all 12 expenses: 1 office supplies eg 2 donations to charity eg gift aid 3 mileage costs eg vehicle insurance meals on overnight business trips 4 legal and financial costs 5 unpaid invoices- bad debts 6 marketing costs 7 clothes - related to work 8 staff costs - agency fees, not nanny 9 - subscriptions to trade professionals or academic journals not gym memberships 10 mortgages and utilities plus proportion of gas, electric ⚡️ - apportion the cost of the utility bills 11 council tax 12 flat rate simplified expenses 👀 Keep record of Costs
@FinancialHealth-ku1ry3 жыл бұрын
You are a star shining brighter than any other
@1stformations3 жыл бұрын
Thanks for sharing Shirley! Great to see the 12 expenses written out in a list. Have you seen any of our other videos?
@hawkdene1233 жыл бұрын
Forget about the 12 days of Christmas 🎄 it’s all about the 12 self assessment expenses I didn’t know I could claim 😍
@1stformations3 жыл бұрын
Tis the season to by jolly, James!
@mrtruth94732 жыл бұрын
can you put that down as a loss really?
@celiadavies1862 жыл бұрын
Excellent, clear, concise and informative. I do a self assessment return for the voluntary (paid) post in which I work as an Associate Hospital Manager. Even this 79 year old found this easy to understand and digest. Let's hope this is so when I fill out my next self assessment return. I have been missing out for the past 2 years whilst working from home. Thank you.
@1stformations2 жыл бұрын
Thank you so much for taking the time to comment! That's so brilliant to read. Is there anything you would like us to cover in a future video?
@damragafar58732 жыл бұрын
this is the most effective, CLEAR, and informative video i've ever seen. surprising that i have worked for 5 years as a self- employed and my accountant never mentioned all of these to me. i just have one question though, can i claim the social media such as Facebook and Etsy subscriptions and ads fees under the cost of marketing material?
@1stformations2 жыл бұрын
Thanks for your kind comments Damra. In general terms, social media subscriptions to Facebook and Etsy would not constitute allowable expenses, unfortunately. What does your business do for a living?
@adejuwonodugbesi31022 жыл бұрын
This is the most clear and detailed simplified self expenses, dude you are a star thanks👏🏿👍🏿
@1stformations2 жыл бұрын
We're pleased that you found it useful! Are there any other topics that you would like us to touch on?
@Elwooddudes Жыл бұрын
Great video thanks! I’m a self employed decorator. I would normally get an accountant, but I’m going to try do my own tax return this time. Very informative! Wish me luck with all the fuel and tool receipts! 😮
@1stformations Жыл бұрын
You can do it! Best of luck!
@johndaughtrey41283 жыл бұрын
This is great - I'm certain there are many people out there who just don't realise how they can lower their tax bill
@1stformations3 жыл бұрын
Thanks John. We agree - these are often asked questions, and you would be amazed at the number of people who do not know about these tips.
@rakheepatel98153 жыл бұрын
Thank you for yet another informative video. Really useful point about being able to claim a proportion of your council tax bill when working from home. I wasn't aware of this before.
@1stformations3 жыл бұрын
Thanks Rakhee. Glad we might be able to save you some money whilst your working from home. Watch this space for more videos which might help those who are working from home!
@deev75983 жыл бұрын
I also had no idea! Wonderful
@shirleyrobinson55523 жыл бұрын
1 office supplies 2 donations to charity = 100% tax free 3 mileage costs 4 legal and professional financial Costs 5 unpaid invoices/(bad debts?) 6 marketing costs not inc entertaining clients 7 work related clothing 8 9 subscriptions to trade or academic 10 your mortgage 💸 and utilities 11 12
@1stformations3 жыл бұрын
@@deev7598 Glad the video was helpful Dee! What else would you like to see covered?
@keithstewart5113 жыл бұрын
well done. clear and easy to follow.useful thanks
@1stformations3 жыл бұрын
Hi Keith, thank you for your kind feedback. We are glad that you have found this useful. Please feel free to check out our other video's on our channel! Is there anything you would like us to cover?
@mikefodonnell Жыл бұрын
Really well presented video but the thing i am not quite understanding is what it is appropriate/permissable to claim on sef assessment versus what is simply charged direct to the company accounts (so profits reduced before it even gets to personal tax bill. So, on home working for example, i get that would need to claim on self assessment as just claiming a share of personal costs. But i was a bit surprised to see reference in video to claiming staff costs. Surely that would simple be charged (appropriately) direct to company and charging as much direct to the company as possible is simpler? Keep up the great work. Mike
@annalisemaguire96303 жыл бұрын
Love the video but love that tartan bow tie even more laddie! Maybe a kilt next week?!
@1stformations3 жыл бұрын
Your wish is our command, Annalise! Bagpipes the week after...
@cosinewavee3 жыл бұрын
This was super helpful! I do have a question I hope you can answer: So I rent with my partner, I’m self employed while they’re a full time employee. We split all the bills 50:50. Am I therefore able to only claim on what I’ve paid? Rather than the total cost? So let’s say my rent is £1000 a month, 3 room flat. 1 room is an office. So 33% of the flat can be expensed. Do I expense 33% of the £1000 (full monthly cost) or £500 (how much I paid)?
@1stformations3 жыл бұрын
Thank you for your question! You are only able to claim on the amount that you have paid. Does this help?
@phyllisbirch93202 жыл бұрын
If a non resident forms a UK company, and that company make no profit, pays no dividends .... according to what is said at one minute into the video ALL directors must file a Self Ass. return .... that is the first time I heard that... why would HMRC want you to file a zero return?
@1stformations2 жыл бұрын
Hi Phyllis, thank you for your question. A director whose only income is taxed under PAYE, or has no taxable income at all, and who has not received a notice to file a tax return, is not required to report to HMRC or register for Self Assessment. Is there anything else we can help you with?
@bizmentor14143 жыл бұрын
Another great way to help small businesses, thanks Nicholas
@1stformations3 жыл бұрын
Thank you for your kind words, Tommaso! If there are any other topics you would like us to make a video about which you think would help small businesses, just leave a comment and we'll see what we can do!
@venanzus-gaming61163 жыл бұрын
Great video for new biz, I wish there was a book with all of this advices!
@1stformations3 жыл бұрын
Thanks for your comment, Venanzus. We offer a free e-book: The Ultimate Guide to Starting Your Business, with every company formation package - why not check out our website?
@emperorglenuff Жыл бұрын
I work self employed, but use my bedroom as my workplace/office on average between 9am-6pm. We only use the bedroom realistically between 10pm-7am. How would you advise to proportion this?
@1stformations Жыл бұрын
Hi - we would recommend 40% of the % the one room takes up in the house with regards to rent or mortgage. How many rooms in the house (excluding bathrooms)?
@muharremaybey33302 жыл бұрын
Hi. Glad I'm working with you.
@1stformations2 жыл бұрын
Thanks for your kind comment Muharrem. Are you currently using our services?
@leandroseabra97842 жыл бұрын
This is the upmost useful video I have seen so far regarding tax
@1stformations2 жыл бұрын
We're glad you liked it Leandro. Have you checked out any of our other videos?
@annyip4587 ай бұрын
Hi Nicholas, thank you so much. I learn a lot. I have two questions. Could I claim start-up expenses, ie any business expenses before I have incomes. Second, I have a bit confused on travel expenses. Can I claim mileage cost from home to the place I provide the service (only one place)? TY
@1stformations6 ай бұрын
Hi Ann, Apologies for the delay in getting back to you. We're so pleased to hear that you found the video useful. Expenses can be such a confusing topic. You can claim startup expenses that you incurred before you started trading, as long as those costs were 'wholly and exclusively' for the purpose of running your new business. However, since you are claiming these expenses from your business, you will need to wait until it generates income before you can physically reimburse yourself with the money. You will then report these startup expenses on your first Self Assessment tax return - so remember to keep all of your receipts! Mileage costs - from what you've said, it doesn't sound like you will be eligible to claim mileage costs for travel between your home and your regular place of business. This is classed as commuting rather than business travel, unfortunately. We hope these answers have helped. Please get back in touch if we can be of any further assistance.
@andrewross3293 Жыл бұрын
Very clear presentation. Thank you.
@1stformations Жыл бұрын
Thank you for your kind words, Andrew. Have you checked out any of our other videos?
@user-no3xl1cw6i Жыл бұрын
Very useful for landlords who live abroad and have income from property in the UK. Thank you.
@1stformations Жыл бұрын
We're really glad you found it insightful! Were there any expenses you didn't know you could claim?
@shaundejager8248 Жыл бұрын
Hey Nic, Great video. A question on the flat rate, How and where can you find out how much the flat rate will be?
@1stformations Жыл бұрын
Thanks for your question Shaun - you can use this online tool which should show you how much the flat rate should be for your circumstances: www.gov.uk/simplified-expenses-checker Are you self employed?
@christophermurphy57773 жыл бұрын
Can you clams parking charges ?
@1stformations3 жыл бұрын
Hi Christopher. Great question! Parking charges (as long as they aren't fines) are an allowable expense for self-assessment. I hope this helps.
@mclasa2 жыл бұрын
I have a question when the transferee is going to pay in installments, when does form J30 is filled? when the transferee fully paid?
@1stformations2 жыл бұрын
Hi! We're afraid we can't comment on specific cases, but we would normally expect the Stock Transfer Form to be completed at the time that the shares are agreed to be transferred across. In this scenario we would advise seeking professional assistance.
@jamescandlin98133 жыл бұрын
Fantastic advice Nicholas, thanks so much.
@1stformations3 жыл бұрын
Glad you found this information useful, James.
@deev75983 жыл бұрын
I am still confused as to whether I can include food/drink purchases for customer meetings? E.g, coffees Thank you so so much for your clarity
@1stformations3 жыл бұрын
Thanks for your message Dee, we hope that you are enjoying the channel. Food and drink in this context would only be an allowable expense if it formed part of your marketing expenses and the event the customers were attending was free to attend. In addition - the event would need to have a marketing element - i.e. it could not contain food and drink and nothing else, it would need to have a speaker or talk etc. Does that clarify for you?
@deev75983 жыл бұрын
@@1stformations thank you so much, I often met clients over a coffee/light lunch (upto £15 max) whilst we completed paperwork or the presentation
@1stformations3 жыл бұрын
No problem Dee! Just as long as it's an event that's pre-planned and marketed beforehand. Hope we have helped.
@deev75983 жыл бұрын
This has got to be one of the most clearest,prompt and helpful dialogues I've been on! Thank you so much and as a teacher,I really found the board presentation effective!
@1stformations3 жыл бұрын
@@deev7598 Glad we could help. What would you like us to see cover next?
@xXNekou2 жыл бұрын
Wait, so donations to charity should be put together with all the other expenses like office supplies? Not separately?
@1stformations2 жыл бұрын
The officer supplies and donation to charity would both be reported to the self assessment return form, albeit in separate dedicated sections. We hope that helps!
@agostinoaxo6273 жыл бұрын
Thank you again Nicholas, you are always great!
@1stformations3 жыл бұрын
Many thanks Agostino - glad you are finding our videos helpful.
@srizvi36793 жыл бұрын
I am a PAYE but I have to summit the Self Assessment- I don't earn or make £100k- Please advice how this is relevant and can I claim these expenses?
@1stformations3 жыл бұрын
Thank you for your comment. If you are asked to submit a Self Assessment tax return by HMRC, then you must do so before the deadline otherwise you will receive a penalty. With regards expenses, we cannot comment on individual cases; however, if you are unsure of what you can and cannot claim, we recommend you seek the advise of an accountant. Have you got any other queries for us?
@user-yw5vu4fi4d11 ай бұрын
I’m learning so much from these videos
@1stformations11 ай бұрын
That's great to read. Do you have a limited company?
@kjohal95832 жыл бұрын
VERY WELL EXPLAINED - THANK YOU
@1stformations2 жыл бұрын
You are welcome!
@TheChugzee3 жыл бұрын
Thank you for this great information. Im a newly set up sole trader tradesman and still have lots to learn with SA. This has been very helpful 👍🏼
@1stformations3 жыл бұрын
We are glad you have found this video helpful! Have you ever considered turning your business into a limited company?
@TheChugzee3 жыл бұрын
@@1stformations i did consider it but havent yet. Wasnt sure if it was a good idea to become Ltd straight away. Perhaps i should do some more research
@1stformations3 жыл бұрын
@@TheChugzee No problem at all, please feel free to check out our blog pages for more information: www.1stformations.co.uk/blog/category/all-about-companies/ Do you have any other queries?
@TheChugzee3 жыл бұрын
@@1stformations i will check out your other videos. Might learn something new. So far i put back 20% of every income even tho i have lots of experience in a month. Should habe loads more in there for when i pay my tax bill.
@1stformations3 жыл бұрын
@@TheChugzee Great news! It sounds like you have a structured plan that you are sticking to which is working well. Please keep us updated on this! In the meantime, do you have any other questions that you would like to raise with Nicholas?
@sergiubn Жыл бұрын
Great video, thank you! How does a non resident, owner of an LLP, claim business expenses, while all (or most of) the expenses are made in the home country? Will this apply the same?
@1stformations Жыл бұрын
Thank you for your kind enquiry. We would recommend you contact an accountant if you live abroad. Which country do you live in?
@graemedonnelly20393 жыл бұрын
Very useful video - thank you. Can I please ask - should I do my own Self Assessment tax return or pay for an accoutnant to do this?
@1stformations3 жыл бұрын
Glad you found our video helpful, Graeme. Interesting question - in truth, an accountant is unnecessary when filling in a self assessment tax return. We recommend you use tax software which adds up all of your income and expenses over the year; just ensure you are keeping your inputs up to date and you can't go wrong. When you're ready to fill in your self assessment tax return, this software will prove of great assistance. It should be noted that you can ask an accountant to assist you with a self assessment tax return and they can reconcile the information required to complete it if necessary; however, they will still require your assistance and records to do so. If you have any other questions regarding self assessment, just leave a comment and we'll be happy to assist!
@graemedonnelly20393 жыл бұрын
@@1stformations Thank you for your excellent response. it is very much appreciated.
@1stformations3 жыл бұрын
Anytime Graeme - we are always here to help!
@kristiyannikolov84732 жыл бұрын
1st formations are a company that opens other limited companies
@1stformations2 жыл бұрын
That's correct, the general public is able to open limited companies using our company incorporation packages. Are you looking to form a limited company?
@bernadettafrencel91453 жыл бұрын
Can a sole trader expense non-gift aid registered charity donations?
@1stformations3 жыл бұрын
Hi Bernadeta, thank you for your question. Please note, Charity donations are not allowable expenses for sole traders! Is there anything else we can assist you with today?
@mrssleep2 жыл бұрын
This is great. Thank you. Question - If I earned £100k gross and gave £10k to charity from my net salary - Would I then get £2k back?
@1stformations2 жыл бұрын
Thanks for the question! We can't provide specific financial information but you may find this link helpful: www.gov.uk/donating-to-charity/gift-aid
@sgsuper11503 жыл бұрын
Can you claim one off accounting fee instead of all the small bills connected to the home office costs?
@1stformations3 жыл бұрын
Thank you for your question, we hope that you are enjoying the channel. Many accountancy fees - such as the fees for filing your tax return - can be claimed. Does that help you?
@mrmaxwellogundu Жыл бұрын
Thanks for the quick replies. Another question if you don't mind, please: I bought a cheap used car for business use mainly, can I claim the cost in my self-assessment return?
@1stformations Жыл бұрын
Hi Maxwell - you can claim capital allowances on your used car if it is used for your business. You can therefore deduct part of the value from your profits before you pay tax. For more information - see here: www.gov.uk/capital-allowances/business-cars What % of use of the car is used for business purposes?
@mrmaxwellogundu Жыл бұрын
@@1stformations 70%
@1stformations Жыл бұрын
@@mrmaxwellogundu OK great. And do you drive to the same place each time, or do you normally drive to different locations for your work?
@mrmaxwellogundu Жыл бұрын
@1st Formations Different places: its film production work so shooting is done at different locations. However, when I'm working at the base, I commute to the base say for 3 days. The base doesn't get moved frequently because it's from the base to various shooting locations. Am I allowed to claim 70% of the cost of the car or just claim mileage, mot, service and repairs? Thanks
@1stformations Жыл бұрын
@@mrmaxwellogundu We would recommend looking at this link to work this out: www.gov.uk/work-out-capital-allowances/rates-and-pools Does this help?
@PriscilaDexheimer3 жыл бұрын
Always great advice, specially in this difficult times we are 👏👏 I can’t wait for next Thursday!
@1stformations3 жыл бұрын
Thanks Priscila - every penny counts - even more so when income might be lower due to Covid-19. We think you'll enjoy next Thursday's video. Remember to subscribe to receive notifications when our new videos are released.
@everwin47912 жыл бұрын
Hi Nicholas, really good video. can you explain bit about meal allowance for over 8 hours work daily please. how much we allow to claim?
@1stformations2 жыл бұрын
Thanks for your mesage. If you are self employed, you are allowed to include your food and drink bills as allowable expenses whenfiling your Self Assessment tax return, provided that the expense occurs whilst you are on a business trip. You also camn only travel to the place or location occasionally and not on a regular basis as part of your business to be able to claim. The HMRC system has a benchmark scale for these type of expenses, which is listed below: - Breakfast rates: A standard rate of £5 can be paid if you are leaving the house earlier than usual and before 6 a.m. - One meal rate (five hour rate) - A standard rate of £5 can be paid if you are away from home or your normal place of work for more than 5 hours. - Two meal rate (10 hour rate) - A standard rate of £10 can be paid if you are away from home or your normal place of work for a period of at least 10 hours. - Late evening meal rate (irregular late finishers) - A rate up to £15 can be paid if you have to work later than your usual working hours. Do you qualify for any of these?
@True_belfast_lad3 жыл бұрын
Paye can claim job expenses also
@1stformations3 жыл бұрын
Yes, you are correct, employees on PAYE are able to claim job expenses. See this link for more information: www.gov.uk/tax-relief-for-employees. Does that help?
@johncarpenter86513 жыл бұрын
Great tips. Particularly the advice about staff costs. Cheers!
@1stformations3 жыл бұрын
Thanks Nicholas. Yes, we think this an often misunderstood subject and one that people can make a good saving on.
@shoroenrioplatense2 жыл бұрын
Thank you so much for all this information, I've watched a lot of your videos and they're really helpful. I have a question, though. I'm a sole trader and bought a bike to go to work. Can I claim that as a business expense? I'm looking everywhere but all I can find is about big vehicles.
@1stformations2 жыл бұрын
Thanks for your question. To enable us to answer your question, can you let us know if you use your bicycle just to commute to a regular place of work, or whether you cycle to irregular places of work (i.e. different places each day)?
@shoroenrioplatense2 жыл бұрын
@@1stformations Thanks for answering me. I use it to commute to a regular place of work 90% of the time. Occasionally for non-work related things.
@1stformations2 жыл бұрын
@@shoroenrioplatense Thanks for your response. We would recommend claiming the cost of your bicycle as a capital allowance. Information relating to capital allowances should be inputted in sections 50 to 59 of your Self Assessment return. Are you planning to file your own Self Assessment return?
@vitor33863 жыл бұрын
Great video. I’ve got a doubt if I may: I work in 3 different places but I only to one per day, can I claim the mileages for that as I don’t have just one place of work! Thank you.
@pilatesyogataichifit2 жыл бұрын
Assuming, you are self-employed, I believe you can
@steadliner2 жыл бұрын
hi there. thank you for making this simple and helping me clear a few things. In the last few months I added farm pest control to my services. been searching for hours with no joy. So can I claim the cost of the shotgun/rifle and ammo that is used for work use and not personal. I know this is a strange one but I'm really stuck.
@1stformations2 жыл бұрын
Thanks for the question. Because this is such a specific case, we urge you to ask HMRC directly. Please do let us know if you have any further questions, and hopefully we can help!
@marditoon1128 Жыл бұрын
Can you claim accounting expenses on a Limited Liability company???
@1stformations Жыл бұрын
Yes you can Mardi. Are you a member of an LLP?
@bigfatolly14822 жыл бұрын
Great video,very helpful,thank you .
@1stformations2 жыл бұрын
Glad you found it useful. Are you planning to file your own Self Assessment return or use an accountant to do so?
@bigfatolly14822 жыл бұрын
@@1stformations yes i have done my own self assesment returns for about 10 years now and just submitted my 2020/21 return with the help of your video. Ive never seen the point of an accountant as my books are quite simple as a self employed sub contractor
@1stformations2 жыл бұрын
@@bigfatolly1482 Great. What does your business specialise in, out of interest?
@bigfatolly14822 жыл бұрын
@@1stformations i am a sub contract painter and decorator
@1stformations2 жыл бұрын
@@bigfatolly1482 Fantastic. What part of the UK do you operate in?
@polly52733 жыл бұрын
Very interesting!! I'll definitely be setting a company up with you soon :D
@1stformations3 жыл бұрын
We're glad you found our video interesting, Polina. Remember - you can always give us a call on 020 3897 2233 24/7, if you need assistance setting up your company.
@jordanmcdermott65962 жыл бұрын
Can you claim Business Expenses and Capital Allowences from a previous year? For example; I want to claim Business Expenses and Capital Allowences (up to 3 years prior) in the 22/23 tax year.. So in my 20/21 & 21/22 self-assesement I do not have to input Expenses or Allowences purchased in that year? As if there were non? Context; New small business not earning enough to pay tax but have spent good money on equipment and resources to make business run. I am now full-time employed and will earn over the tax threshold but continue the self-employed business. I"m wondering if and how I can claim on the previous years self-employed costs. Thanks for your help!
@1stformations2 жыл бұрын
Thanks for your question Jordan. You have 4 years to make a self assessment claim for a previous tax year; however, you cannot bundle together expenses and capital expenses into one tax year if they do not relate to that specific tax year - that is, if the expenditure took place prior to the tax year. Does this make sense?
@kane_552x32 жыл бұрын
So with staff cost, to simplify, I have someone who is self employed, of which I pay him a certain amount from my business. To prove that costs are going out of my business correctly, I’ve asked him to invoice me monthly for amounts I have paid. So can I claim all costs in the tax year I have paid him? If so, is there a specific section in my self assessment that I may have to state this, or do I also include this in the expenses box on top of other material costs? Thanks!!
@1stformations2 жыл бұрын
Thanks for your question. Is the business employing the other person a sole trader or a limited company? This will help us to answer your question.
@kane_552x32 жыл бұрын
@@1stformations I’m a sole trader
@1stformations2 жыл бұрын
@@kane_552x3 Thanks Kane. It is unlikely you will be able to claim back all of the costs of employing the other person; however, there may be some allowable expenses you will be able to claim back - such as if you are paying for their IT equipment etc. You will not be able to claim for their entire income with the business as this will not be classed as an allowable expense. Does the other employee live with you or elsewhere?
@kane_552x32 жыл бұрын
@@1stformations they live elsewhere. But would I have to state this on my tax return as it’s outgoing going out of my business money from clients in my turnover or expenses? I’m not sure where this has to be stated. I wouldn’t want to have to pay tax on his behalf for something that isn’t really for my own personal benefit. This brings me onto my next question. If for example, my business makes an income of 30 k, I may keep 5k of that in my account, meaning I only pay myself 25k. Will I still get taxed on ALL income, whether or not I pay myself it, or just the income I payed for my own withdrawals?
@1stformations2 жыл бұрын
@@kane_552x3 Hi Kane. Thanks for your clarification. Can we ask some follow up questions to establish a possible answer? 1. The income is being received by your bank account or business bank account and then part of that income is then transferred to the employee - and you are worried by declaring the full income that you will be double taxed as you are paying some of it out. 2. Where does the money go when you receive it? Into a personal bank accouunt or a business bank account? I.e. where are you withdrawing the money from?
@calva2212 жыл бұрын
But whis IS that flat rate in number 12?
@1stformations2 жыл бұрын
We always keep the best 'til last David! Do you think it should be higher on the list?
@G-Cam12 жыл бұрын
Thank you.. Very good information. Only one question I have a fully Electric Van that I bought for my business. I hear you can depreciate the full purchase price as an expense in the first year? Is that correct? How do you note it in your self employed return? ( I started in May 2020) thank you
@1stformations2 жыл бұрын
A fully electric van (i.e. one that is solely propelled by electric power) which was bought prior to 1st April 2021 will qualify for a 100% first-year allowance. This should be claimed in the capital allowances section of your Self Assessment Tax Return. Is there anything else we can help you with today?
@tiberiomarilli86973 жыл бұрын
Hi. I would like to know if I can claim expenses if the items in question have been bought from my wife’s bank account or there is a bill on her name. Thanks
@1stformations3 жыл бұрын
Hi Tiberio, thank you for your question! Unfortunately, the answer is no, you would not be able to do this I am afraid. Please do let us know if have any other questions.
@SaleheenKhans2 жыл бұрын
I am a not-resident UK Limited Company Owner. & also not a UK citizen. Do I still need to submit the Self-assessment tax return? As far I know I just have to file returns related to my company. Just to confirm.
@1stformations2 жыл бұрын
Thanks for getting in touch! Does the income come from the UK?
@SaleheenKhans2 жыл бұрын
@@1stformations most of them coming from out of UK such as USA, Canada & some other part of of the world.. but yes some are from UK Like 98% of my clients from out of UK
@1stformations2 жыл бұрын
Hi, from what you've said, you probably will need to some tax on your UK income. Take a look here for more information: www.gov.uk/tax-foreign-income/residence#:~:text=Non%2Dresidents%20only%20pay%20tax,'domicile')%20is%20abroad.
@charliepearton95963 жыл бұрын
Subscriptions question. If I subscribe to a pay as you go bike to do my uber eats delivery on. can i claim for its entirety that £40pm subscription of my self employed tax.
@1stformations3 жыл бұрын
Hi Charlie, great question. You can claim tax relief on the £40 per month subscription as you require the equipment for work purposes and your employer is not funding it. However, how you claim is dependent on whether your bike is motorised (e.g. a motorcycle or moped) or not motorised (e.g. a bicycle). If your bike is motorised you should claim this back as a capital allowance, and if it is not motorised you should claim it back under business-related expenses. You can also claim back any repair costs you may have to undertake. What other topics would you like to see us cover?
@rajeevtaruna2 жыл бұрын
Can i claim a part time course fee (mba) as it would be training ,benefiting me in my career later?
@1stformations2 жыл бұрын
Thanks for the question. We found the following page on gov.uk which may be helpful to you: www.gov.uk/expenses-if-youre-self-employed/training-courses We hope that's of use!
@monay.tahafaridams13422 жыл бұрын
This was very beneficial and very informative.I have lots of videos to watch from you guys. I have shared this video to one of my colleagues, which I'm sure he will get surprised . Thanks a million
@1stformations2 жыл бұрын
We're glad you found this video interesting Mona. Have you checked out any of our other videos?
@monay.tahafaridams13422 жыл бұрын
@@1stformations oh yes definitely. I have plans to watch more with my group this Friday. Thx a million
@1stformations2 жыл бұрын
@@monay.tahafaridams1342 Great. Are you planning to watch any videos in particular?
@monay.tahafaridams13422 жыл бұрын
@@1stformations I find your videos very informative and are actually saving me time to explain everything to my partner, as he has registered recently as a self employed. it's a bit confusing for him, so it's a good idea to start watching your videos starting from basics and the fundamental issues, differences, and responsibilities between limited company and sole trader. Its going to be fruitful weekend for both of us. I will address any questions or inquiries if there are in each video comments.
@1stformations2 жыл бұрын
@@monay.tahafaridams1342 Thanks Mona. What do you and your partner do for a living?
@marditoon1128 Жыл бұрын
Can you claim accounting expenses on a Limited Liability company or through sole trader???
@1stformations Жыл бұрын
You can claim for business accountancy expenses as an LLP member or as a sole trader. Are you an LLP member?
@marditoon1128 Жыл бұрын
@@1stformations Yes and thank you very much. Great channel
@1stformations Жыл бұрын
@@marditoon1128 Great. What does your LLP do?
@1stformations Жыл бұрын
@@marditoon1128 We're glad you like it. Have you watched any of our other videos?
@pilatesyogataichifit2 жыл бұрын
What if you use cash basis and normally used the simplified option for car cost (i.e. car mileage) for your car... but with COVID, the car has not been used at all, as we were in local lockdown for the whole year where I live. Does that mean I cannot deduct any car-related costs? Because of the 0 miles driven (OK, it may have been 0.5 mile to the garage where it was MOT'd)? I still had to pay for MOT, road tax, insurance and breakdown cover (and will have to pay for a new battery too when we start driving again). My understanding is that we normally pick one method for motoring expenses and we keep the same for that car, but given the unprecedented situation with lockdowns, are HMRC willing to be a bit more flexible on this?
@1stformations2 жыл бұрын
Thanks for the comment! Because this is such a specific case we suggest going straight to HMRC for guidance. We hope you get a clear answer.
@Tawn7773 жыл бұрын
These videos are really good and simple to understand 👍🏻
@1stformations3 жыл бұрын
Thanks for your kind words, Dale. If there are any other topics you'd like us to make a video about, just leave a comment!
@Tawn7773 жыл бұрын
@@1stformations Thx, I will for sure.
@nathanhill46342 жыл бұрын
Thanks for the great video. As i dont have a regular place of work can i claim millage?
@1stformations2 жыл бұрын
Thanks for your question Nathan. What type of vehicle to you use to work?
@nathanhill46342 жыл бұрын
@@1stformations it's a van
@1stformations2 жыл бұрын
@@nathanhill4634 Thanks for that Nathan. In general terms, you can claim mileage for any business trip which does not involve commuting to and from a regular permanent place of work. As you do not have a regular permanent place of work, you should be able to claim for all mileage used for business purposes. Do you keep the receipts for payments made for fuel for your van? Or do you have an electric van?
@nathanhill46342 жыл бұрын
@@1stformations receipts and track the millage. Do you have an email i can contact you on?
@1stformations2 жыл бұрын
@@nathanhill4634 Hi Nathan - please contact us at support@1stformations.co.uk for more assistance. How much mileage do you normally do in a year?
@orellaroberts30942 жыл бұрын
Great video, would you be able to make a video about what you can claim being a childminder? Thank you!
@1stformations2 жыл бұрын
I'm sure we can Orella - please watch this space! Are you a childminder?
@orellaroberts30942 жыл бұрын
@@1stformations thanks for the reply! I’m currently working with an agency so in the middle of doing my checks etc but I’m still going to be classed as self employed and it’ll soon be my main form of income. I know the basics but I’m still a little confused as to exactly what I can claim and the portions of things and what counts.
@1stformations2 жыл бұрын
@@orellaroberts3094 OK - do you intend to start working after 31 January 2022?
@orellaroberts30942 жыл бұрын
@@1stformations yes I do
@1stformations2 жыл бұрын
@@orellaroberts3094 OK. If you don't mind us asking - are you asking now so you can collate claims as you go, or are you of the opinion that you need to file a self assessment tax return by the end of February 2022?
@xXNekou2 жыл бұрын
If I need to get an Uber to get to my self-employed place of work - does that count as an expense I can add?
@1stformations2 жыл бұрын
Thanks for the comment! Unfortunately if you are referring to travelling from your home to your place of work (or vice versa) this would not be covered under the allowable business expenses.
@James888JJ3 жыл бұрын
What about if you’re a sole trader
@1stformations3 жыл бұрын
Hi James, in regard to your query, all of these expenses mentioned in this week's Whiteboard Thursday are claimable as a Sole Trader, which is great! Have you ever thought about forming a Limited Company?
@ItsCeexo3 жыл бұрын
Very informative video- wanted to ask, I run Facebook ads and spend a lot per month, am I able to claim 100% of the costs from self assessment?
@1stformations3 жыл бұрын
We're glad you found the video helpful, Cheryl! Unfortunately, advertising expenditure of this kind is not an allowable expense and cannot be claimed on. Have you identified any other ways you can reduce your corporation tax bill?
@AB-bc3vi3 жыл бұрын
What if I paid an agency that paid for ads on my behalf?
@dorotapachol80383 жыл бұрын
I have been self-employed offering post-construction cleaning services under CIS. During Covid I didn't have any work, so I changed nature of my business and became a commercial Skipper, however I have undergone training in order to qualify and be able to find work in the field. Can I deduct the training course or part of it on my SA return? (BTW I am on cash basis accounting).
@1stformations3 жыл бұрын
Hi Dorota thank you for watching our video! What did you think of it? To answer your question, you cannot claim expenses on training courses that either allow you to start a new business or expand into a new area of business, which what you have described here. You can find more information about training courses expenses via the following link www.gov.uk/expenses-if-youre-self-employed/training-courses which should help!
@RitchieRosson3 жыл бұрын
Brilliant thorough video! Thank you.
@1stformations3 жыл бұрын
We're glad you found our video comprehensive, Ritchie. Is there anything you didn't know about Self Assessment expenses before you watched this video?
@abuhussain34303 жыл бұрын
Fantastic Advice!! Can I ask something more specific. I already earn 25k a year from my main job as an employee. Now I have a part time self employed job, can I still claim the 12 expenses ? Also if I purchase a new phone and laptop solely for the second job can I claim the full expense?
@1stformations3 жыл бұрын
Hi Abu. Great question! You will need to ensure you register for self-assessment to report your self-employed income. The expense allowances will be available for you to claim against. You can also claim equipment purchases if used solely for work as a full expense! I hope this helps.
@abuhussain34303 жыл бұрын
@@1stformations thanks for the swift reply!! when should I register for self assessment? I only just started the second job this month.
@1stformations3 жыл бұрын
@@abuhussain3430 Hi Abu. Please see the following link to the gov website for all information about self-assessment and registering! www.gov.uk/self-assessment-tax-returns/sending-return I hope this helps.
@ozuko15763 жыл бұрын
Thanks for this information
@1stformations3 жыл бұрын
Thank you for your kind comment we are glad that you found this useful! Is there anything in particular that you would like us to cover next?
@clintfletcher36293 жыл бұрын
As a delivery driver I use my car for business and personal use therefore I have the usual car insurance I need in order to drive a car and I have my courier insurance separate. Do I caim back just the courier insurance or can I claim back both ? Help would be appreciated thans.
@1stformations3 жыл бұрын
Thanks for your question Clint. You can claim both car insurance and courier insurance using self assessment, as long as you are not using the flat rate mileage method. Does that help?
@phoebeauyeung4298 Жыл бұрын
Hi! I’m a freelance counselor. my jobs always use the working mobile phone face time service to communicate my client and on call service, I have 2 mobile phone to separate business and private use. the working mobile phone is wholly and exclusively business-related. Unfortunately my working phone is broke, I will buy the new one. It's allowed business expenses?Thanks
@1stformations Жыл бұрын
If the phone used exclusively for work-related matters has a separate contract, then yes you can claim for this as an allowable business expense. Is this the case?
@noble43002 жыл бұрын
is this just for sole traders?
@1stformations2 жыл бұрын
Hi Noble - no, this can be for employed people who are also company directors or derive income via other means such as self employment or a second home, etc. Do you own a limited company or are you fully employed?
@RyanSmithSounds3 жыл бұрын
I bought an iPad. I use it 50/50. Can I claim as an expense for this tax year? Thanks!
@1stformations3 жыл бұрын
Dear Ryan, thank you for your comment. If you have purchased your iPad purely for business use, then you may claim this as an expense.
@jonasabate80813 жыл бұрын
Where can I get the form?or how to do it?
@1stformations3 жыл бұрын
Hi Jonas, you can find all the information on the GOV website. Please see this link for further help www.gov.uk/self-assessment-forms-and-helpsheets. What else would you like us to cover in future videos?
@alexpritchard75663 жыл бұрын
Would quick books be classed as a subscription?
@1stformations3 жыл бұрын
Hi Alex - yes, QuickBooks would be classed as a subscription. Do you have any other possible expenses you are unclear about?
@CatchyDrug Жыл бұрын
Is this only applicable to people with their own business or an full time employee like me with a company can also fill the self assessment and claim back some expenses?
@1stformations Жыл бұрын
Thanks for your question. If all of your income was paid via PAYE and you were earning under £150,000 per year via this method of payment, you would not be required to fill in a Self Assessment tax return, and therefore you could not claim for these expenses. However, if you also had other income, or were earning over £150,000 per year via PAYE, then you would be required to declare this income via Self Assessment tax return, and would then be eligible to claim on Self Assessment expenses.
@stefandamnjanovic31093 жыл бұрын
Very helpful as always! Thanks for the great content
@1stformations3 жыл бұрын
Thank you for your kind words, Stefan. Glad you found this video useful.
@JakeJon3 жыл бұрын
Ver helpful! Question: You said Claiming tax back on bills whilst working at home may incur charges when the house is sold ie. capital Gains tax. So is this the case when claiming tax back through a portion of your ‘Council tax’ & ‘flat rate allowance’? And can Directors of a limited company claim ‘flat rate allowance’? Through self assessments or is that only just for sole trader/partnerships?
@1stformations3 жыл бұрын
Hi Jake, thank you for your feedback! Please be advised that Directors of a limited company are technically also employees of a company. All employees of a company are able charges when working from home. With regards to the first question - yes this also applies! Is there anything else we can assist you with today?
@JakeJon3 жыл бұрын
@@1stformations ah sorry I didn’t understand you said “All Employees of a company are able charges when working from home?”
@JakeJon3 жыл бұрын
@@1stformations 💡 ah as a director I can charge my company for my business bills and then my company can claim tax back for this. I think that’s what you’re saying?
@1stformations3 жыл бұрын
@@JakeJon Thank you for your reply. Please note, Self Assessment allows you to claim tax relief against the amount of personal tax you owe (i.e. Income Tax and National Insurance contributions). This video describes how to claim tax relief against personal tax using the methods described. Does this answer your question?
@designsimhotep2 жыл бұрын
Very useful information.Thanks...
@1stformations2 жыл бұрын
We're glad you found this video useful. Are you planning to file your Self Assessment tax return yourself?
@agnenaktinskaite88982 жыл бұрын
Hi, is that applies to sole traders too, or just ltd companies
@1stformations2 жыл бұрын
Hi! Self assessment expenses are generally available for sole traders too. We hope that helps. Are there any topics you would like us to cover in a future video?
@JohnSmith-kb5ku2 жыл бұрын
Imagine all the brain power in society taken up by to avoid and comply with taxes and regulations. Now imagine that power directed to productive causes and not keeping the mafia happy. Anyways, thanks for the information.
@1stformations2 жыл бұрын
Thanks for the comment, we hope you found it useful!
@magdielagudelooviedo360 Жыл бұрын
What percentage can I claim of my total expenses? is it 100% of the total? Thanks
@1stformations Жыл бұрын
Thank you for your kind enquiry, Magdiel. Theoretically, you can claim 100% of the tax you would otherwise pay towards your expenses, but this is a rare circumstance. You cannot claim back 100% of the expenses themselves. Do you know roughly how much your total expenses will add up to?
@sabakebede60563 жыл бұрын
Didn't know some of these, but I do now! Great vid :)
@1stformations3 жыл бұрын
Glad to hear! What didn't you know before?
@paultavener15443 жыл бұрын
Smart advice, from a smartly dressed guy.
@1stformations3 жыл бұрын
Thanks Paul - glad you found our Nicholas to be dapper this week.
@mrmaxwellogundu Жыл бұрын
Hi, please what is the best tax software you recommend? self-employed?
@1stformations Жыл бұрын
Thanks for your message. We are not in a position to recommend a specific tax software, although a safe bet is normally to go with the household name in this subject, which may be Xero. Have you looked at the major software providers in this market?
@mrmaxwellogundu Жыл бұрын
@@1stformationsFormations No, I haven't but, I'd like to have a look. If you have any links, please share. Thanks for getting back.
@1stformations Жыл бұрын
@@mrmaxwellogundu www.xero.com/uk/ www.freeagent.com/ Take a look at these and let us know what you think.
@anjalidhulipala33623 жыл бұрын
Found this video very useful!
@1stformations3 жыл бұрын
We're glad you found this video helpful, Anjali.
@superdevids13 жыл бұрын
Thanks a lot for this really informative video.
@1stformations3 жыл бұрын
We are pleased you liked the video! Did you learn anything new?
@superdevids13 жыл бұрын
Hi thanks for your comment. I definitely learned something new. I didn't know I could claim a part of the council tax when working from home for example. I've just started doing motorcycle leathers repairs and just registered as self employed whilst working part time and trying to do accounting by myself at the moment.
@1stformations3 жыл бұрын
We're so glad we could help! Is there anything you would like to see in our next Whiteboard Thursday series?
@RajNRI3 жыл бұрын
Thanks for informative videos Please advise can a UK limited company receive remittance say as a gift from parents in India in inr to gbp via online wired transfer and what are its tax implications compared to receiving money as a gift to a high income tax payer individual in UK ? Ideally this money will then be used for 1st property purchase in the UK If you can make a video will be brilliant and useful to hopefully few people 😊🙏 Many thanks
@1stformations3 жыл бұрын
Hello Raj, thanks for leaving us a comment, we're glad to hear you're enjoying the series! Our Video Team will certainly take your suggestions into consideration when planning new video content! Do you have a Limited company of your own?
@RajNRI3 жыл бұрын
@@1stformations not yet
@1stformations3 жыл бұрын
@@RajNRI Ah! If you'd like any help with the formation, feel free to give us a call to speak with one of our agents. We can also send you a referral to our partner accountant, who can help you to evaluate your different options in terms of funding your first house purchase :)
@rebecaborha80832 жыл бұрын
Hi. Can you please help? How to record bank loan on self employed tax return ? ( loan related to Covid-19 ) Do I record as income the lump sum received and repayments as expenses? Thank you.
@1stformations2 жыл бұрын
Thanks for your question, Rebeca! A bank loan is not considered income - as it is a loan and will need to be paid back. For this reason, your bank loan does not need to be declared in your Self Assessment Tax Return. Do you have any other questions about your Self Assessment Tax Return?
@rebecaborha80832 жыл бұрын
@@1stformations After I finished writing the question I thought about it and completed the return without including the loan. Thank you for taking time to reply to my question. Great channel.
@1stformations2 жыл бұрын
@@rebecaborha8083 You are most welcome Rebeca! Please feel free to check out the rest of our channel for more videos!
@taylaburgess59762 жыл бұрын
Hi, how do I work out how much mileage, and utility Bill's I can claim for? I never kept any recipts of fuel but it's only 40 miles. Cheers
@1stformations2 жыл бұрын
Thank you for your comment, Tanya. We would recommend checking out 'simplified expenses', as these are for people who do not want to itemise all possible claimable items. It should be noted that HMRC may still ask you for evidence, and this could be problematic if you have never retained any receipts. Do you work from home, as this will also affect the calculation somewhat?
@taylaburgess59762 жыл бұрын
@@1stformations Hello. I work full time lorry driver and part time sole trader from home 😁. Thank you so much
@1stformations2 жыл бұрын
@@taylaburgess5976 Great! Have you watched any of our other videos?
@mindsetmethodmotivation69362 жыл бұрын
Do you have any advice for Capital Allowance for self employed handmade business?
@1stformations2 жыл бұрын
Thanks for your question. We would recommend in the first instance having a look at this page on the HMRC website: www.gov.uk/capital-allowances Do any of these allowances apply to your handmade business?
@mindsetmethodmotivation69362 жыл бұрын
@@1stformations I found that I can claim for my sewing machine and other tools from looking through HMRC website. Thank you for your videos. Keep it up!
@1stformations2 жыл бұрын
@@mindsetmethodmotivation6936 No problem! Have you viewed any of our other videos?
@1stformations2 жыл бұрын
@@mindsetmethodmotivation6936 Great news! You are most welcome.
@mindsetmethodmotivation69362 жыл бұрын
@@1stformations I'm going to listen to some more as I make the product. Thank you
@gailedgley72292 жыл бұрын
Hi Nicholas, love your presentation with excellent tips, thank you. Just trying to get my head around everything before I fill out my first self assessment! Just wondering what happens as I am already employed part time by the NHS and have tax and NI contributions deducted at source and a tax code. Only I have now purchased a holiday cabin and started letting it in July. Is it just in relation to this letting income and expenses associated that I fill out the self assessment? And what happens given I shall only have had 6 months up to 31 Jan of running it? as, although it looks to be easily on track to qualify for a FHL I have not had long enough to get the105 days of letting yet (also the site closes too for the whole of November). Also with the combined income of my non-self-emplyed salary and the income being generated from the cabin will I be stung and / or will my tax code change? (please only reply when you can given it is later on Christmas Eve...) Also can the capital outlay with legal fees etc be claimed against? Finally I paid approx £2200 for a new decking but I was not given a receipt for this - what shall I do? Thanks.
@1stformations2 жыл бұрын
Thanks for your kind questions Gail. You only need to declare your self employed income and expenses on your self assessment; HMRC will already have a record of your PAYE information. It should be noted that your tax code may change if you exceed certain limits on your PAYE and self employed income combined. Capital outlay can be claimed against in certain circumstances. With regards to the receipt - do you have evidence of payment in the form of emails etc?
@gailedgley72292 жыл бұрын
@@1stformations Thanks very much for your detailed reply which is very helpful to me. For several obvious reasons I plan to phase out of my NHS job soon! I have a text message about the decking payment - I wonder if that will do? Or I'll try asking for a receipt. I'll google about which capital outlays can be claimed for given it is sometimes allowed, though I'm not holding my breath. My last question is about the submission date - do I have to submit anything by the end of 31 Jan 2022 or, as my first tax year will not be yet completed do I wait till some other deadline after 5th April? Thanks again.
@1stformations2 жыл бұрын
@@gailedgley7229 Thanks for your reply Gail. The decking text message should be sufficient for HMRC. With regards the date you should submit your first Self Assessment tax return, based on the information provided, this should be by 31st January 2022. Where is your new property based?
@gailedgley72292 жыл бұрын
@@1stformations Thanks so much Nicholas for your advice and thoughts on the matter. Much appreciated. That is good about the text message hopefully being sufficient (plus I have before and after pictures too - the decking was rotten and dangerous so not an improvement!). I have already compiled various spread sheets, inputting income + expenses all invoices and receipts (bar the aforementioned) ready to put onto the HMRC Self Assessment form so I feel happy about this. The cabin is in Southern Snowdonia, Gwynedd. It has glorious views to boot and is proving very popular! I am planning to do the submission all myself being as I am purely a sole trader with one holiday let which seems quite straight forward, unless I am persuaded of unequivocal advantages to employing a suitable accountant or financial advisor! ... Thanks again
@1stformations2 жыл бұрын
@@gailedgley7229 Snowdonia - lovely! I guess not many tourists at present due to winter and Covid?
@georgekiosses70252 жыл бұрын
Good evening I work as a self employed temporary staff and quite often the place of work could be so far from my flat that I must stay in a hotel for several weeks , until to finish the assignment. For example the flat I rent is in Leeds and for a month I must travel by train on Sunday to Leicester and to stay there in a hotel for three days and after that to return on Wednesday afternoon to Leeds and to do that again for another three weeks. So is it possible to claim tax relief for the train tickets and also for the hotel expenses? Is there any time limit on that ?For example If I work in a place in London for three months , three days per week and I return every week to Leeds can I still claim tax relief for traveling and hotels ? Many thanks
@1stformations2 жыл бұрын
Thank you for your question, George. To help us answer it, can you tell us if the location (hotel) you travel to is regularly the same, or if it changes each time?
@georgekiosses70252 жыл бұрын
@@1stformations I try to find a hotel or bed and breakfast which is close to the temporary work .The hotel could be the same or different each week depending on the availability . Thank you
@georgekiosses70252 жыл бұрын
@@1stformations ?
@1stformations2 жыл бұрын
@@georgekiosses7025 If you are self employed and continuously visit the same area for work, that area will be considered a permanent place of work for tax purposes. If you live outside of that area and are commuting to that area for work, the travel there and back (in your case, train tickets) can't be included. However, any business specific travel within the area can be included in a Self Assessment Tax return. With regards to hotel expenses, unfortunately this will also not be an allowable expense on a Self Assessment form, as it would have to be very infrequent to be allowable, and the frequency at which you do so would be well beyond their threshold. We hope that helps!
@georgekiosses70252 жыл бұрын
@@1stformations There must be a limit (number of days ) when we say "continuesly" and "infrequently "?Because it did happen in the past to go to London just for one day's work and I paid for traveling and accommodation . Sorry , could I just ask this : is there anywhere where I could find the relevant information in any detail including numbers ?
@BluesdenPhotography3 жыл бұрын
Some useful info here. Great stuff!
@1stformations3 жыл бұрын
We're pleased you found this video helpful. If there are any other areas of business advice you would like us to make a video on, just leave a comment!
@Techno-Charge3 жыл бұрын
Thank you, very well explained.
@1stformations3 жыл бұрын
Thanks for your kind words. Are there any other videos you would like to see us make?
@Techno-Charge3 жыл бұрын
@@1stformationsHow to record daily business mileage? Most of the time I forget to record mine,
@1stformations3 жыл бұрын
You have two options - you can either estimate this based on the proportion of distance used for work compared to personal use - this would involve you logging the mileage at the start and end of the period and making a calculation. However, this method is risky and we do not advise it, as HMRC may ask for further evidence. The second option is to improve your personal administration/habits to include alerts on your mobile phone to log the mileage at the start and end of every work day. Would you say you could manage this level of personal administration, as we know many - including many of us - could not!
@Techno-Charge3 жыл бұрын
@@1stformations First of all, thank you so much for detailed reply, much appreciated, will try to go for 2nd option, let's see how it goes.
@1stformations3 жыл бұрын
@@Techno-Charge Thank you for your response, it is much appreciated. In the meantime, is there anything else you would like us to cover?
@ingachoi71483 жыл бұрын
Is these expenses eligible for self employment?
@1stformations3 жыл бұрын
Hi Inga, yes they are eligible for self-employment! I hope this helps.
@lukefootner44513 жыл бұрын
It seems there's quite a bit of overlap between this and your other video on allowable expenses for your limited company kzbin.info/www/bejne/r3K3f3aooK6MgdE If I'm a limited company (sole director, contractor), I understand in general terms that I need to file a company tax return and a self assessment return. Would be great to get some clarity around what the difference is between the 2 filings and how the expense claims work. Can you claim eg. your home broadband for both returns if you work from home?
@1stformations3 жыл бұрын
Thanks for your enquiry, Luke. In general terms, the differences between the two filings relates to the allowable expenses. For example, investments in plants and machinery, patent boxes and research and development relief are only applicable to limited companies. It is important you do not double claim on the same expense - i.e. fill in an expense claim for the same item on both a company tax return and a self assessment - as this could lead to a fine from HMRC. Should you have any further questions, please do not hesitate to contact us.
@praschan12823 жыл бұрын
Very useful indeed!
@1stformations3 жыл бұрын
We're glad you found this video helpful, Pras. If you have any other topics you would like us to cover in a video, just let us know and we'll see what we can do!
@Desiklown3 жыл бұрын
This is brilliant! Thanks mate!
@1stformations3 жыл бұрын
We are so pleased you found this video useful Idris. Are you currently a sole trader or do you have your own limited company? Also, don't forget to check out our blog on some of the mistakes people make when it come to self-assessment which may help you! www.1stformations.co.uk/blog/the-10-biggest-self-assessment-mistakes/
@Desiklown3 жыл бұрын
@@1stformations just started up limited company. so learning the ropes on taxes. this was very helpful.
@1stformations3 жыл бұрын
@@Desiklown That's great Idris! What is it that your company is doing? Be sure to like, comment, and subscribe as we release videos every Thursday which could really benefit you and your new company.