tax

  1. M

    Interest/dividends below the personal allowances - declare on tax return?

    Hi everyone, I've searched for an answer to this, both webwide and on this forum, but can't seem to get a conclusive answer. Common sense would seem to suggest that like interest on ISAs, if interest on other kinds of savings accounts (or bank accounts) is below the personal dividend allowance...
  2. N

    Spending limit on business expenses

    Hello. I have a question about viable business expenses. I need to buy some headphones for zoom calls. My Internet connection is poor and I struggle to hear so the ones I'm looking at are pricey. Is there a limit to what I can spend before it will be questioned as a deduction?
  3. Understanding VAT: Buying and selling in the UK and abroad

    Understanding VAT: Buying and selling in the UK and abroad

    If you’re setting up a business for the first time and are looking to buy and sell goods within the UK or overseas, chances are you’ll need to get clued up on all things VAT. In this guide, we’ll answer some of the most common questions relating to VAT for businesses in the UK, and what you...
  4. Onthebrightside

    Furnished Holiday Let - what tax expenses can be claimed?

    Has anyone previously claimed back taxes for a furnished holiday let, or have a link to a list of things that could be claimed for? Grateful for any assistance.
  5. S

    MTD for Landlords - what transaction details (fields) are required?

    Hi everyone, A friend has three rented properties. That person's PC / MS Office skills are extremely limited. The person fills in columns on a sheet of paper (just like the old analysis paper) and then the details are keyed into a spreadsheet by me for eventual use in personal tax returns. I...
  6. Karl B.

    Doing Training in Netherlands - Tax Question

    I am a director of an Aviation Training business and mainly do my business in the UK, in the past I have done business also in Denmark. A company has asked my me to do some training in 2023 in The Netherlands, but to get a work permit they want me to be an "Employee" and deduct relevant taxes...
  7. R

    Setting up Amazon US while resident in the UK

    Hi all, I'm considering going back to Amazon after many years off the scene (used to do quite well on Amazon UK), but I'm now thinking of selling into the US market. I would like to set up in the most painless but legit way. I say this because I've registered with Companies House in the past...
  8. MOIC

    Skin In The Game

    Is it about time that our politicians have 'skin in the game', whereby if they do not live up to their promises, they get a penalty, financial, demotion or both? The same could be applied to other people in power that fail to live up to their promises. (Force majeure to be take into account)...
    • MOIC
    • Thread
    • government tax
    • Replies: 14
    • Forum: Time Out
  9. denisbilo

    Founding an LTD in UK while living in Italy wo getting punished

    Hi everybody! I'm an Online Marketing Agency Owner living in Italy and would like to create my ltd in UK for a tax reason. Is there some way for me to do that avoiding getting punished? Thank you so much.
  10. M

    Some Questions Regarding Money Paid To Me Online via my website

    I am currently in full time employment, but in my spare time, I run a train times website at my personal expense. My website does have the option for members to purchase, on a one off or subscription basis, various services. This might include: SMS message alerts for notifying the user if a...
  11. R

    Chances of HMRC inspection?

    Just making a small research on what is the real probability of having a random tax inspection for self-employed individuals - assuming no suspicious activity, red flags or any triggers. Couldn't find any reliable stats, and uncle google says you should expect one every 5 years, suggesting 20%...
  12. D

    Corporation Tax - Property fixed asset?

    Hi - I bought a buy to let through a ltd company last year - I’m just trying to complete a micro entity form online and was hoping for some advice on how to answer the “fixed assets” question please? The property was bought for £120,000 - I am running at a significant loss currently - so no...
  13. S

    Grey area between work trip and holiday

    Hello all, To provide some context I am an author and also run a small limited company that publishes the books I write. I have published multiple titles most of which have been best sellers in there genre, we have a positive cash flow and good turnover. I have been on TV/radio multiple times...
  14. F

    Margin VAT question

    Hi, Thank you looking at me question! I am currently researching about starting an import business (skincare from outside the EEA - Japan/ South Korea). I have seen alot of the other businesses doing the same are only charging their customers a VAT rate of 16.67%. I am guessing they are only...
  15. How to get your business off the ground

    How to get your business off the ground

    So, you’re at the beginning of your startup journey. You have an idea, you’ve run it past your peers and you could have a viable business on your hands. Now you just have to put it into practice – seems simple, right? The truth is, getting your business off the ground requires a large amount of...
  16. Bythebook

    Why can't we defer class 4 NI?

    Hiya folks, I'm both employed and self-employed which means that I pay class 1,2 and 4 NI. Because I earn over £4189 a month in employment, and over £50270 a year in self-employment, I'm paying the double digit NI percentage (up to the respective thresholds) for both class 1 and 4 NI. This...
  17. How to know when your business needs an accountant

    How to know when your business needs an accountant

    Knowing when to start using an accountant as a small business is a popular topic on UKBF. Depending on the size and complexity of your business, it’s possible to manage your own finances, especially with accounting tools and software. However, the benefits and tax savings of getting an...
  18. Do you need a business bank account as a sole trader in the UK?

    Do you need a business bank account as a sole trader in the UK?

    There were 3.2 million sole traders based in the UK in 2021, making sole traders the most common form of business in the private sector. When operating as a sole trader, there is no legal requirement to open a business bank account. Business bank accounts are only required if you’ve set up a...
  19. O

    Digital bookkeeping advice

    Hi all, I'm after advice from anyone who reconciles their books using xero, quickbooks etc. and also receives income via a payment provider - in this case stripe. I run a VAT registered business and have just started recieving some payments via stripe links. The payment provider then pays out...
  20. Making Tax Digital for VAT – April deadline looms

    Making Tax Digital for VAT – April deadline looms

    All VAT-registered businesses, regardless of turnover, have less than one month to comply with the latest Making Tax Digital (MTD) rules – or face penalties from HMRC. Ahead of the final roll-out of MTD for VAT, companies with a turnover of less than £85,000 must now get compatible accounting...
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