It's not often I get to ask some numpty question, and before anyone asks, yes I am now considering a change of Accountant.
I am looking to incorporate a Plan B into my Business by doing some part-time photography. I have already been told by my Insurance company about an increase in premiums (which is fair enough). The other question I need to ask is what do I need to do from an Accounting point of view? Can I assume that I need to inform Company House about the additional use of business? Can I also assume that unless I hit the VAT (FRS) threshold limit I don't need to worry about notifying HMRC?
Is it unrealistic for me to charge my company a "Usage Fee" of my personal DSLR camera until such a time that I buy a Camera through the business? The photo editing software belongs to me, but don't plan on charging the business for using it, but I may buy a newer version of the software as a business expense if needed.
I am just looking to cover all basis and making sure I have all the facts and sorry for being a complete numpty on this occasion.
Ta.
I am looking to incorporate a Plan B into my Business by doing some part-time photography. I have already been told by my Insurance company about an increase in premiums (which is fair enough). The other question I need to ask is what do I need to do from an Accounting point of view? Can I assume that I need to inform Company House about the additional use of business? Can I also assume that unless I hit the VAT (FRS) threshold limit I don't need to worry about notifying HMRC?
Is it unrealistic for me to charge my company a "Usage Fee" of my personal DSLR camera until such a time that I buy a Camera through the business? The photo editing software belongs to me, but don't plan on charging the business for using it, but I may buy a newer version of the software as a business expense if needed.
I am just looking to cover all basis and making sure I have all the facts and sorry for being a complete numpty on this occasion.
Ta.
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