Thanks for your replies - all interesting stuff. Let me add some further context. The product is a software App and currently has consumed 500K of seed capital. There is minimal revenue so far - 60K.
I note the points above in that the product is a function of the features and the team - as...
Hi,
I will be seeking professional advice but I just wanted to try something here first. Let's say I was developing a product and suddenly someone thought it was a good idea and decided to invest.
Let's say a new company was required to house the new product and the new investor cash. I would...
That is what I thought....I need really only have one day's pay and I should have got the full credit. The chap at revenue didn't see it that way. He has set me on a Week 1 basis for the last two months of the year so I assume it can be sorted out with a P21.
Hi,
I was made redundant from a PAYE job in January and received some wages in this tax year. I also received Jobseeker benefit for 9 months. I am now a self employed director but am paying myself through the PAYE system from Nov 1 as I build my business.
When I come to a P21 for 2015 will I...
I was in a similar situation but went on the 'Short term enterprise allowance' - similar to the Back to Work enterprise allowance but you can take it up during your nine months JB rather than after a year. It is not as lucrative as the BTWEA as it only lasts as long as your JB
In any case to...
This is my scenario
I put my consulting fee in the sales box but show no VAT charged....then deduct the purchase VAT to become a net recipient.
I wasn't aware of the VIES but am now !
I am due to take this to my accountant soon but wanted to just clear out the two outstanding VAT...
Hi....I understood I use the 'reverse charge' statement on my outbound invoices ? Do I need to report it as a sale with no VAt or just ignore it ?
Am new to this....
Hi,
I am just a few months into a new business and am VAT registered and ROS registered. I am a bit behind in my admin and need to submit VAT returns.
Can I close out the two outstanding returns on my ROS file with nil returns and then include VAT invoices from those dates in a later return ...
I intend to take consultancy revenue from clients for my time and materials - pay myself part of that and utilise the rest to develop additional software necessary for a secondary ( soon to be primary ) product. The consultancy fee becomes the revenue of the company and part of it is used as an...
Hi,
I am just starting out in a new environment with a personal LTD company developing a software product and also providing management consultancy services to the industry.
I was wondering what are the legitimate VAT expenses that I can reclaim VAT on for my inputs. I am hearing differing...
I was made redundant in January and received some supplementary commission payments after they issued my P45. Despite numerous requests they have failed to correct my tax record.
What recourse do I have to make a complaint and/or force a tax audit?
Hi,
Quick question....what would be the pros and cons of selling my personal vehicle to my company and then reinvesting the consideration as a director's loan to the company?
My car would not be an essential company vehicle and I would continue to use it for personal purposes as well. I am not...
While I know I am going to be flamed I do think it is worth a discussion on the oft repeated phrase 'I pay my taxes'.....it appears that many people don't really pay very much tax.
It is very hard to have free Health, Education and Water on .02% effective tax on income for a large section of...
So accountancy fees, startup costs, website registration etc are not reclaimable unless incurred after the VAT registration ? They are 'wholly.....etc' essential but don't qualify if they happen prior to the VAT registration date...?
Hi....am in the process of setting up a new business and have some expenses....mail, laptop, business travel etc. I don't expect to have any revenue for some considerable time so can I claim back the VAT element of the expenses in the absence of revenue ?
I am a sole trader and not yet...