|
Decided to finally post in here, I'm not sure I can do anything right now but should at least share my situation. Basically I got an inheritance, but lost my job a year back and still not got a new one. I still have £30000 or so in my bank account, I thought I needed it to hand to live off of whilst I waited for the games industry to be less of a oval office (this will not happen) I'm in a shared ownership flat, so I have mortgage plus rent on the share I don't own. I live alone so normal expenses connected with that. In this situation should I even look at any options or do I need to be covering my monthly expenses with earnings first?
|
#
¿
Sep 12, 2023 00:42
|
|
|
|
| # ¿ May 22, 2024 15:45 |
|
|
I just set up a Limited company - to offer freelance services and do independent game development. I'd like to claim VAT back on some stuff, mainly my PC that I use for all my work, what do I need to do? Will I be able to submit accounts and claim it back? I worked as a contractor previously but used an accountant. Having no turnover yet I've not registered for VAT, do I need to do so to claim? What about self-assessment, do I need to set up with that as well? Or is that only if I start drawing dividends?
|
|
#
¿
Mar 19, 2024 20:42
|
|
|
Naar posted:Not an accountant, but I do have a limited company. If you need to purchase something which will be used for business purposes, the company can purchase it (i.e. pay for it using your business bank account debit card) or you can purchase it yourself and reclaim the amount from company funds as an expense. If you want to reclaim VAT, you have to be VAT registered and submit VAT returns. You can voluntarily register for VAT if you want. I'm not sure if it's possible to reclaim anything for things you already own personally before starting your company, if that's what you were thinking. I would probably submit a self-assessment just to be on the safe side, it's not likely to be complicated if you don't have any salary or dividends coming from the company. Okay, so what do I do if my company has no funds at present? I was going to set up a Monzo account for it (I've seen recommendations, but last time I was contracting I used NatWest) which I imagine I just need so HMRC can pay VAT back to me, then I just send them my business expenses and they refund VAT to the company? Then I guess pay myself a dividend with them? (or just leave it for later business uses)
|
|
#
¿
Mar 21, 2024 03:14
|
|
|
Jel Shaker posted:i’ve recently set up a new company and getting the a monzo account was extremely easy just using my phone and the company documents I actually set up the company 2 days ago, yesterday I got two pieces of junk mail offering business accounts, and today got the confirmation letters from HMRC. Looks like I'll go with Monzo
|
|
#
¿
Mar 22, 2024 03:12
|
|
|
Fists Up posted:I have a limited company so I can share what I do from my own experience. If your company has no funds (as pretty much all do when starting) then you need to get some. That can come in different ways but one of the most common would be an owner/director loaning the company money. Effectively if its just you then you would create a business bank account and then transfer some funds to there from your personal account that you can then use to purchase goods, stock, equipment etc to get started with whatever you are doing. Your company does not pay any tax on the money you lend it and you have as much time as you like for the company to repay you. You can set up terms with interest and whatnot but that gets a lot more complicated and is more likely to happen once your company is established. In addition a company can lend a director money but it needs to be paid back with 9 months and can have some big penalties if not done correctly. Okay, so I think I need to transfer funds into the business account, then back out to "purchase" stuff from myself? I have a spreadsheet of expenses I need to do this for, mainly this computer and a course I got, do I need to track loans in either direction, or only from the company to myself (which I don't presently mean to do)? Possibly I just need to say how much went in as a loan as opposed to income?
|
|
#
¿
Apr 4, 2024 11:20
|
|