Help to sort out a muddle?
All thoughts gratefully received on sorting out the following muddle of a newly engaged client who started out as a sole trader and set up a Ltd Company in the autumn:
- He has been running the Ltd Co trading through his sole trader bank account
- He has continued to trade under the sole trader identity simultaneously, also using the same bank account.
- Ltd Co services vehicles. Sole trader trade sells reconditioned parts on Ebay.
- Ltd Co is VAT registered. Sole Trader business is not.
My thoughts to deal with this are:
- Get business bank account set up for Ltd Co asap.
- Combine trading under Ltd Co from a set date and start charging VAT on the Ebay trade. (from what I can tell through previous posts on the subject the separation of VAT with these businesses is a grey area but highly unlikely to be penalised if we bring them together now.)
- Do sole trader accounts for 2011-12. Make April this year the cut off for trading as sole trader.
- Disbursement of recharge 385 3
- When to tick the estimated figures on ct600 29 1
- FHLs and Entrepreneurs Relief 307 9
- Mortgage Reference 906 16
- Payroll manager and the cloud 310 1
- CIMA CBA or AAT 113 4
- Rental of property in New Zealand 168 1
- VAT joint margin scheme arrangement 147 1
- RTI offline? 620 2
- Can a company claim R&D relief under both the SME and large company schemes? 175 1
- CIS and Xero 279 1
- AMAP on borrowed car?? 270 7
- Retrospective VAT Query 190 2
- property capital gains 413 4
- Chargeable Event - life insurance bond written in trust 164 2
- Client gets a penalty and being threatening! 951 9
- Tips on meals 573 5
- Private doctors - Ltd company vs partnership 1,355 15
- S.455 Tax again 456 9
- Overdrawn directors loans and insolvent winding up 249 3