainly advertising fees) while not VAT-registered. Amazon has now informed me that, as a Non-Established Taxable Person (NETP), I should have...
  6. 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...
  7. S

    Accounting firm with ACCA membership only (not ICAEW)

    Hi, Hope everyone is doing fine I am having few years experiences as accountant in few different industry and completed all ACCA papers (some with exemptions from my undergraduate) and joining membership of ACCA. I am planning to run my own accounting firm next year. However, few things have...
  8. 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...
  9. A

    Tax of previous years’ profits?

    Hi all Probably a stupid question so please forgive me! I’m looking to start a limited company that’ll be providing services and charging a fee. My question relates to taxation: I’m currently an employed higher rate tax payer and this new venture will be treated as more of a side hustle to...
  10. B

    Tax Question - UK Companies and Non-Resident Status

    Hi all, I'm exploring tax implications of becoming a non-UK resident while maintaining business interests in the UK. Looking for advice on the following structure: Current Setup: UK holding company that owns a UK trading subsidiary Trading subsidiary generates most of the income Salary of...
  11. 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?
  12. G

    Just started a Ltd company, no customers or profit yet. Can I invoice a company for work I provide?

    I’ve just started a Ltd company, trying to move my hobby to a business. While it is building up, can I invoice a company I provide services for? It’s a jewellery repair company so will be polishing and repairing items. Do I need to declare as self employed to do this? Or invoice from the Ltd...
  13. 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...
  14. 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...
  15. Connor72

    Thinking of starting a small ltd company

    I work in construction for a small company, I have came across an opportunity to make some extra money by investing in some products to hire out for a long term project on the side . it wouldn't be a massive turnover possibly £1-2000 per year this could also be topped up with some other jobs...
    • Connor72
    • Thread
    • accounts business-planning small-businesses tax
    • Replies: 8
    • Forum: Start Up Space
  16. I

    Accountant failure in duty of care / professional negligence?

    Sorry to bring up such a big issue in my first post. But I believe my accountant has been negligent, in not informing me of tax changes that, based on previous year's accounting trends, would have affect me, as well as not offering ways of mitigating tax through employer pension contributions...
  17. S

    Owner of limited company and freelancing contract

    I have a limited company, and I am the sole owner and director, offering Software Engineering services. I'm currently in discussions with a potential overseas client who is trying to persuade me to sign a contract as a freelancer rather than through my limited company. The expected income from...
  18. A

    Actually helpful advice & guidance …please? re: Tax / BTL / Late payment chasing

    Hi all, this isn’t a post for ‘freebie’ advice but rather seeking recommendations for anyone you know who may be helpful. TLDR; I’m looking for productive, proactive advice and guidance based on my circumstances in the areas of interest below 👇 Just got off the phone with a company...
  19. B

    Expat Tax

    I have worked in Bahrain for 12 years. For 10 years I worked here and paid no tax. I retired 2 years ago. I didn't let HMRC know I was leaving UK in 2012. I have had resident visas up to June 2023, then have used renewable visit visas until now. Last year I withdrew £25k in March from my IOM...
  20. R

    Invoice Implications

    Lets hypothetically say there is 1 client that normally pays a business with cash in envelope. Around £2.5k to £3.5k per month. Now this client is thinking of actually getting 'properly' billed/invoices and pay directly into the business bank account. What would be the tax implications. How much...
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