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As many as 68 per cent of SMEs said they have faced opposition from local communities when trying to grow their business or begin new projects in the past. The problem is worst in London and the North.
A private limited company is a legal entity. They have much stricter reporting rules than sole traders, and there are key differences in expenses rules, says our tax expert Heather Rogers. So what can you claim and how do you ensure you don't fall foul of the taxman on the boundary between what's personal and what is actually related to your business...?
My grown-up daughter passed away recently. We lived together and staying in our shared home has been difficult, so I have decided to move. I am having a clear-out to make moving easier, and to raise some money as I have spent a lot on things like funeral costs. I started selling clothes on Vinted, and had some designer items so managed to make about £1,500. Now, Vinted is saying I need to prove my identity by sending a driving licence or passport, which I don't have. Is this really needed for selling old clothes online, and is Vinted allowed to keep hold of my money if I don't provide ID?
I'm a painter and decorator and in the spring and summer of 2023, I did some work for Royale Life, a holiday home company. I was paid in part, but am still owed £4,500. Shortly after my work finished, the company went into administration. I spoke to the administrators but they said I didn't have a claim because I invoiced for my work before the company went into administration. Is there any way I can still get my money? I'm particularly annoyed because the company's former director, Robert Bull, seems to still be living the high life even though he was declared bankrupt.
The threshold at which businesses have to register for VAT has been raised to £90,000, as part of a package of measures announced in the Budget. The current threshold of £85,000 has faced criticism for putting unnecessary pressure and bureaucracy on small businesses. So how have business leaders reacted to the uplift in the VAT threshold and does it go far enough?
MTD for Income Tax Self Assessment (Itsa) is set to replace the current system, so landlords and the self-employed will need to submit statements quarterly too. Today HMRC confirmed that all businesses and landlords earning over £50,000 will have to join MTD for Itsa from April 2026. This threshold will then fall to £30,000 the following April.
This Is Money's business doctor Dave Fishwick, who set up the Bank of Dave, shares his seven tips for people considering starting their own business. Dave made his fortune selling vans and minibuses before setting up Burnley Savings and Loans - otherwise known as the Bank of Dave - to help those struggling to borrow from the high street with his no-nonsense lending model.
The Bank of Mum and Dad has long provided young buyers with a helping hand to get on the property ladder. But now it seems the 'bank' is branching out into business loans, as entrepreneurs increasingly turn to their parents for help. New research by wealth manager Charles Stanley reveals a fifth of UK startups are initially funded by inheritance, and a further 19% by cash from parents.
This is a tough time for small businesses. Energy bill support has been dire, business rates are through the roof and the hospitality industry is crying out for support. There have been calls for the Government to step in and fix all of these things. But if the Prime Minister was really serious about supporting business, he would first sort out the mess at HM Revenue & Customs.
David was sent a tax bill for over £38,000 from HMRC and had difficulty trying to get through to anyone in the tax office. The sorry saga left him with 'considerable stress and worry'. After the initial shock of receiving the bill, David tried to contact HMRC only to discover the phone line was closed. It came just a month after HMRC's self-assessment helpline closed for three months as part of a pilot for a 'seasonal' model.
Whether you are a small business owner or a sole trader, choosing the right bank can boost your bottom line. At their simplest, business accounts offer a cheque and paying-in book - but many will also give you perks like an interest-free in credit balance or 18 months free banking to secure your custom. Some online banking apps even include services such as instant invoicing, categorising spending, and creating VAT returns. This is Money lists the best small business current accounts on the market, and compares their fees, interest and bonuses - as well as checking the small print for any caveats you might have missed.
Find out what monthly payments would be on a loan and the total cost over its lifetime, where interest is charged monthly.
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