Thank very much! As requested. Very good thanks.

@HeelanAssociates

3 жыл бұрын

Glad it was useful!

That was really interesting and useful, thank you. I will share this video and your channel with my clients.

@HeelanAssociates

8 ай бұрын

Awesome, thank you!

That was really helpful First video that gave me some better understanding of what I’m about to do Thank you 👍

@HeelanAssociates

10 ай бұрын

Glad it helped!

Really good video 👍

@HeelanAssociates

2 жыл бұрын

Glad you found it useful!

Very interesting thanks --- I'm joining an accountants that is going to be £135 a month for my LTD company....Should I shop around? I do really like the company. They are also suggesting £120 to form the LTD if I want to... Is it simple and cheaper to just set this up myself? Or is this worthwhile just letting them handle it all? Thanks in advance!

@HeelanAssociates

Жыл бұрын

Doesn’t sound expensive and formation cost very reasonable, depending what’s included. If you like them defo give it a go.

I am about to restructure my "business" as I am self employed with 2 Rental properties and 1 FHL. I am about to cross the 85K threshold with my FHL and someone suggested to avoid this I could open a management LLC and rent the FHL to the business. Because there would be rent and other costs to running the R2R I would unlikely cross the 85K in my Business which would mean I would not have to pay VAT. Any thoughts on this?

@HeelanAssociates

Жыл бұрын

I’m not sure I totally understand, as if your vatable income is still over £85k the VAT issue doesn’t get resolved. Also consider this www.heelanassociates.co.uk/splitting-business-avoid-registering-for-vat/

Interesting video. What if your self employed business is making £2k a month e.g. a website app that has users on a monthly subscription and you get it valued at say 30x the monthly revenue so it's values at £60k. In this case you would take a director's loan but there would be capital gains tax of lets say 10% (lower rate), so £6000. Would you be personally liable to pay that capital gains tax immediately or is there a way to put it off until a later stage when the revenue is made from the company? Or is there a way to pass on the debt for the capital gains tax to the company instead of yourself?

@HeelanAssociates

2 ай бұрын

Unless you actually ‘disposed’ of the app, ie sold it for example, you wouldn’t have a capital gains issue. The monthly income would usually just be taxable trading income. If you transferred the app to a company in exchange for a loan balance then you might well have a CGT bill.

I registered for self assessment as a sole trader. What does the process of transitioning to a limited company looks like? Do I have to stop being a sole trader first, then open a limited company? Or can I ''upgrade'' my sole trader status to limited company?

@HeelanAssociates

Жыл бұрын

Hi Raphael this may answer some of this SOLE TRADER TO LIMITED COMPANY - KEY THINGS TO THINK ABOUT kzread.info/dash/bejne/eHp5m7R_qNXUmrw.html

Looking to change from sole trader to ltd company as purchasing commercial property. Will this make me a new buisness deposit having the save name?

@HeelanAssociates

Жыл бұрын

Hey, sorry there are too many variables here to give an answer, but if you are looking to purchase commercial property its definitely worth seeking specific advice both for tax and legally. Example you may not want your trade in the same company as the building.

@SkyeEyeSightings

Жыл бұрын

@@HeelanAssociates Dont apologise - Its great that you put out this information for free and feed back to people. Really appreciate it. Created a business plan (thanks) reviewed for finical support available for a growing business. Just waiting on finance to be secured then throwing an offer in. Your a legend, thanks.

I was a sole trader from Feb 22 until September 22 when I started trading as a Ltd company. I didn't do the incorporation method. I just transferred the money (Under £500) and inventory (Less than 1k) to the ltd company and started trading. Have I done it wrong? What do I have to do if anything to make it right?

@HeelanAssociates

Жыл бұрын

Hard to say! It could be fine, there are lots of questions required to answer. It sounds low risk but couldn’t answer without a full review.