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If you were to say get around 8-10 grand a month would the 25% still apply or should I keep back 30 ish percent? Been in my industry for 8 years only just took the jump for going self employed but think it’s the best decision of my life thanks for your videos 💯

Hi Dan, say if I was going to buy a 10k Van. How would I go about claiming this as tax deductible? Would it be 20% every year for 5 years? So £2000 a year? How does it work?😁 Thanks in advance

Question: As a freelancer, i am earning from working as a freelance (developer) during at night. I am planning to start making my RUclips channel, can I consider buying a video camera as allowable tax expenses even my channel is not yet earning money?

Thanks for the help

Thank you for these videos I have a question about payments on account when self employed and employed. Do payments on account apply to ONLY self employed income or both types? Thanks again

Thank you for this! What about when the other scenario, the director pays for some business expenses and then adds them as DLA on the accounts as the company doesn’t have the funds to paid them back yet? Will it have any tax implications? Loved your content, easy subscribe! Thank you.

what about the non-residents? We don't need national insurance for example, do we have to pay it? do we have personal allowance? regardless, can the company not pay anything and keep the money there? If I only earn money in a single month and the rest have 0 income, how does it work?

I seen a company add a surcharge if the invoice wasnt paid by a set date. It seemed to work very hard well

Great videos. Thank you. I've got a strange scenario. I quit my job in february and go self-employed. I also purchase a second-hand van in february for £15k cash. Because I only have two months of work in that tax year, how or what can I claim for regarding the cost of the van? Let's say I make £4k in february and march and spent £15k on the van, for example. Thanks in advance, and keep up the good work.

Fuk the courts

How do you record your tax free allowance on a self assessment tax return. I do not see any section to record that?

Hi Dan, I run a small courier Business. I am a sole trader and not vat registered. I am buying a small second hand van from a garage. The van is £13,000 + vat. Do I have to pay the vat ? Thanks

Thank you. I was in the 'did not know ' camp. I'm a self taught Xero user with no bookkeeping experience so all this helps. Ihave been taking photos with my camera of rental statements to infill all the details. This I hope will cut my workload significantly.

Hi Dan, Brilliant, but an accountant told me HMRC take issue with regular dividends (monthly) as they suggest you should be takinga larger salary, and paying more tax!

Hi. I recently formed a company in February this year. I have also registered for corperation tax. I am not trading & dormant. What do I do as I I've told hmrc i am trading by accidently registering for corperation tax?

If you're not self-employed but employ yourself, tax relief still applies, right? 😉

Hi, can I confirm that if director loan is overdrawn up to £10K at year end, there is 9 months after to paydown the DLA as dividends? Thanks

Hello, thank you for helping all of us. I have two questions- 1. Do I need to file a company tax return if my company never traded? and my status was active all this while. 2. I already informed HMRC that my company is dormant but haven't received any confirmation yet, does that mean it's still active or they aren't bothered to notify me as long as I don't have any tax return to be filed? Thanks

Very useful and clear

i've been searching for this!

This video said absolutely nothing

That’s great. Thanks

Great video, A trend I see, is most businesses pay you dead on the last day of terms, which makes sense I know as you can set in the software and it gets done automatically.

Thank you for the videos and helpful information. Wish id found them earlier. I’m going to need a bigger boat. 😂. Hoping to give you guys a call soon but there’s one thing that’s worrying. I have 2 jobs with the same employer - 28 hrs permanent and ad-hoc 8hrs per week. 2 different tax codes and now wee side hustle, started beginning of April is picking up (no profit as yet. Do I register for self assessment without being LTD? Ty kt😊

Can you remain a sole trader and have a ltd business as well?

Ay recommendations for accounting software for a small retail shop? I do not send out invoices I only receive invoices pay them and sell goods via card or cash.

As a freelancer, I work much harder and much longer hours than ever before, BUT I don't have to listen to idiot arrogant bosses and let them use my skills to get rich ✊

Hi. I wonder if you could help me: so I would like to do a amendment to my tax return and there is no option/amendment button to press, its for 2023/2024. (I done it for a friend and was normal 22/23 and 23/24 you can amend no problem) but on mine there is no option. I suspect because my accountant used comercial softwer its says: as the HMRC service was not used to file a tax return for this year you can't use the service ti amend that return. Can you please explain if it still possible to do a amendment and how(I mean to do it myself) Thank you

So should i open a separate bank account when I register as a sole trader?

Well explained ! Thank you!

what if my company is vat registered and have mixed vat incoices and non vat invoices, not all work providers paid vat my services? thank you

I think it does work out if you get a good accountant, if not just stressful at times!

Thanks for that. That’s brilliant

New sub here, apreiceate your videos and have watched all I can that's relevant to myself. Actually watching from Thailand. We are strongly considering moving back to the UK but when I looked at what tax I would have to pay I jumped out of my seat lol. Do you have any experience with Forex trading? I'm a Day trader and take 2 + trades per Day so it seems based on frequency I would have to go self employed and pay 50% tax. Rather than a fixed capital gains tax of 20%. Maybe I'm wrong but this is the conclusion I have come to . Although on the brokers website it states CFD trading is subject to capital gains . If You have any knowledge on this then pretty please could you make a video on the matter...?

Thanks Dan. Very interesting information. I'm watching from Ireland, but I have not the same tax structure obviously but a lot of similarly.

I always watch your videos and take onboard what you're saying, I find them very helpful especially because I'm currently in the transition period of going self employed from being many years employed by a company. Thanks so much for your time and effort that goes into these videos.... Please keep up the great work 👍.

That was interesting listening. Thank you as always 📊

So what do I need to do? Put the 9 percent away for my NI?

My income was like less than 5,000 I didn’t receive any notice but then they sent me a letter saying I owe 459 pounds! Can I still get my expenses I’m sooooo confused

Hi. I have a limited company. The company failed basically as soon as we set up. We havent earnt anything and never had a PAYE. Do we have to inform hmrc about not needing a p11d

Hi, I'm currently going through the transition of sole trader to limited company. Should have done it so much sooner but so much involved it can be a little daunting to begin with. Your videos have been so helpful in getting my head around everything and can't believe how much I've learnt just from your videos l. So thank you. I have a quick question on transferring assets and can't seem to find the answer anywhere online. We supply and install kitchens and bathrooms as well as a great deal of other interior works and so looking to transfer over our equipment and tool (of which there's a great deal and some pretty new and expensive) I was looking at doing this transaction via a directors loan account. The Answer I can't seem to get anywhere is how to allow for depreciation of these tools? Is it as simple as researching the secondhand market value via ebay etc.? Or is there a rule of thumb or allowance involved? Hope you can help.. thanks in advance

Very little incentive to start and run a company in the UK. Bearing in mind all the negatives of running your own company like lack of holidays, 100 hour weeks etc etc. Better off being employed as there is not enough reward for the risk and effort it takes to start and run a company. Governments have eroded the benefits available then wonder why we have poor economic growth.

This is great, thanks. Do you have a link to a spreadsheet though that compares the different amounts payables at different incomes? I’d love to see that if you do

Hello sir ı opend a company 6 months ago and ı never used it so my company is dorment bu tı never made a tex retern or comfermationt statement ad dont . Now ı whant to close my company becouse ım not going to youse it what should ı do pleace help me. Thank you for your time

Hi Dan, what would be a reasonable cost (to get a rough idea) for the registers for a single owner limited company?

i use the allowance when my expenses are less then 1k rounds it off as low expense with online based work

You need ur P60 PAYEE code when u do ur assement and ur earnings off ur p60 and the tax you paid write all that in your employment section you find all this infor to file ur employement income on ur P60 thats issued every april put any milage down if u get paid fuel back in allowable exepnses hope this help uk !

Hi Dan, seems I’m sole trader gardener and have some regular clients, so e.g my regular Tuesday job mileage is not deductible, like the doctor’s regular visits to the hospital from the video? However one off jobs are? This is how I’ve filed my claim to date. Really enjoy your vids.

Hello I am French, I am located in France, and I created a Ltd to sell on Amazon UK, but I don't understand why since I thought it was free? and yet I receive letters maybe once a month from the IKA government and now they are asking me for money even though I have not made any sales I have to pay to close this business because I don't use it? Is it possible to change my bank card number and also my postal address?

This is very helpful thanks. I'm just applying at the moment so this really helped me to work out what's best to do.