Accountant Explains
Accountant Explains
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How much tax do you pay? Employment Income tax 2023/24
What is the Tax on Employment Income? Tax due on your employment income in 2023/24 is based on your Net Adjusted Income across 3 Tax brackets.
If you are in England, Wales or Northern Ireland, this is the Tax you will pay on your Employment Income in the Tax year 2023/24 #tax #incometax #finance
Follow this channel for more content on Accounting, Business & Finance.
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Відео

What are Accruals & Prepayments? Learn Accounting - Basic Accounting & finance Concepts
Переглядів 738Рік тому
What is an accrual? What is a Prepayment? learn basic accounting concepts in this educational video all about what are accruals and prepayments. Accounting students, business owners, entrepreneurs all need to have a good grasp of the basic accounting concepts and financial terms. Here in this video I go over the two key terms in month end adjustment journals; the accruals and prepayments. Have ...
How to improve your Personal Finances - 7 Areas to work on
Переглядів 236Рік тому
7 areas to improve you personal finances. In this video we look at the key areas to focus on to improve your personal finances. The daily financial challenges we face can be tackled if you work around these key 7 areas to improve your personal finances. Do you want to obtain financial freedom? Do you want to improve your cash flow? Do you want to increase your wealth? Do you want to understand ...
What Taxes does a Company pay? Small Business taxes | Company taxes | Business cashflow
Переглядів 167Рік тому
Taxes paid by a Company - Corporation Tax, VAT & National Insurance Contributions Business owners pay different taxes, here is a summarised video on the major taxes most companies pay Business cashflow is very important Running a business has many cashflows you need to consider, taxes are priority one! You cannot ignore the tax liabilities a company has and being on top of them just prepares yo...
How to claim Work From Home Tax Relief UK / COVID-19 work from home tax relief - UP TO £125
Переглядів 2713 роки тому
How to claim Work From Home Tax Relief UK / COVID-19 work from home tax relief - UP TO £125
What is MARRIAGE ALLOWANCE? Married? Save Tax! - 2020/21
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What is MARRIAGE ALLOWANCE? Married? Save Tax! - 2020/21
How to Pay yourself from a Limited company (2021)
Переглядів 6623 роки тому
How to Pay yourself from a Limited company (2021)
The Accounting Equation - What is the Accounting Equation? / Accounting Basics
Переглядів 1,7 тис.3 роки тому
The Accounting Equation - What is the Accounting Equation? / Accounting Basics
What is VAT? - Introduction to Value Added Tax (VAT) - 2020/21
Переглядів 1,6 тис.3 роки тому
What is VAT? - Introduction to Value Added Tax (VAT) - 2020/21
Debits and Credits in Accounting Basics - Double Entry Accounting (DEAD CLIC) - Bookkeeping Basics
Переглядів 47 тис.3 роки тому
Debits and Credits in Accounting Basics - Double Entry Accounting (DEAD CLIC) - Bookkeeping Basics
What is Accounting? What is the Accounting Cycle?
Переглядів 1,1 тис.3 роки тому
What is Accounting? What is the Accounting Cycle?

КОМЕНТАРІ

  • @KathrynLeaphart
    @KathrynLeaphart 7 днів тому

    Great Video - You made this so simple

  • @rochaaay
    @rochaaay 13 днів тому

    The only video on youtube and person in the world that can explain this perfectly

  • @JamesLysaght-i8h
    @JamesLysaght-i8h 13 днів тому

    legend couldn't understand my lecturer when she taught this but i could easily understand you

  • @NazrawiSibhat
    @NazrawiSibhat 19 днів тому

    You are legend my friend.

  • @bueno1738
    @bueno1738 23 дні тому

    Thank you sir very helpful 😀

  • @kembafranklyn6610
    @kembafranklyn6610 29 днів тому

    Very helpful

  • @BolajiTosyrose
    @BolajiTosyrose Місяць тому

    This is amazing ❤❤ Thank you so much, I was so confused on the double entry. Your video has cleared up my confusion.

  • @DularaNonis
    @DularaNonis Місяць тому

    Thank you so much for this video. I was struggling with DEBIT and CREDIT. Once again thank you so much ❤🙏🙏

  • @Sanskruti_Bhujbal
    @Sanskruti_Bhujbal Місяць тому

    Thank you!!

  • @Abdulrehmanshah-n5q
    @Abdulrehmanshah-n5q 2 місяці тому

    amazing....thanks

  • @shanicesuper5982
    @shanicesuper5982 2 місяці тому

    Yo!!! I’m so happy I found this video

  • @xolizondo2081
    @xolizondo2081 2 місяці тому

    Thank you so much for this video. I have no accounting background and this video is the first one that has given me hope that maybe I am finally going to understand the double entry principle. You have saved my life.

  • @RenzoRenzi-ns7de
    @RenzoRenzi-ns7de 3 місяці тому

    thanks this rllyyyyy helped me 👍👍

  • @7irmax
    @7irmax 3 місяці тому

    why is increase in income credit????????????

  • @franzes8286
    @franzes8286 3 місяці тому

    Hello sir . I just wanted to ask if the salary of £400 -£500 per week as a nanny with free all (house/food/ wifi etc , is a good pay already? Its already the net pay i mean. I am planning to move as a nanny there and this what one sponsor is offering. I will take care of 1 child only with 2 days off per week. Kindly advise. Thank u

  • @shyaamo
    @shyaamo 3 місяці тому

    Clear explanation...

  • @agyahannatu
    @agyahannatu 3 місяці тому

    Very interesting, have learnt alot, I'm preparing for accounting job, this will take me a long way, please sir, more videos 🙏🙏🙏

  • @gillyk3466
    @gillyk3466 4 місяці тому

    DEALER is also good example

  • @Reatile_Ramafikeng
    @Reatile_Ramafikeng 4 місяці тому

    Sat through a 3 hour lecture and all my questions where answered in a 1minute video 😢

  • @nanaobengbismark42
    @nanaobengbismark42 4 місяці тому

    I can now work at the bank. why is it that our professors do not explain it this way.

  • @poolzones8464
    @poolzones8464 4 місяці тому

    Your method is ingenious and very appealing. I learned a lot. There are a few terms that are thrown around by others. Isn't a credit essentially a minus? I mean I look at credits with the minus figure in front of the credit figure. Another aspect that would make accounting easier to comprehend is using the full term of a concept. Take for example the word expense as an account. It is actually an expense ledger, is it not? I mean, are these just all different ledgers? Expense ledger, rent ledger, cash ledger, etc. That makes the concept easier to comprehend. So instead of saying the expense is a debit and the cash account is a credit. It seems clearer to say the expense ledger is debited (and increases) and the cash ledger is credited (and decreases, which also decreases the bank account). Also, each transaction must have a double entry. There is a skill to learn. But there are always two entries.

  • @madmoneyfinances3249
    @madmoneyfinances3249 5 місяців тому

    Excellent video. Great, simple breakdown. Much appreciated. One thing though... If you think money in the bank is an asset and NOT a liability, your financial foundations and understanding is dangerously skewed.

    • @accountantexplains
      @accountantexplains 5 місяців тому

      Thanks for the comment. Although I didn’t quite understand the second part of it. This is a video on what the entries are for various accounts within double entry accounting concepts. And i don’t see how you are saying cash going into a bank account is a Credit entry? Whenever cash goes in the bank it will be a debit entry (increases your asset) 100% all the time, its never a credit entry. Is that what your saying? I would love to know how thats possible But if your referring to lets say you get cash in the bank account as a loan and that is what you call a LIABILITY then again your wrong in the theme of this video. Even in that case your journal entries would be Debit bank and Credit loans - so in this case even though its a loan (liability) but for you to post that transaction into your ledger you would still need to say your asset (bank) has increased so it will be a debit and a liability (loan) has also increased so it will be a credit. That is double entry accounting, when an asset increases but creates a corresponding expense or liability. Please do respond if i didn’t answer your concern properly and i’ll be happy to explain further!

    • @madmoneyfinances3249
      @madmoneyfinances3249 5 місяців тому

      @@accountantexplains "The Creature from Jekylle Island" by G. Edward Griffin

  • @sankyeat
    @sankyeat 5 місяців тому

    I'm confused on this. Debit = an entry recording a sum owed and Credit = an entry recording a sum received. Right? if liability takes money out of your account, how can it be a credit? Why does a decrease in liability count as a debit but an increase in liability is a credit to your business?

    • @nirajthakor9748
      @nirajthakor9748 5 місяців тому

      Who said credit means a sum received???

    • @sankyeat
      @sankyeat 5 місяців тому

      @@nirajthakor9748 Google.

    • @accountantexplains
      @accountantexplains 5 місяців тому

      Don’t look at it debit and credit as in and out of the bank (thats also the term banks use on their statements, a topic for another video) Instead see it this way, if you receive money your bank has increased in value. Bank is an asset by nature, if that goes up in value its a debit. So in the case that bank goes down in value (i.e. money leaves your bank) the same bank will be a credit. And to answer your other question, no Debit is not a sum owed or Credit is not sum received. I think you got this confused with how a bank statement shows money in and money out, that is looking at the cash movement from the banks perspective (this is another interesting topic i will make a video on as i see a few people get confused to see the bank statement showing money coming into the account as credit on their statement but here i say bank money comes in is a debit). I am explaining the double entry in which case it is a debit entry on your journal entry but the bank statement is from the bank’s point of view so for them to receive money its a credit for them as they will need to return it back whenever the customer (you) will withdraw it. As said its not easily explained within a comment so i will add this topic to the videos to do for sure!

    • @nirajthakor9748
      @nirajthakor9748 5 місяців тому

      @@accountantexplains Thanks sir..Btw i want to know too that on what basis they make entries? As you said that they do on their perspective but suppose i withdraw money from bank so they'll ofcourse debit my account but on what and even what do they credit??

    • @sankyeat
      @sankyeat 5 місяців тому

      @@accountantexplains Thanks, I appreciate the feedback. Do we know why certain things are debit by nature and why others are credit by nature? Or is this something accountants don't know or need to know?

  • @donfrancis1246
    @donfrancis1246 5 місяців тому

    Thanks a ton!

  • @Cherrykiller666
    @Cherrykiller666 5 місяців тому

    Thanks! Very useful information

  • @conradbo1
    @conradbo1 5 місяців тому

    Great and informative video. Thanks a lot.

  • @Jaassmmiinnee08
    @Jaassmmiinnee08 6 місяців тому

    Just wanted to say that I have watched so so many videos trying to wrap my head around double entry and this is the best one by far! Thank you so much for making this video, you have stopped me from giving up lol

    • @accountantexplains
      @accountantexplains 5 місяців тому

      I’m glad to know this helped you crack the code, it all links back to debits and credits believe me! Thank you for the feedback!

  • @JamesLowe-hv8qj
    @JamesLowe-hv8qj 6 місяців тому

    THANK YOU !!!! ALL I GOTTA SAY

  • @MelroyvandenBerg
    @MelroyvandenBerg 6 місяців тому

    This is the first youtube video I finally begin to understand double entry accounting. Thank you!

    • @accountantexplains
      @accountantexplains 5 місяців тому

      Great! Thanks for the comment, I’m happy this has helped you

  • @m.padmashree2519
    @m.padmashree2519 6 місяців тому

    I understood very well about debit and credit sir thank you but i request you to make lot of videos about financial accounting and all the concepts of accounting and also final accounts sir 🎉😊

    • @accountantexplains
      @accountantexplains 5 місяців тому

      I have not been active lately I accept that but I’m definitely working on getting back in the routine to making new content regularly soon. Thank you for the feedback, i’m glad you liked it!

  • @VikasKumar-qb3dv
    @VikasKumar-qb3dv 6 місяців тому

    Bro, my partner is not working at the moment can i also apply for the marriage allowance, where i wouldnt have to pay the tax.. Can u please answer.

  • @donfrancis1246
    @donfrancis1246 6 місяців тому

    I am someone with no background in accounting, yet I was able to get it. Your mnemonic is so good. Thank you.

  • @Virtues162
    @Virtues162 6 місяців тому

    'Accountant Explains ' host _____The Man______The Myth_______The Legend !!

  • @thebubble734
    @thebubble734 6 місяців тому

    Thank you so much! I just couldn't get my head around this concept and this has huuugely helped

  • @UNKNOWNPERSONALITY111
    @UNKNOWNPERSONALITY111 7 місяців тому

    My partner don’t work so if she apply, from 2016 which means today in 2024 I will get £1250 for 8 years in my bank account??

  • @La_fish
    @La_fish 7 місяців тому

    Extremely useful! Thanks man you should take my lecturers job cause they don’t know wtf is cutting

  • @blueangel8220
    @blueangel8220 7 місяців тому

    Very good video

  • @keisham
    @keisham 7 місяців тому

    thank you very much! debit and credit very well explained. otherwise people generally thinks debit means decrease and credit means increase. it all depends on type of transactions.

  • @prakhar3365
    @prakhar3365 7 місяців тому

    very helpful, thanks

  • @itz_PROCHANOD
    @itz_PROCHANOD 7 місяців тому

    Thank you so much.i understood everything you told and i liked subscribed commented and shared to everyone in my class :)

  • @famia1070
    @famia1070 8 місяців тому

    Thank you for this video. It helped me very much to understand the double entry book keeping.

  • @Jas-fm5wf
    @Jas-fm5wf 8 місяців тому

    explained better than my fat rass teacher

  • @OFNETWORK-y5c
    @OFNETWORK-y5c 8 місяців тому

    Thanks for this great video. It was really very useful for my learning. Gave me a better grab of the debit vs credit double entry struggles have been having. I appreciate. Felix

    • @accountantexplains
      @accountantexplains 8 місяців тому

      thank you for watching! & i'm happy to hear this helped you understand Debits & Credits

  • @abrahimshorbtli9714
    @abrahimshorbtli9714 9 місяців тому

    Why do you only have 1.7k Subscribers this video is a lifesaver your DEAD CLIC is extremely useful brother much appreciated I hope you reach 1 Million subscribers soon and become the best accounting channel on UA-cam 🙏

    • @accountantexplains
      @accountantexplains 8 місяців тому

      I am glad the concept has become more clear to you with the help of this video, really appreciate your kind words!

  • @5ickpirate
    @5ickpirate 9 місяців тому

    very well explained..cheers

  • @LOWRYDR7
    @LOWRYDR7 9 місяців тому

    Thank you a lot! You made my day bro, honestly. Спасибо Огромное! Katta Rahmat oka atdushe)

    • @accountantexplains
      @accountantexplains 8 місяців тому

      i'm glad you have got some benefit from this video, thank you for the feedback!

  • @sarahbeaumont8015
    @sarahbeaumont8015 9 місяців тому

    Thank you! Well presented, it now makes a lot more sense watching this along with my text books! 😁

    • @accountantexplains
      @accountantexplains 8 місяців тому

      Thank you for watching & i'm happy to hear this has helped you!

  • @dj28200
    @dj28200 9 місяців тому

    Great video thanks a lot 👍👍👍

    • @accountantexplains
      @accountantexplains 8 місяців тому

      I'm glad this helped, thank you for the feedback!

  • @syedshahzadshahzad3739
    @syedshahzadshahzad3739 10 місяців тому

    Simple ❤ in one line😍

  • @ximg3c
    @ximg3c 10 місяців тому

    please make more videos, i really need the help for my class youre the only one that teaches really good

    • @accountantexplains
      @accountantexplains 8 місяців тому

      Thank you for the appreciation & i really will try my best to start making new content soon.