tax

  1. T

    Tax advice on 10k/yr side business

    Hi all, Looking for some tax advice please. I’m a higher rate tax earner and this year a side project I’ve been running will likely end up making about 10k/yr profit. It started making money >1k in this tax yr so I haven’t registered a business for it yet, but I plan to do so imminently. One...
  2. What to do if your business is hitting the VAT threshold

    What to do if your business is hitting the VAT threshold

    For many small businesses, hitting the VAT threshold is a challenge. Whilst growing your business and increasing turnover are signs of success, some may find themselves worse off after they start paying VAT. In this article, we’ll take a look at the rules – including when you need to register...
  3. M

    Started... a few months ago

    Good evening, looking for some advice. My business partner and I established our own LTD business where we are both Directors. We both have full-time jobs in addition to the business and we are not taking any salary (we have no intention for a few years and want to re-invest any profit). In...
  4. S

    Do I leave out drawings on Sole Trader self assessment?

    Hi, I've been a sole trader for years and have found all the self assessments fairly simple. However, I've recently launched a business and I'm finding it all a little confusing. I have opted to pay myself with 'drawings', so I transfer profits from my business account to my personal as and...
  5. Tyrhone

    Reduce Payments on account before submitting for next tax year?

    Hi all, crux of the question, should/can I reduce my Payments on account from 2021-2022 tax year through the online tax system (sole trader), to match my lower tax bill for 2022-2023? I have worked out my taxes but not submitted them yet and so I know my taxes are lower this year. The details...
  6. P

    Tax on property income when living abroad

    Hi, I was wondering what the rules are on income tax from property when you are living abroad. I would like to leave my employment and move overseas, living off the income from letting my 2 properties in England. As I'd not be employed in the UK, I guess I'd get my full personal allowance...
  7. develectrics

    Selling partly % claimed expenses

    Hi, I'm self-employed as a sole trader, I know that when I claim expenses that are partly used for personal use, that I only claim a percentage as an expense. So say I buy a van for £10,000 and use it 80% of the time for business, I can claim £8,000 as an expense. My question is, say I sold it...
  8. Wesley Cude

    Investing in Bitcoin as a company

    I understand if a company purchases Bitcoin, they must only pay capital gains once they sell it. What happens if they choose to pay someone in Bitcoin? What are the tax implications?
  9. S

    I bought a new phone. Traded-in an old phone. Sold the new phone. Cashback taxable?

    Hello, I am a very small sole-trader making £3k or £4k a year selling on e-bay. I am trying to work out my income for this year, but have a few sticking points. Could anybody advise please? I bought a couple of new phones and then sold them. As part of the deal when buying these phones it...
  10. J

    Processing Fees Passed On to Service Supplier - Use Case

    To be as concise and clear as possible, I will just drop a use case here. Thank you. I am a Business (A) supplying services to a EU company (B). B pays me using an e-wallet service (C). C is withholding a charge deducted from the amount sent before it reaches A's e-wallet, so if A charges 100...
  11. Spring Budget 2023: How will the Budget affect your business?

    Spring Budget 2023: How will the Budget affect your business?

    Chancellor Jeremy Hunt has delivered his spring Budget to parliament. Find out what the announcement means for UK businesses. Hunt unveiled a series of measures to boost growth and make it easier for businesses to invest during his second major fiscal statement as Chancellor. Some of the...
  12. Low pay: UKBF members discuss minimum wage and state benefits

    Low pay: UKBF members discuss minimum wage and state benefits

    A recent thread about low pay sparked a lively and insightful discussion among UKBF members. In this article, we share some of the highlights from the conversation. In the UK, almost 2.5 million people in employment require a wage ‘top-up’ from the Government in the form of Universal Credit...
  13. S

    RTI Help information to include

    I'm after a little guidance on the fps and what information must be included. Our payroll software provider states that if employee has 0 pay they do not have to show up on the fps report however all guidance I find online states they do need to show even if they have 0 pay to make hmrc aware...
  14. J

    J&S Accounting Limited

    Welcome to J&S Accounting. We are your reliable and competent partners for all of your accounting, tax and business needs. Our experienced team provides professional, modern and confident solutions that are tailored to you and your business. We prioritise integrity and objectivity in everything...
  15. Accounting calculations FAQs: Advice for new business owners

    Accounting calculations FAQs: Advice for new business owners

    Getting to grips with accounting for the first time can feel overwhelming. What does it all mean and how can you make sure you’re on top of the finances of your small business? Whether you’re buying a company or managing finances for an existing business, there are a few key terms and processes...
  16. youcangetjules

    Changes to BADR

    Hi all, I have heard that the current proposal to change the current Business Assets Disposal Releif (Entrepreneurs Relief by its other name) from 10% to 20% in line with the normal Capital Gains rate is also recommended by the Office of Tax Simplification to increase further to the "Higher...
  17. C

    Concert Tickets, VAT, sales to the EU, Switzerland

    Hello Let's start from this: - Small limited company dealing in concert tickets - I am the only director and the only shareholder - Only very small turnover, as I only do it on the side (last year around 18,000 turnover). - This year more turnover, hopefully at least 80k - No VAT number...
  18. R

    Starting a business as a middleman seller on a website

    I moved to the UK about 1.5 years ago on a dependent visa with a work permit for full-time employment. I recently created a business where I purchase game loots from gamers for, say, 100 GBP and then list it as a product to sell (at 105 GBP) on a website called G2G (g2g.com). Then, another gamer...
  19. Don’t miss the January deadline for filing your self-assessment tax return

    Don’t miss the January deadline for filing your self-assessment tax return

    For small business owners, January means one thing: the self-assessment deadline. If you’ve still got to finalise your tax return – or you’re not sure if it applies to you – follow our quick guide. If you’re running your own business, it’s likely that you’re registered for self-assessment. That...
  20. M

    Giving company car to employee

    Hello all, We are a small business and have some company cars on the books. We have a 5 year old car that we would like to give to the employee who runs it as a 20 year award. It's worth £10,000 according to valuations and £6,000 on the books. What are the tax (or other) implications of giving...
Top Bottom
Community
Articles
Menu