Quote request from a business in Essex
- Created on
- Tue 13 August 2013 8:25pm
- Region
- Essex
- Type
- Business
Business details
- Number of employees
- 1
- State of records
- Well organised
- Business age
- One to two years
- Current turnover
- Under £20k
- Type of business
- Limited company (Ltd)
Hi there,
Although my business GMBO Ltd has been set up for a couple of years, we haven't traded until a couple of weeks ago. We were initially set up for VAT, but then deregistered as the business launch did not go to plan.
As a website development company, when our 1st quote was accepted (about 3 weeks ago), we didn't have a company bank account set up. I took the payment directly into my personal account. Since this payment, I've won 2 other contracts and am in the process of setting up a company bank account so that I can keep payments separate. To assist with invoicing and monitoring expenditure, I've started to use Freshbooks.
I'm not expecting the business to turnover much more than £10 - £15k this year. Currently, I'm not in full time employment (was made redundant last week) and I'm confused about how to legally take money out of the business (in the most tax efficient way) and what taxes to pay. To date, I have responded to all HMRC letters and requests with nil income and nil expenditure.
Although my business GMBO Ltd has been set up for a couple of years, we haven't traded until a couple of weeks ago. We were initially set up for VAT, but then deregistered as the business launch did not go to plan.
As a website development company, when our 1st quote was accepted (about 3 weeks ago), we didn't have a company bank account set up. I took the payment directly into my personal account. Since this payment, I've won 2 other contracts and am in the process of setting up a company bank account so that I can keep payments separate. To assist with invoicing and monitoring expenditure, I've started to use Freshbooks.
I'm not expecting the business to turnover much more than £10 - £15k this year. Currently, I'm not in full time employment (was made redundant last week) and I'm confused about how to legally take money out of the business (in the most tax efficient way) and what taxes to pay. To date, I have responded to all HMRC letters and requests with nil income and nil expenditure.
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