Oh my god….THANK YOU. After so so so much searching, finally someone answering the dumb questions clearly and concisely 🙏🏻

It's not what we HAVE to deal with mate, we can change the system any day we like. In Holland the first year you pay 0 taxes and the English government and Royals just keep ripping the people off using complex legalese 1914 in contracts and tax so that we pay more than we should. How is that having a government work for US? They don't, and I know how to change it. Great video, thanks for sharing. Have you seen hidden secrets of money part 1 and 4?

I just have a question , iam presently working full time in a company as an accountant. However iam trying to do some private bookkeeping accounts work at a small level may be with 2 or 3 small sized clients. So I presume my yearly profits if I start would be maximum 6k to 10k. My question is should I be a soletrader or register a company.

Hi, thank you for this informative video. May i ask, what type would you suggest i should choose for a new ltd company (small freelance business from home) that is starting from scratch. I am working with a few clients currently, and many are asking for a limited company name. I do need to ensure that i can use this company ltd name, for the possibility of creating a few startups from this ltd name umbrella (but under different startup business names obviously). So i understand i would register name via company house, but what company type? Dormant/ micro entity or other? Ive got nothing substantial to show as its from scratch so no one can see much anyway. Thank you and stay safe.

I’ve just set up an online business but haven’t yet received my business banking card. I’ve made some stock purchases with my personal card. How would I account for this using a cloud software? Not quite sure whether that is classed as an expense or if it is recorded differently to that.

Just watched some of this video and will watch it all later as it seems to cover my situation. During 2023-2024 I was both self employed and employed although my self employed income was almost non existent as am an online seller but probabaly made less than £1000 that year. I found employment back in July 2023 and which ended in early Jan 2024. I received monthly payslips but no P45. I successfully filed 2 previous self employment tax returns without any issue what as before this used an accountant. This will be the first year of filing with both self employed and employed work. Can I used the monthly payslips that were emailed to me from my previous employer or do I need a P45 or P60 to complete the return for 2023-2024? Due to my low earnings I didn't want to pay an accountant and feel I've left it late anyway... Is it overly difficult filing a return given the details above and what else might I need. Many thanks in advance for any help.

So I have a flat, I live elsewhere with my partner. I use the flat easily 60/70% as an office,meeting room and stores. What percentage could I claim towards the flat as it’s essentially an office?it’s a Limited Company.

The increase in the employment allowance to £10,500.00 to offset the reduction in the starting threshold and the rate of employers N I will not help anyone who is a one man band limited company. Point 14 of HMRC employers allowance / further employer guidance appears to confirm that this allowance cannot be used. This is a tax rise of £666.00PA for anyone who pays themselves £12,500.00 and a rise of £1,228.00 on a £50,000.00 salary. I have not seen this mentioned anywhere else. Can you confirm this is correct.

Just a question on bread and breakfast rule is there a definite time limit by which after paying back the 10 k loan you cannot take any loan

I have a different type of question, how can I add my vat number to a new and second business with different business activities? I can't seem to add my VAT number to my new login gateway.

2 years late for this comment probably but lets say you pay yourself money, Does that have to be sent on the tax return for example sent money to personal account from business account, spend some money on that personal account, do you have to add personal account spending on the returns? May seem like a dumb question but im ultra new to this stuff and trying to learn as much as i can before going self employed

Great video thank you, I’ve subscribed. Searching through the videos now to see if there is one on when side hustles I.e. doing a few handyman jobs for a few hundred pounds here and there or eBay business etc, becomes a business that needs to go through the “starting a new business” process such as registered and tax paid. If there’s a video please point me to it! Thank you!

Can you reclaim 3 years fuels if vat registered?

My question is - how does it actually work once it comes to paying the tax? You’ve filled in your self assessment, included your employed and self employed income and you’re told how much you owe. Will HMRC change your PAYE tax code to cater for the additional self employed income (this would prevent you from having a lump sum to pay at the end of the year), or do you get a choice to pay it separately and all in one go? Like what actually happens next? Hope this makes sense

I had a situation this year where i was working away and myself and a client went for an evening meal with our partners. I paid the whole meal on the business. Would that whole meal be classed as client entertainment or could i take a quarter of it(my own) and claim that as my ordinary subsistence?

If entertainment is generally not tax deductible, then why put it through the business and not just pay for it personally from the start?

Hello. I’m looking to open a small retail business. Public sales only. I doubt I’ll hit the threshold. But am required by my potential supplier to be vat registered. If below the threshold can I not charge vat. Even if registered? I assume I’ll be paying vat on my goods from my supplier!? Thanks

Joke been getting 5-7k a year all legit claim for everything your entitled to wake up

A very useful round up summary - thank you.

Really sounds like a lot of work and back in the Dark ages 😂😂😂 I have two company cards with Barclays.. Company credit card Debt card . My accountant access my Barclays account once a year and all the information he needs is there . People still keep boxes of recipes 🤦🏽‍♂️🤦🏽‍♂️🤦🏽‍♂️🤦🏽‍♂️ Using all the apps, zero , quick book , what is the point of an accountant ? You pay for all these apps, make the effort uploading and do a great percentage of the work yourself, but the accountant still charges the full amount. Its almost as bad as having a dog and barking yourself 😂😂😂😂😂 Once Ai fully up and running, it's good bye to 90% of accountant's 😭😭😭🦄🦄🦄

Just to be clear, can I claim back VAT spent on Business Entertainment?

Question regarding my situation which you dont cover. I own a property in Scotland, I am UK citizen but work and pay taxes in USA. i have a Short term let license on the property with my local UK property manager named as manager. She lives in same town as the property. The turn over is less than 20000 pounds a year and profit after all bills are paid and payments to property manager are made leaves about 4000 pounds profit. i have filed self assessment tax returns and incur no UK taxes as i am under personal allowance but do pay US taxes on profits. Question is do I need to be VAT registered or not, from what inread as long as manager is in UK I am treated as a british entity and the 85k threshold applies for VAT registration. Is this correct? the property manager is not VAT registered as she has less than 90k turnover in her businesses.

Hi Dan. Thank you for your videos they are really helpful. I am a self employed carer for one person, and I’m doing my first tax return. I have a question, I understand that you cannot claim to place of work and from place of work to home. But if I am gojng to the clients house from my home to pick them up for an appointment, can I then record my mileage for that purpose or does that count as ‘ my commute’ ? Thank you again

0:24 0:25 Hi i submited my tax return and its for 2023 to 2024. Were it says what are my tax years up to date from i put 05/04/2023 and not 05/04/2024. Is this a big mistake or will they know it was a mistake and can i amend it but after waiting 3 days it says. Thanks in advance.

This is why I could never be an accountant

This is why I'm still using my personal account. The fees and charges are not worth it for me.

My payment of profits is being held until I pay my capital gains tax, is this right? Can't I delare it and pay after I receive my payment

Woaw very helpful! Thank you.

Fantastic video that isn't pushing an agenda or services. Thank you.

great video. thank you sir and God bless

I see this video was made 2 years ago, has any of this changed? Eg the £85,000 threshold x

If your company makes a lot of profit, would it be better to have a directors salary of 85k as you can reduce your corp tax bill, which would be taxed at 25%.

I only got a tenner selling it though, my mate was chuffed

Do you need to be VAT registered in order to claim business expenses?

Very informative thanks for pulling this togther and sharing it for free

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Thank you for making this vid! One of my good friends is a small business owner and does not have the time or energy to tackle the admin side of his business so I have offered to do what I can to help, as I have business admin qualifications but I have no experience professionally. The advice you are providing is immensely helpful to me and I will definitely be watching all the vids you have recommended. I also subbed. Hope you have a great day Sir!

Thanks for the video, very useful. What I didn't quite get is, if there is any money left in the business account at the end of the financial year, are you required to declare it profit (and pay corporation tax on it)? What if you plan to spend it in the next financial year?

Excellent 👍

If the tax year is April to April, does that mean if i started self-employment now (November) my taxes would be less for first year? NOV-April period Hopefully that made sense!

I wouldn't know where to start or I'm not good at finance or good at setting up a business plan

I want to start my own professional kitchen cleaning company but not sure if it would be a limited business or the other also don't know if I would get a startup loan as last year my debt was cleared

Hi Dan, could you make a video of what constitutes as a van? I have a ltd company and was looking at getting something like a Ford Transit custom with 5 seats however I fear this may class as a car?

Hi Dan, just after some advice, im self employed & bought a van for £20,000.00 on finance- Can I claim the full £20,000.00 as capital allowance back in the first tax year of purchase along with running costs such as fuel, insurance etc? Or Can I claim back £5,000.00 for 4 years as Capital allowance + running costs each year? Thanks, great videos.

thanks for video!

Hey, im not sure i understood exactly. In in my emoloyment i earn 65K is it better or worse to have a limited company and pay myself a salary?

Some real good advice for me Dan - I’m coming towards the end of my first year in business and followed you throughout this time - many thanks for your guidance

If my Ltd Company buys an electric car outright, what would happen to the car if I had to close my Ltd company say 1 year later? Also, what is the best way for me to purchase the car from my company if that were to happen? Could my company sell it to me for say £1?

Dan, does a personal credit score ever become a problem when starting up a limited company? Thanks

Thank you for all your content. It would be great if you could do a video on capital assets and depreciation. In my case I purchase test equipment ranging from £20 to many thousands of pounds. What counts as a capital asset (based on value?) and how should it be depreciated? Cheers!