Latest Small Business Finance Questions and Answers
Can I classify a holiday home as a small business?
I own three holiday properties. Can these be placed under the umbrella of a 'small business' or European small business? Are there any specific requirements and what advantages would it bring, such as tax, inheritance tax, or Capital Gains Tax on sale of assets?
Deregistering for VAT
I registered for VAT voluntarily when setting up my business and would like to deregister as it is highly unlikely my turnover will exceed £75,000, I have stock at the moment of around £3,500 in cost value. What are the implications of this?
Salesperson trying to limit tax
I have a successful salesperson trying to limit tax. He wants me to reduce his PAYE outgoings by either paying (a) half of his salary to his wife or (b) setting up a company so that his sales commission is paid into that company. Can this be done?
Hiring a friend as director
I want to hire a friend as director to help me in my business for no salary. He is working for another company. How can we can do it so his obligations (Tax, NI, SSP) and benefits (pensions) as an employee at his current job will not change?
What can I claim as a mileage allowance?
I have a limited, VAT-registered company. The car I use is my own. What am I allowed to claim as a mileage allowance and what are the VAT implications?
How can I reduce corporation tax?
My company is doing well and it looks like we 'll enjoy a profit of £450,000 for our financial year. This will result in a significant corporation tax bill. Is there any way that this can be reduced legitimately?
Do balance sheets differ between company types?
What are the different items listed on a sole trader P&L account and balance sheet compared to a private limited company P&L account?
Can capital from solar panels be part-offset against profits?
If I were to use my home as part business and install solar panels, can the capital be part-offset against profits and if so, how?
How can I make sure my business is prepared for winter?
How can I make sure my business is prepared for winter?
What income tax am I due to pay?
I plan to sell my share of the business to my business partner. Financial year end is 31/12/2011. What income tax am I due to pay personally and when?
Would I be liable to pay business council tax?
If I worked from home in a spare bedroom on a computer trading foreign exchange virtually and there would be no visitors to my home, no deliveries, and no post to do with the work as statements sent via email, would I be liable to pay business council tax?
Trading with newly-VAT registered businesses
As a newly-registered VAT business am I risking extended verification/reclaim refusal if I trade with another newly-registered VAT business?
What is credit easing and how does it apply to small businesses?
What is credit easing and how does it apply to small businesses?
Am I eligible for capital allowance?
I've just come across an article about capital allowance and would like some clarification as to how the classificiation of a building affects eligibility for it.
How do I go about valuing my company?
I am bringing a business partner on board to invest so I need advice to ensure a fair valuation.
How can I set up payroll without an accountant?
I need to set up tax, PAYE and NI for my limited company. Can I do this without an accountant?
Relaunching with a different name
I am a driving instructor trading under my own name. I want to relaunch with a different name. How does this affect my tax accounts?
Are my travel costs tax-deductable?
I operate my business from home and spend one or two days a week where my staff work. Can I count my travel costs as tax-deductible?
How will the tax I pay affect my additional venture?
I work full time but additionally I want to run an online business. How is the tax I currently pay affected?
How much tax will I pay?
I work full time (40 hours a week) and as well as this I want to run a side business online. How is the tax I currently pay affected, ie how much more will i pay, and do I have to pay National Insurance twice?
How will starting a second company affect my taxes?
I'm a shared director of a limited company and receive dividends. I'm investing a small amount into a friend's business to get it off the ground and will have a share in this also. What would be the best formation route of second company and how would this affect my tax?
What are my options for financing?
What are my options for financing a business when I've got no capital of my own?
Should I give away equity to staff for no investment?
I run a start-up business and want to offer 5-10 per cent equity to two members of staff, without requiring investment from them. How can I make this an exciting offer but what protection do I need?
How do I calculate tax on a second income?
I am employed and pay NI and tax. I have an option to earn an extra £1,000 monthly consulting for a Dubai-based BPO. How do I calculate tax on this second income?
What percentage of cost can I claim against business tax?
I am starting a campervan business and would like to know what percentage of the cost of the campervans I purchase in my first year of trading I can claim against business tax. Does it make a difference if they run on Liquified Petroleum Gas?
What are the tax implications of going self employed?
I have been selling on eBay for four months. If I register as self employed now will I have to pay tax on those sales?
What is the standard for paying back investors?
I want a cash injection of £5,000 into my business, and have an investor lined up in return for 10 per cent equity in my company. How and when does one pay an investor back? Is it 10 per cent of the profit each year, and for how long?
How do I proceed with tax returns for additional employment?
I work 16 hours a week on my own business but need to take on paid employment. I've been offered a part-time job which I can fit in around everything. I'm not sure how to go about this regarding tax returns or NI contributions.
What tax efficiency opportunities are available to my UK hub company?
I am setting up a small UK company to partner with UK universities and other education institutions, to develop UK accredited education programmes to 'sell' to sister companies to deliver in Africa and the Middle East. What tax 'efficiency' opportunities are available to my UK hub company?
Do I have to register for PAYE?
I am the sole director and shareholder of a small company which does not have any employees. I have not registered the company for PAYE. Do I have to become an employee of the company and register for PAYE/NI?
