What is TURNOVER? Self employed and small business basics

In this video I'm explaining what is meant by turnover in business. Sometimes referred to as total sales, gross sales, total income, gross income, revenue, gross revenue, top line and even net sales to really confuse things, turnover is one of the most basic metrics used to assess business performance. I'm speaking mostly from a UK self employed basis here - there are different rules for companies and terminology can very from country to country and even from accountant to accountant. As us usual, my aim is to give you the basics to help you get your small business off the ground. GET A GOOD ACCOUNTANT!
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#SmallBusiness #BusinessTips #SelfEmployed

[@thomasslattery3520]

Excellent video. Explained more in 9 minutes of video than I got from hours reading articles. Thanks!

[@sameerasmr6217]

What a teaching character. I subscribed in 1st sense. I'm working in a product factory and I want to learn through these account videos more to bright my future. I'm 25 years old. Thank you...!

[@y.swedi748]

The best business video I've ever watched. Thank you

[@rinainlondon8]

I’m watching all ur videos. I will start my business this year

[@crestonvaz6190]

Love it super simple and to the point.worth every minute

[@shahfibre]

excellent easy explanation and demonstration. wish i was landed at this page without wasting time on other videos on youtube.

[@darrensenior7487]

actually that was a pretty good drawing of a cash register lol

[@SmallBusinessToolbox]

Thank you. 😂

[@adebolasamuel4363]

So easy to understand. You have my attention now. I am about to start my business and I am just on my Business Plan now. God's blessings always.

[@SmallBusinessToolbox]

Thank you and best of luck! 👍

[@ralfsdiezins1161]

Love you mate, no homo. 8 min vid gave me more insight than reading official government pages or what Microsoft provided. Subbed.

[@metalmonster1666]

Love your videos mate, gonna be teaching guitar in the coming new year and watching your videos really helps! Thanks for all the advice. Was wondering if you'd do a video that really focuses on tracking expenses using excel as well as mileage logs.

[@ZozaAljubouri]

What the answer of this because I don’t understand the turn over??????? Calculate the turnover rate of 2022 for a company ( No of employee= 1530 - No of left employees = 240 )

[@Onkarr]

Hella confusion but makes sense alittle more than before, Topman!

[@k1ortia]

Thank you very much for breaking that down so easily...

[@sl1ckspurs]

Mate - that was just BRILLIANT!! Subscribed.

[@SmallBusinessToolbox]

Thank you - welcome to the channel! 👍

[@hansdegroot8549]

Money in business 101. Very well explained. (nothing new to me, as to the last words about Amazone) I didn't buy any shares either. :-(

[@deddywirata3719]

Thanks for this explanation!

[@rovino924]

Thanks, I understand it clearly

[@robertiebert]

Sorry I didn't watch all of your video Andy, had to dash out and start a sweet shop 💷💷💷💷👍

[@azizazhar]

Great video mate!

[@650GSF]

interesting stuff, I am a school caretaker, and was sent to train to do PAT testing to save the about a grand a year, so now I am thinking go self employed as a side line to make maybe just an extra 3 or 4K a year towards my retirement as I about about to turn 54, just trying to workout if it is worth giving it a go.

[@SmallBusinessToolbox]

Great stuff - charge a decent rate, do a good job and you'll do just fine! 👍

[@raulands]

Great video, thanks!

[@casablancasj2570]

Fantastic video, thank you!

[@SmallBusinessToolbox]

No worries! 👍👊

[@a000ab]

If turnover and revenue are the same, then what are all these articles and video about the difference between turnover and revenue?

[@shaolin6]

hey bud, thanks for the video. i was gonna ask, what the heck is a PHYSICAL CASH TURNOVER? cs i get what turnover is, but what is physical cash turnover?

[@classicalbum]

Hi, if I fill in my tax return at the end of January I provide actual eanings from April to January. But as the tax year is April to April do I estimate the months from January to April that I don't have data for?

[@SmallBusinessToolbox]

The tax return due Jan 2024 is for April 2022 to April 2023. For the current tax year that return isn't due until Jan 2025. 👍

[@emporia5148]

Hi there! i am looking at my bank statements and need to determine my turnover. Can i use the same concept?

[@solaymanbhuiyan3993]

thanks that was really usefull

[@deutscher86]

THANK YOU VERY MUCH!

[@SmallBusinessToolbox]

No worries! 👍

[@pepesilvia620]

Great videos! Do wages count as expenses? For example if I had £25,000 turnover per year, had £2,000 expenses and then paid myself £20,000. Would my profit be £23,000 or £3,000? Class 4 N.I would be very pricey if the profit were £23,000, having only £3000 left to pay this and income tax after paying myself £20,000 to live per year.

[@SmallBusinessToolbox]

That would be nice! 😀 No, wages to yourself aren't an expense but they are if they're wages to an employee. So you've made £23,000 profit - you should still find that's less NI than if you earned £23,000 as an employee. 👍

[@pepesilvia620]

@@SmallBusinessToolbox Thanks for the help!

[@emmanuelnoel7447]

Great thanks man

[@SmallBusinessToolbox]

No worries!

[@violeryn]

I hope in the end you did invest in amazon shares... :)) Thanks for the video!

[@janvrto4822]

Well explained ;)

[@CartooonTHAT]

i think i've seen this video before. anyway. question. when do, do youtube as a business. do you have to reveal your youtube channel. or do you just show them the adsense transactions of different months. you do keep records right?

[@SmallBusinessToolbox]

Welcome over to this new channel! The only thing HMRC want to know is how much money you've made over the course of the tax year. They'd only ask for specifics if you got audited and very unlikely they'd want details on individual channels. You should still keep your own records for reference. 👍

[@aashpreetkaur1803]

Great. Make more videos on topics you touched in this video.

[@nukapuka]

Hei. So turnerover doesn't include taking out expenses as a self - employed?

[@freddiekustaa2633]

Perfect 👌, 🙇🏽‍♂️... you just earned a Sub..

[@abcdefghpe420]

What is pay out ratio

[@SmallBusinessToolbox]

In what context?

[@abcdefghpe420]

@@SmallBusinessToolbox just a doubt

[@lucasteixeiranl4473]

Amazing!

[@aashpreetkaur1803]

How does Amazon manage with such little profit then? Are they NOT able to live the "rich" lifestyle with this?

[@SmallBusinessToolbox]

Profits are worked out *after* you've taken giant salaries out. 👍😀

[@lukemarsden5872]

great video and great lesson - but loose the music, its distracting and dreadful

[@Canigetanawwwwyyyyeeeah]

a didn't need all the different names that's just confused me now.....next video...all I wanted was a laymen explanation...seems so hard rot find. I hate my adhd for this crap....people