Latest Q & A
Paying wages during a crisis
How do I go about paying my staff wages during a cash flow crisis? I cannot open my shop because I have no water and no electricity. Is there a short term solution?
Financing routes
Can you give me examples of financing routes for my first business?
Impact of declaring bankruptcy
I have a business that is no longer viable. I have four years left on the lease for my premises. What are the consequences and processes if I declare myself bankrupt?
Existing debts on a property
We are looking into buying a café but it will have existing debts, if we purchase the lease will we be liable to clear previous owners debts?
Not VAT registered but acting as a broker
My company isn't VAT registered, but I get printing done for clients for which I have to pay the VAT. Do I pass this VAT charge onto my client, and how do I show it in the invoice?
Late VAT reclaim
Is there a time limit for claiming back VAT? I found a receipt for March 2006 for a item that I forgot to reclaim VAT on - i.e. in a previous tax year but still my current business year. Can I still make a claim?
Purchase receipts - eBay business
I have started an e-bay business. As most of the stuff I buy is from eBay, I do not have any paperwork, receipts for purchases. What do I need to record for the tax man?
Transferring assets to a company
If you set up a limited company, can you transfer assets to the company which you already own? e.g. an existing PC, already owned? I would assume it would have to be at market value.
VAT on taxi fares?
Can I claim VAT on Taxi fares? None of the receipts show VAT.
Claiming VAT in arrears
I am a sole trader, working as a courier service. My annual turnover is only £20,000 but I have a lot of fuel receipts with VAT on and have paid a lot of VAT on the purchase of my van. Can I register for VAT to claim it back?
Deferring state pension: Good idea?
I am self-employed and shall be 65 on April 3rd and my wife is 62. I intend to draw a deferred pension accrued from when I was working. I understand my tax allowance will be increased this year. If I continue to work for a couple of years or so, and also employ my wife, part-time, to carry out book-keeping, what are the tax implications? Is it a good idea to defer my state pension including SERPS to minimise tax?
Keeping profit and loss records
How do I best keep records of profits and losses for my tax purposes?
Tax for artists
Are earnings from commissioned portraits taxed differently than other income? I am soon to exhibit at an ‘art week’ and hope to generate some interest in what has been up to now a hobby.
After planning your business...
I asked an accountant for financial projections for my business plan. He accepted that it was a very good idea and that the potential clients will be in the millions. He explained that he deals with Venture Capitalists and banks, but they would not look at it because it is ‘too big’. He advised that the only course of action would be to approach a large multinational company and go into partnership, as it is too big to start the business up by myself. My question is, is he correct and where do I go from here?
Opening up a US dollar bank account
I was wondering how I would go about opening up a bank account in American dollars that would let me write US dollar cheques and deposit cheques in that currency? We have a UK operating address but a lot of American customers.
