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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 640
Experience:  Accounting and Tax Expert
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I'm self employed and started my own landscaping business in

Customer Question

Hi, i'm self employed and started my own landscaping business in March previously i was doing resin driveways. I was going start as the landscaping business from 2022/23 tax year, how do i change the business name would it be done on the next tax return. The business is going well and i'm on target to hit over £85,000 turnover in the next few months so i'm aware i need to register as a VAT company but not sure when to do it and could i go back and claim for expenses already incurred? Do i have to charge VAT on all the work i do from when i register? Sorry, a few questions there
JA: Are you filing as a sole proprietor or independent contractor?
Customer: Currently self employed but was thinking a sole trader would suit me best as the owner of the business, i have a couple of lads working with me who i pay
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: That's pretty much it for now
Submitted: 16 days ago.
Category: Tax
Mo Tax Expert
Expert:  Mo Tax Expert replied 16 days ago.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

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Customer: replied 16 days ago.
Thank you - i'm just looking for general advice as a sole trader if there is anything i've not thought of as i want to make sure everything is in order
Expert:  Mo Tax Expert replied 16 days ago.

Business name  - Generally, you can change the company name by notifying HMRC as a sole trader. You must make sure that the name is ***** ***** used and that it's not inappropriate.

Vat turnover - You need to register for vat as soon as you have reached the VAT threshold (or register voluntarily before reaching the threshold.)

VAT charge - Once registered, you would start charging your customer for VAT for your services and file quarterly vat returns.

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Customer: replied 16 days ago.
Thank you - with the business name how would i notify the HMRC would it be done on the next tax return or can it just be changed by logging into my HMRC account?With the VAT that's fine, i'll wait until i hit the £85,000 as i don't want to increase my prices yet to include the VAT. With this making tax digital would you recommend any third party software to record my invoices/expenses and file the VAT returns? Would i have to go back to the beginning when i started the business or just from the date of registration?
Expert:  Mo Tax Expert replied 16 days ago.

Notification - You could call HMRC or update the name on the gateway access.

Below is HMRC approved list of software -https://www.tax.service.gov.uk/making-tax-digital-software?_ga=2.239107843.1271705940.16**********2.1655144963

I hope this completes your question for today.

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Expert:  Mo Tax Expert replied 15 days ago.

Hello, I hope you have reviewed the link.

Let me know if you have any further questions.

Thank you for the inquiry. It is my pleasure to assist you today.

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Customer: replied 14 days ago.
Hi, thanks for your replies. A couple more questions. I'm looking at signing up for Quickbooks to do my accounting and to eventually file my VAT returns. I do a lot of cash transactions for the material expenses, i'm just wondering how i would account for them and i'm assuming i wouldn't be able to claim the VAT back on them without a VAT receipt/Invoice? My main query is if HMRC wanted full breakdowns of income and expenses how would they expect it to be laid out? just so i can get it all in order now
Expert:  Mo Tax Expert replied 14 days ago.

You would only be able to claim vat once you become vat registered.

If indeed you are going to claim vat. You would need to submit a quarterly vat return declaring the figures. You would also be expected to have documentary evidence of your filings.

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Customer: replied 14 days ago.
that's fine but can i claim VAT on cash transactions that i don't have receipts/Invoices for? and i'm assuming the company i buy materials from have to be VAT registered for me to make a claim?
Expert:  Mo Tax Expert replied 14 days ago.

no, you can not.

You have to receive a vat receipt (or invoice) to be able to claim the vat.

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