tax

  1. 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...
  2. J

    Old corporation tax demand - when do they time out?

    I recently received a corporation tax demand from the HMRC that relates to the 2015/16 year and was applied in 2017. I've never received any demand or chasing notice about it before a few weeks ago. They've now handed it to the usual DCA. Is this timed out under the 6-year civil procedures...
  3. BRUCE WAYNE

    dubai business charging u.k business marketing costs but a director of both, is this legal?

    i’m looking to set up a dubai marketing company in which my u.k business will pay for marketing services. i’m a uk resident, is this legal?
  4. AvantageBroker

    Capital Gains

    Hi all, Can someone please confirm if this is correct - made up scenario Stock and shares - P/L 2022 - realized loss of 5k 2023 - realized loss of 5k 2024 - realized gain of 10k Not declared at any point - would someone need to declare to HMRC the gain of 10k (over the 3k threshold) as the...
  5. P

    Credit Card rewards

    Can the 3 directors use the rewards from our company credit card without a tax implication. example - air miles gained through purchases of business needs, transferred to company directors to use for holidays etc.
  6. Z

    Advice on launching a multi-jurisdictional company in the UK.

    Hello, I have built a software with a partner from Austria over the last 2 years, we currently have 7 clients in Austria and will be going to market in the UK very soon. I would really appreciate some advice regarding which company type / structure is best suited for our current arrangement. I...
  7. J

    Reverting Ltd back to sole trader - Am I obliged to have traded through the Ltd business?

    I've realised I've made a mistake in converting my sole trader business in to an Ltd and am looking to convert back to sole trading. I registered my Ltd at the end of Dec 2023 but noted in the application I did not intend to trade through it until April 2024 for easier tax filing purposes...
  8. D

    Self Employment in the UK

    Hello everyone. I appreciate all help regarding our situation. We are trying to work out whether my husband is in self-employment in the UK or overseas. Because we are trying to apply for a spouse visa and the UK government has special financial requirements that we must meet. He is a sole...
    • Deleted member 360288
    • Thread
    • self-employed tax
    • Replies: 23
    • Forum: Accounts & Finance
  9. Essential financial year-end admin for small businesses

    Essential financial year-end admin for small businesses

    6th April marks the beginning of the 2025/26 tax year, bringing with it a host of responsibilities for business owners. Whether your business’ financial year is in line with these timings, or your accounts run to a different point in the calendar, here are the essential tasks for every business...
  10. T

    Does being an active or passive NFFE have any real life significance, please?

    Hi everyone I am planning to invest some of the cash built up in my small company, but to open an account with a broker, I need to self declare if I am an active or passive “NFFE” (non financial foreign entity). This information then gets apparently passed to HMRC who in turn pass it on to the...
  11. J

    VAT Enquiry

    Wonder if anyone can advise. I am a Tattoo designer/illustrator. I manually email across (therefore not deemed as digital) copies of graphic illustrations to global clients, which they then take to their local tattoo studio and have tattooed. I am also unsure whether the income received...
  12. I

    Side Business Help

    Hi I’m currently employed paying PAYE 40% tax payer. I’m looking to setup a business on the side for consultancy: I have a few clients invoicing around 1k per month. What is the best way to set this up? Sole trader? Ltd? Obviously want to pay as little tax on this as possilbe Thanks
  13. K

    UK sole trader employing foreign citizen to work remotely as freelancer

    Hi I'm a freelancer living and working in the UK, doing freelancing as a side hustle after my full time job. I want to have a foreign freelancer (Gulf state) to remotely work for me as I'm taking a number of projects that I can't fit with my schedule, so thinking of using the other freelancer...
  14. S

    Sole trader starting an LLC, how does tax work?

    Hi, I’ve been a sole trader for a few years now, do my own tax returns as they’re simple enough. However, I’m looking into creating an LLC as I need a separate entity for Adsense. I’m definitely going to need an accountant for this but I do have a question I’m struggling to understand.. My...
  15. Do I need to pay tax on my side hustle? HMRC’s new reporting rules

    Do I need to pay tax on my side hustle? HMRC’s new reporting rules

    Got a slick side hustle to top things up when funds are low? Perhaps your side gig is where you get to explore your true passions in life. Whether you’re an avid eBay seller, or an Airbnb superhost – things in the side hustle world are changing. From the 1st January 2024, companies like Depop...
    • graceks
    • Article
    • business news small-businesses tax
    • Category: News
  16. U

    Self employed and money I put in business

    Hi, I got question related my self employed business. I started selling online in 2021 but I had healthy problems so I wasn't really trading, I declared to HMRC I didn't make more then 1k profit for 2021-2022, I put some money at start to business and then during 2021. 2022 and 2023 I was...
  17. J

    Parent + Subsidiary LTD

    Hi everyone, My wife and I were looking for some help/advice as we look at further investments. My wife has a fairly/very successful LTD company which she is the only director of, currently about 80k sitting in the business bank account not doing very much. She is also projected to make this...
  18. G

    Self employed but spent too much on stock - tax free childcare implications?

    My partner brings in the majority of our household income (her salary is around 25k) and I do some part time ebay selling. Over the last few years it brings in 6 to 8k profit. We used tax free childcare for a couple of years until our child started school this year. Now I've done my accounts I...
  19. S

    How would I pay Import duty on products from Dubai if they are couriered?

    Hello! After a few permutations in planning, I am starting an ecommerce business in the UK importing products from Dubai, Morocco, and China. China via Alibaba so that seems simple enough as they are set up as exporters but for the initial stock from Dubai, it seems they simply courier as a...
  20. B

    Is this black, white or a grey area?

    Good morning all. Interested in people's views on a proposal I've received. The suggestion is for me to take non-voting, i.e. non-controlling shares, in a Jersey registered company, where corporation tax is 0%. This company would invoice my UK Ltd company for financial services and advice...
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