What Is Inheritance Tax?
14:52
14 күн бұрын
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@fubaraanthony8720
@fubaraanthony8720 7 күн бұрын
Well said. I find this information very handy and useful. Good job👍🏾
@TaxTalkUK
@TaxTalkUK 7 күн бұрын
Thank you for watching!
@PH-x3p
@PH-x3p 19 күн бұрын
Hi If the sole trader is VAT registered would you charge VAT on the invoice to the LTD company when transferring the stock ?
@TaxTalkUK
@TaxTalkUK 19 күн бұрын
Thank you for watching! Ordinarily yes you would, assuming that the stock items are items that are subject to VAT
@cherryhintonaccountingltd4482
@cherryhintonaccountingltd4482 20 күн бұрын
Thank you for sharing
@TaxTalkUK
@TaxTalkUK 19 күн бұрын
Thank you for watching!
@TaxTalkUK
@TaxTalkUK 19 күн бұрын
Thank you for watching!
@cherryhintonaccountingltd4482
@cherryhintonaccountingltd4482 20 күн бұрын
Thank you for sharing
@TaxTalkUK
@TaxTalkUK 20 күн бұрын
Thank you for watching!
@edwardkasalovitz7186
@edwardkasalovitz7186 Ай бұрын
Great tutorial. So many scenarios taken under consideration, the best I've found. I've a problem: 2nd job starts soon, both via PAYE, paying close to £40k. How to avoid one learning about another via the change of the tax code? Will HMRC agree not to change it (or other solution), so the tax code and allowance remain the same and I pay a lump sum at the end of the tax year for underpaid tax? I want to avoid jobs learning about each other.
@TaxTalkUK
@TaxTalkUK 27 күн бұрын
Thank you for watching! You will need to declare that you have another income when you start your second job, however it isn't necessary for the employer to know what that is, you can also call HMRC to ask them to split the tax code so that one is on basic rate, again this wouldn't give them the information as to what is using your allowance, the employer only gets the code, not the commentary that you receive on your notice. As long as your contract doesn't prohibit the second job then there shouldn't be any cause for concern, hope this helps
@zidermakesispooky
@zidermakesispooky Ай бұрын
So if I sell £3000 worth of items (that I've sourced with a view to make a profit) does the profit on the whole £3000 become liable for tax or do I still have £1000 allowance so it's profit on £2000 that's liable?
@TaxTalkUK
@TaxTalkUK Ай бұрын
Thank you for watching! If your turnover is over £1000 you can either use the £1000 against your income or claim the costs you incur (including buying costs)
@haydnmckenna3498
@haydnmckenna3498 Ай бұрын
Hi I am currently listed as a director, receive dividend and do a tax return, this is for a limited company. I am thinking of setting up a small consultancy as a sole trader.. is there anything I need to watch out for and how do you go about doing this (I have an idea just be good to get your thoughts on this).
@TaxTalkUK
@TaxTalkUK Ай бұрын
Thank you for watching! Your sole trader profits would simply be a further stream of income and a different section of your tax return to complete, we have some information on this on our video Can I Side Hustle? kzbin.info/www/bejne/lZq4mJaCaNqlbdEsi=HXjwPqOoGl3Sd1mT Good luck with the venture
@hannahkelly8736
@hannahkelly8736 Ай бұрын
Great video! I have a question that I was hoping someone could help with - I sell handmade goods online and in-store under a business name (not registered), then do online surveys in my own name, and then work online training in my own name. Do I need to list these as 3 separate businesses or can I combine the survey and other remote work into one business name labeled 'remote work' and the handmade goods work as another business? Hopefully that makes sense and thanks for the walkthrough video!
@TaxTalkUK
@TaxTalkUK Ай бұрын
Thank you for watching! There is not a need to separate the business for your return, certainly all of the income will be combined for your "income from self employment" if you are wanting to though, we do have some other videos with information on this How Do I Submit Details For Two Sole Trader Businesses On My Tax Return? kzbin.info/www/bejne/d3uafZiAja-njNksi=xNa3jL_M-6z1bMUm and How Do I Register Two Sole Trader Businesses? kzbin.info/www/bejne/n52nf6GKosxqntEsi=GW2Mqb-R3t-ArZRB
@SueShepherd-c4e
@SueShepherd-c4e 2 ай бұрын
I work part time, and have started Freelancing in 2024, to register as a Sole Trader, do I fill in a CWF1 or SA1.
@TaxTalkUK
@TaxTalkUK Ай бұрын
Thank you for watching! You will need to register as self employed and for self assessment, if you are unable to do this online then you should complete the CWF1 to register as self employed for NI purposes & SA1 for self assessment, good luck with your freelancing
@SueShepherd-c4e
@SueShepherd-c4e Ай бұрын
@@TaxTalkUK Thank you for your reply. Very helpful and I have now sent off the correct forms
@Thetoon25
@Thetoon25 2 ай бұрын
Hi all Just to clarify matters given I've been sent my interest / tax for the 2023/2024 year. I'm due to pay £52.80 I have two options a) pay outright b) in the 2025/2026 tax year it is taken off in 12 installments from my pay. Hope this helps matters undertand how and when it goes out / paid
@posttronics
@posttronics 2 ай бұрын
2 questions: 1) What I don't understand is this, you can sell 30 items up to £1000 (per year ?), before being taxed, so what happens to the personal allowence of £1570? Do I need to register as self employed to get my personal allowence so when I go over £1000 it will be within my personal allowence, and will only be taxed when I go over my personal allowence? 2) If selling to the USA, how does the Vat/tax work? If using Etsy/shopify, which I think, handles Vat for other countries, but I in the UK, for example, do not meet the threshold for vat; therefore not registered for vat. Would I need to declare this as this was already paid by the shops? Any advice is much appreciated!
@TaxTalkUK
@TaxTalkUK 2 ай бұрын
Thank you for watching! There is no restriction on number of items, the £1000 is what is called a trading allowance, if your turnover is below this level in the tax year you are exempt from reporting it, above that then you will need to register as a sole trader, we have some other videos that may help How Do Self Employed Taxes Work? kzbin.info/www/bejne/lZq4mJaCaNqlbdEsi=f8vPbXH3tsnsje0V VAT is separate to income tax & you would only charge VAT if you are VAT registered This video explains when you must register for VAT kzbin.info/www/bejne/bqicdn1shJuXr68si=o39j49mQ0OVIDulT
@posttronics
@posttronics 2 ай бұрын
​@@TaxTalkUK Thank you for your reply! I would also like to ask the following: If going for self employed can I start right away and register later or do I need to wait to get a UTR number? As for self assesment would I also need to register for that since I start with £0. made no money ? Can I register any time or by a certain date Oct? Also, if for instance, I sold an item eg. £30 from dropshipping and this amount is paid into my bank, but I have to pay back the original price and shipping costs to the dropship supllier (manual ordering for customer), eg £20. Whats left in the bank (£10) is the commission made. Do i declare the £30 or the commission only of £10 after paying supplier and will I be taxed on this commission and not the suppliers costs? Thank you for your help?
@TaxTalkUK
@TaxTalkUK 2 ай бұрын
@@posttronics If you are new to self employment you should register by 5th Oct to get your UTR, if you miss this date then you should remember that you will need your UTR to submit your tax return so you should ensure that you register asap for this practical purpose too! The important thing to remember is that you are looking to present your profit, your sales less costs and this is what is taxable, if you have to refund then you have nothing left so a refund should either reduce the sales or increase the costs
@kimsearle9692
@kimsearle9692 2 ай бұрын
Thank you - new to using Freeserve and raising a credit note seemed a little daunting. I have seen in a previous life how you can get into a right old pickle if not done correctly. Well explained and credit note issued!
@easyspeak101
@easyspeak101 3 ай бұрын
If eBay apply sales tax to purchases, then can a non taxpayer apply to HMRC to reclaim, since this is a USA web site?
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching! Here is the Ebay article on VAT www.ebay.co.uk/help/listings/default/vat-obligations-uk-eu?id=4650 there will be circumstances where an entity registered for VAT in the UK can reclaim the VAT
@leechurchill5182
@leechurchill5182 3 ай бұрын
Hi. Im trying to understand all this and my head is going to burst lol my situation is i work full time and pay tax in a 9 till 5 job and ive recently started selling on ebay, for an example im buying for £150 and selling for £250 so £100 profit before ensy fees. Do i need to contact tax office?
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching! Your ebay selling will be self employment, if you are taking under £1000 during the tax year, you may be eligible to apply the trading allowance although you should still keep records to demonstrate this, if over £1000 then you will need to register as self employed, complete a self assessment tax return and pay tax on the profit you make, ie the sale less all costs, including fees, we have some other videos that you may find helpful: New Rules For Ebay, Amazon and Other Sales Platforms - How Do They Affect Your Tax Liability? kzbin.info/www/bejne/ooSTi62locp4e6ssi=4hYbz2MUruUNgVuZ Can I Side Hustle? kzbin.info/www/bejne/lZq4mJaCaNqlbdEsi=GE1jRPHg2Ooa9gOr How To Register As A Sole Trader - HMRC - UK kzbin.info/www/bejne/fpi3kod3btN1btUsi=pfHbcqm-Vaw2-6fa How Do I Register For Self Assessment Tax Return? kzbin.info/www/bejne/gafPYpWcgb6ja7ssi=nddLSI4-rfcw3p7X Self Assessment Tax Return: How Do I Complete Short Self Employment Section? kzbin.info/www/bejne/p6OXnamLrqmGr7Msi=vE5VgUyMdSjPNwnd
@leechurchill5182
@leechurchill5182 3 ай бұрын
@@TaxTalkUK bonkers. Think ebay and vinted sites will collapse. Doing tax forms sounds intense and too much for me, ill sell my last bit of stock and then ill close my ebay account. Was ok while it lasted i suppose 🤣. I started selling in march, do you know when i have to complete my tax sheets?
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
@@leechurchill5182 the tax year runs from 6th April to 5th April, so the trading allowance is per tax year, if you were over that then the tax return for a tax year is due by 31st Jan. It is also worth noting that these are not new rules, they have just received new media coverage raising awareness!
@leechurchill5182
@leechurchill5182 3 ай бұрын
@@TaxTalkUK does the earnings add to your normal job tax? So if i earn 45k from normal job then earn 20k from ebay will that take me into super tax and effect me wage from normal job ?
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
@@leechurchill5182 your liability will be based on your total income in the tax year, this is explained here: Self Employed and Employed Will I Pay Income Tax Twice? kzbin.info/www/bejne/p3fIYWaBhpqde68si=mmSUEnhlodYkmp3T
@lynneylynne
@lynneylynne 3 ай бұрын
Thank you that helped with exactly what I was trying to figure out ! 😊
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching!
@LyndaLorentzen
@LyndaLorentzen 3 ай бұрын
Hi- I have inadvertently submitted my VAT return twice- How do you correct that because HMRC have rejected the submittal due to the duplication
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching! If you log into your gateway portal directly you can see exactly what has been accepted on the portal, it may be that only the duplicate has been rejected, or the duplicate may have been a different quarter. Quickbooks should pick up from HMRC what is outstanding to allow submission, if there are any issues with this then you need to contact HMRC if the correct period is not open on the portal & Quickbooks if it is not available to submit something that HMRC is showing as outstanding.
@RachaelRiley-h3v
@RachaelRiley-h3v 3 ай бұрын
This totally explained what I needed. THANK YOU
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching & good luck in your self employment!
@NaomiBulman-y3t
@NaomiBulman-y3t 3 ай бұрын
I am setting up a mobile hairdressing business, Can I go on the hmrc app and register as a sole trader and self assesment at the same time through clicking register for self assesment, or do I need to firstly fill out the SA1 form then apply to register for self assesment?
@TaxTalkUK
@TaxTalkUK 3 ай бұрын
Thank you for watching! Yes you can do them both at the same time online, good luck with your business
@NaomiBulman-y3t
@NaomiBulman-y3t 3 ай бұрын
@@TaxTalkUK really appreciate that, thank you, I found this video very informative & helpful.
@redpandagency
@redpandagency 4 ай бұрын
I have got over last October but i have registered VAT only 8 months later. I don’t know what’s going to happen.
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for watching! You will need to account for VAT from then, when HMRC send your confirmation they will send details of the periods they want a return from you so you can do this and when they want you to send them by
@Euphoria2024_uk
@Euphoria2024_uk 4 ай бұрын
For 2 weeks i have been put on the higher tax rate 30% as i hadn’t registered for CIS, thought i did when filling out the self assessment for self employment where it says do you intend to work in construction? I ticked yes. I managed to register online last friday, i know this will take a while but once i call hmrc to update my UTR, will i then start getting taxed the right amount of 20%?
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for watching, as soon as you call HMRC and they confirm that they have registered your UTR for CIS they will contact your contractor, this can take a while though so it can speed things up if you let your contractor know and ask that they verify you again
@malacca1951
@malacca1951 4 ай бұрын
I looked forward to watching this video and learning about the Total Tax I would need to pay HMRC. But, sadly, I had to switch off the video after I counted that you said 'Erm' FORTY-SEVEN times in the first 5 minutes !! It's so irritating and unnecessary and causes your viewers to spend time NOT listening, but counting! Surely you can use a note-pad or a phone to read from? 'Fillers' like 'Erm', 'Er', 'Um', 'You know' etc, are used when the mouth needs time to let the brain catch up but they are like wrong notes in a piece of music. Or wrong words in a play, poem or speech. How would you feel if your Prime Minister said, 'Erm' every few seconds?! Oh... Bodger Johnson DID! There are many KZbin videos to help people speak clearly....try this one first: kzbin.info/www/bejne/b6TZZ3mfbJV0q8k
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for your feedback
@juliettemerle5167
@juliettemerle5167 4 ай бұрын
I don't understand I want to register as a sole trader.. I can't find the link.. the link you gave sent me to "register as the sole trader" and my only choice is... "register for self assessment" .. is there a place to first register as a sole trader??
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for watching, you will need to register for self assessment first, unless you already have a gateway accoount www.gov.uk/register-for-self-assessment
@aspectoflife
@aspectoflife 4 ай бұрын
well done ,hope please you do more on quickbooks vat mtd process from zero to hero ,thanks
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for watching & for the feedback!
@pyracantha5548
@pyracantha5548 4 ай бұрын
The video is titled HOW TO REGISTER AS A SOLE TRADER, it tells you everything about why you need to - but does NOT - SHOW you HOW. Very disappointing.
@TaxTalkUK
@TaxTalkUK 4 ай бұрын
Thank you for watching and for the feedback, we are not able to demo the forms required as they can only be progressed by entering personal details, we will look as to what could be provided as an interim to this though and break it down for the different scenarios. Depending on which is the right route for you, all of the links to register can be found in the description
@dmouse006
@dmouse006 Ай бұрын
They do provide the necessary links to complete the forms
@Dan-xb2lb
@Dan-xb2lb 5 ай бұрын
If I have an Uk monetizated account, but I’m not from UK do I need to declare my incomes to HMRC??
@TaxTalkUK
@TaxTalkUK 5 ай бұрын
Thank you for watching! Here is the guidance for overseas residents earning in the UK www.gov.uk/tax-uk-income-live-abroad
@trishg151
@trishg151 5 ай бұрын
Hi am looking for the best UK post box service for my smal business. I want to register as a sole trader to start and move to Ltd if my company grows so the adress needs to be able to be regustered with companies house. Also i am lookijg to trademark and copyright from the address. Any advice please? Thanks 😊
@TaxTalkUK
@TaxTalkUK 5 ай бұрын
Thank you for watching! As a sole trader you would use your trading address, this can be the same as registered address if you form a limited company, or it could be a different address, the registered address of a limited company is in the public domain. Here is the guidance on registered addresses www.gov.uk/limited-company-formation/company-address and the new rules companieshouse.blog.gov.uk/2024/01/22/get-ready-for-changes-to-uk-company-law/ I don't have any recommendations for specific providers but of course you should check that they comply with the rules and are reputable, there is some information on PO Boxes here on Royal Mail website personal.help.royalmail.com/app/answers/detail/a_id/742/~/po-box%C2%AE-help
@gamingbenchmarks4133
@gamingbenchmarks4133 5 ай бұрын
Thank you
@janeroche8554
@janeroche8554 5 ай бұрын
I keep getting an error message saying Tax cannot be added to a debtor or creditor account! When I leave the VAT box empty it then says I need to add it!
@TaxTalkUK
@TaxTalkUK 5 ай бұрын
Thank you for watching! We will cover this, you need to enter "NO VAT"
@user-de7ef8wd4n
@user-de7ef8wd4n 5 ай бұрын
Hi, I really enjoyed the video! Liked and subscribed! Nobody else on youtube has showed us this step. Please may I ask how I can declare miscellaneous income (e.g. small amounts from surveys) on top of/alongside the two different self employment businesses? I want to claim the trading allowance against this, rather than against the self employed businesses? In regard to your video, when you mention we should add an identifier to our "business name" even though we are trading under our own name twice, does this separate name need to be officially registered? Or could I call myself John Smith Dog Walker and John Smith Online Tutor without any further paperwork? Thank you! (Please don't feel obliged to answer, I really appreciate the video as is!)
@TaxTalkUK
@TaxTalkUK 5 ай бұрын
Thank you for watching! You don't need to register your sole trader name anywhere, we also have another video on this may help kzbin.info/www/bejne/n52nf6GKosxqntEsi=dRP_RjkHiX6JxcGD Here is the guidance for the trading allowance www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income you can use the trading allowance instead of expenses but this applies across all income from self employment not each business
@user-de7ef8wd4n
@user-de7ef8wd4n 5 ай бұрын
@@TaxTalkUK Thank you!
@iwonkasolarina3
@iwonkasolarina3 6 ай бұрын
thank you for the guidiance
@TaxTalkUK
@TaxTalkUK 6 ай бұрын
Thank you for watching
@zhunussovagulim7252
@zhunussovagulim7252 6 ай бұрын
Hi, Just wanted to clarify about 18% depreciation. Does it mean it is the Writing Down Allowance not the depreciation we calculate in the Balance Sheet?
@TaxTalkUK
@TaxTalkUK 6 ай бұрын
Thank you for watching! Yes on the self assessment tax return, which may differ from your balance sheet
@bettyv.1960
@bettyv.1960 6 ай бұрын
Is it always 18% rate for depreciation?
@TaxTalkUK
@TaxTalkUK 6 ай бұрын
Only for the main pool, here is the guidance on the rates www.gov.uk/work-out-capital-allowances/rates-and-pools
@mdnahidseo
@mdnahidseo 6 ай бұрын
U need a professional KZbin thumbnail designer and video SEO expert?
@SG-wi9kd
@SG-wi9kd 7 ай бұрын
Very helpful - thanks!
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
Thank you for watching!
@andrewwilkins4179
@andrewwilkins4179 7 ай бұрын
This is great. Thank you. So to clarify, in my HMRC self-assessment, I only declare sales profit after deducting for purchase cost, postage cost, ebay commission, etc
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
On the self assessment self employed section, you will declare all of the sales and all of the costs, therefore the profit will be calculated and that is will carry forward to your tax calculation
@andrewwilkins4179
@andrewwilkins4179 7 ай бұрын
Hello. I buy and sell items on ebay and liable for income tax. Can I declare to HMRC money spent on items as tax deductible? Presumably i only pay tax on the profit after pruchase cost takej into consideration?
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
Thank you for watching! Yes, there is a follow up video on this if it isn't clear kzbin.info/www/bejne/ooSTi62locp4e6ssi=eCEB_tAhLi-rHIk4
@yl6634
@yl6634 8 ай бұрын
Hi Lisa, I just watched the video and subscribed your channel. I’m not sure it is appropriate place to ask you here but I have a question. I submitted VAT return but received letter which says I have to pay the Tax same figure of my Return. It seems like total figure of Return turned into Tax.. it was my first time to use QB and submittion of VAT return. I guess it may be wrong I put “Sales 20% VAT” into a box at Bank Deposit (sales) page.. I should have put “Purchase 20% VAT”in the box maybe?? Anyway I am not sure what to put Correct Figures in VAT652 form. In my case, what is possibility of reason to turn return into payment? Do you look my file to help to find it? If so how much is the fee? I look forward to hearing from you. Best regards Yuka
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you for watching! Quickbooks support should help you to identify what went wrong with your entering, here is the link for correcting errors, if you are using the VAT652 form it gives the option to enter what was submitted as well as the correct figures www.gov.uk/guidance/check-if-you-need-to-report-errors-in-your-vat-return
@yl6634
@yl6634 7 ай бұрын
Hi Lisa, thank you for your quick reply. I thought I sent my reply but just found now I didn’t! So sorry! I contacted QBO and found it was wrong I have put 20% sales VAT at back deposit which is wrong. An expert said it should be Zero VAT in my case (Purchase product inc 20% VAT and sell in Japan) and changed it. However now the VAT return figure is like double of figure of past VAT return… so I think I need someone to look in my summation to find what was wrong as any QBO experts couldn’t find and I can’t put correct figure in the VAT 652 form. Do you help to do it? If you do, how much is the fee to ask you? It will be helpful to reply me once again. Thank you in advance.
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
We aren't able to answer individual scenarios however, Quickbooks have a ProAdvisor scheme where you can find someone in your area who is certified in using Quickbooks quickbooks.intuit.com/uk/find-an-accountant/
@yl6634
@yl6634 7 ай бұрын
@@TaxTalkUK thank you for the information again. Yes I’ll try to find an accountant to help! Best regards
@marinelee6348
@marinelee6348 8 ай бұрын
Hi! gosh this is a bit confusing, so in the HMRC website when you click to register to sole trader, then asks you to register the self assessment, when you click on that it gives 3 options, being already self employed, you're part of a partnership and then a 3rd option which says an other reason. my situation is that I'm not self employed and I work full time so not sure where to start
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you for watching! This guidance is for registering as a sole trader, this is self employed. Registering for self assessment, if you are not self employed then you would select an other reason, HMRC will then generate you a UTR; it is confusing because the terminology is similar!
@ikrambendaiz3899
@ikrambendaiz3899 8 ай бұрын
Thank you, very helpful info 👍
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
Thank you for watching!
@Ify_Vivian_Nwokoroku
@Ify_Vivian_Nwokoroku 8 ай бұрын
Please do you have an idea why it was updated to 699L
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you for watching! If you have set up a personal tax account on gov.uk you will be able to access your tax code breakdown if you haven't received a breakdown in the post, if you can't see from either of these HMRC will be able to tell you if you call and make any adjustments if there are any errors in this
@YuliiaS-de8bu
@YuliiaS-de8bu 8 ай бұрын
Thank you so much for such a great video. I have a question - I already de-register my LTD from VAT - does this mean my VAT threshold resets from the day of de-registration? The de-registration was in January 2024. My company started trading from December 2022. So the 12 month rollover should continue from the start of branding or does it reset after the reregistration? Thank you so much.
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you for watching! The 12 month rolling turnover would be 12 months still.
@Chris-uu6dg
@Chris-uu6dg 8 ай бұрын
Hi, thank you so much for your detailed tutorial, which is very helpful indeed. I just subscribed and look forward to seeing more of your videos. I have just started as a subcontractor, so could you please tell me which of the Quickbooks software I should get that can do the CIS for me. I am just a sole trade, so I just need a basic one but can also do the CIS. I am not VAT registered. Many thanks, Chris 👌
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you for watching! All of the packages will enable CIS to be managed as a sub contractor, here are the packages available, the ones that refer to submitting CIS mean as a contractor which can be confusing quickbooks.intuit.com/uk/pricing
@Chris-uu6dg
@Chris-uu6dg 8 ай бұрын
@TaxTalkUK Hi, thanks very much for your reply!! Yes, I found that a bit confusing it looked like the self-employed one didn't have that feature. Thanks for the clarification. Regards, Chris. Does it help you out if I subscribe through your link? If so, I am happy to do that.
@TaxTalkUK
@TaxTalkUK 8 ай бұрын
Thank you, that's kind, it's just a generic link, use whichever one you find that gives you the best initial discount!
@neelamsohi3575
@neelamsohi3575 9 ай бұрын
how do you find out what the maximum number of years that you need for receiving maximum state pension, you stated its 35years usually, but HMRC told me this differs person to person
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
Thank you for watching! If you get your state pension forecast, this will be personal to you & will include this information
@badneyo
@badneyo 9 ай бұрын
Please what do I do if for instance more of my personal allowance is allocated to a side job where I probably don't work often and a small amount of my personal allowance is allocated to my main job which means I am being taxed on more of my income in my main job than I should if I don't have a side job. I do hope you understand my question. Your explanation is helpful but I need to know if there is a way I can make HMRC allocate more of my personal allowance or even all of my personal allowance to my main job.
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
Thank you for watching! You should contact HMRC and ask them to reissue your tax codes more appropriately, if this doesn't happen before the end of the tax year then you should check if you are due a rebate for overpaid tax too Here are some other videos we have on tax codes that may also help: Wrong Tax Code Being Used By Employer? kzbin.info/www/bejne/nZvEamdrprx1edksi=t-lvVLGYzEehui5d What Is A Tax Code, How Does It Work & What Should I Check? kzbin.info/www/bejne/emO9fHl7l9epgbMsi=LNuwrleLkvXHD8P7
@maehartley6620
@maehartley6620 5 ай бұрын
I have exactly the same problem. Is it best to resign to my second job which i rarely do any hours to just go back to a normal one employer tax code? Thank you
@TaxTalkUK
@TaxTalkUK 5 ай бұрын
Thank you for watching! You should contact HMRC and ask them to reissue your tax codes more appropriately, if this doesn't happen before the end of the tax year then you should check if you are due a rebate for overpaid tax too Here are some other videos we have on tax codes that may also help: Wrong Tax Code Being Used By Employer? kzbin.info/www/bejne/nZvEamdrprx1edksi=t-lvVLGYzEehui5d What Is A Tax Code, How Does It Work & What Should I Check? kzbin.info/www/bejne/emO9fHl7l9epgbMsi=LNuwrleLkvXHD8P7
@AbdullahKhan-qq5kn
@AbdullahKhan-qq5kn 9 ай бұрын
Thank youuuuuuuu 🥰
@TaxTalkUK
@TaxTalkUK 7 ай бұрын
Thank you for watching!
@khaledkaddal
@khaledkaddal 9 ай бұрын
As an employee, do i need to do anything? Or all of this is done automatically by the hmrc?
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
Thank you for watching! HMRC will facilitate via your tax code, so the important thing is to check your tax code & that your employer is using your current tax code for everything to work What Is A Tax Code, How Does It Work & What Should I Check? kzbin.info/www/bejne/emO9fHl7l9epgbMsi=bEQLF1EJ33k_83YY Wrong Tax Code Being Used By Employer? kzbin.info/www/bejne/nZvEamdrprx1edksi=cNDWHeL5YzwYhkYK
@Dududma
@Dududma 9 ай бұрын
Hi can I ask a question
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
Yes, please feel free
@bennettsteven
@bennettsteven 9 ай бұрын
hello i have been selling on Ebay for two charities one is the Salvation army and other is a dog rescue, i get donated items off both charities( i do not pay for them i just collect them and sell them) and list them on Ebay, both charities get all the money that each donated item sells for after ebay fees, where do i stand on tax liability? i thought i was doing a good deed.
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
Thank you for watching! We cover this in a bit more detail in our updated video but are still trying to get definitive answers on the specific issues kzbin.info/www/bejne/ooSTi62locp4e6ssi=AZyfqhOYjX4Yh0W6
@bennettsteven
@bennettsteven 9 ай бұрын
thanks for the reply, i fear im going to have to pay for helping out!! @@TaxTalkUK
@TaxTalkUK
@TaxTalkUK 9 ай бұрын
kzbin.info/www/bejne/o2rOhKeKdtWhqqM
@RotimiOluwatoyin-s5o
@RotimiOluwatoyin-s5o 10 ай бұрын
Pls what do I do in a situation where both of my employers use the same tax code and I’m having an underpayment
@TaxTalkUK
@TaxTalkUK 10 ай бұрын
Thank you for watching! If you contact HMRC they will reissue the tax codes correctly, here is our video on this kzbin.info/www/bejne/nZvEamdrprx1edksi=NZVF7CVyXIEugFGj
@natasha4172
@natasha4172 10 ай бұрын
Hi, could you do a video on the new laws coming into place for commercial vehicles in July?
@TaxTalkUK
@TaxTalkUK 10 ай бұрын
Thank you for watching! Thank you for the suggestion
@TaxTalkUK
@TaxTalkUK 10 ай бұрын
Just checking if you have seen this update www.gov.uk/government/news/update-on-hmrc-double-cab-pick-up-guidance?fbclid=IwAR25Bul0XZfRefx8-APImw2XznXxbPo6i7M9KwuUW_lH2UlnUIPnbgIXaYY
@BarbaraAnneCumpstey
@BarbaraAnneCumpstey 10 ай бұрын
Hi. Thank you for the information. I think I may have registered for the wrong thing on HMRC. I am staring my small business as a sole trader but I registered for personal tax instead. I need my UTR to start trading. I'd really appreciate your help. 😍
@TaxTalkUK
@TaxTalkUK 10 ай бұрын
Thank you for watching! If you log back into the personal tax account then you should have the option to add self assessment & then select sole trader, you should then see your UTR in your personal tax account once it is issued, good luck with your trading!