Self Employment Tax Return Mistakes To Avoid
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- Опубліковано 28 вер 2024
- In this video, we delve into essential tips to steer clear of expensive errors when filing your UK self-assessment tax return. Understanding key dates and required forms is crucial for a smooth tax season. Learn how to navigate HMRC deadlines, including the January 31st deadline for online submissions and paper returns due by October 31st. We'll also clarify the significance of tax forms such as the SA100, SA302, and P60, ensuring you have the right documents ready. Additionally, we'll highlight common pitfalls to avoid, providing practical examples to illustrate these points. Don't let avoidable mistakes drain your finances; watch now to optimize your tax return process!
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Have you completed your self-employment tax return on your self-assessment yet? What issues have you faced? Pay your self assessment tax bill over 12 months: ua-cam.com/video/1tNS4CjJ0MI/v-deo.html
This is my first time filling the self assessment tax returns, i started as a sole trader December 2022 , according to the information online its suppose to be from an april to another April of a particular year i.e April 1st 2022 to April 1st 2023..what do i do since i started mine in December 2022..thank you.
Your December 2022 to 5th April 2023 income will be reported on your 2023/24 tax return
May I ask if I started my independent consultant service in a short period from 1 August 2021 to 30 Apr 2022, should I report my service income in two separate fiscal years to HMRC of my self-employment assessment ?
You will need to report the income in the 2021/22 tax year from Aug 21 to Mar 22 and then report Apr income in the following tax year
I am sole trader and just bought a cabin purely to be my office and stock room. Can I claim it? (Thank you.)
There is a strong possibility but please do speak with your accountant about it first
Thank you very much for your reply.
Where on the self-assessment form is the correct place to include eBay selling and advertising fees.
It should be easily identifiable on the self-employment pages (box 24): assets.publishing.service.gov.uk/media/6602bf99a6c0f7699def9137/SA103F-2024.pdf
@UK-Property-Tax-Accountants I'm doing this online, so the form is set out differently. Also how much should the tax be for a £400-500 profit.
Self employment profits are not taxed. Not sure about the online version about the forms.
@UK-Property-Tax-Accountants are you sure because after completing it, it gives me a figure of about £153
Check this website out to see if you can benefit www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income
Speak with a local accountant 👍
Very useful sir thank you very much sir Simon. Stay safe and happy new year
Thank you sir, you too.
very helpful.i complete my own returns but am wondering about what i missed out. can i go back over returns and resubmit them once i have new info? clear and well presented video. thanks.
Yes indeed you can. Best of luck 🤞
Hi my business started in November 2020 so I do my book from then to this dec21
That very much depends on whether or not you are using a limited company. If the business is in your own name then your financial transactions need to be listed from 6th April to the following 5th April. If you are using a limited company then the to and from date is when you started the company for 12 months. Hope that makes sense?
Hi
Issue I have is no advice from my accountant
That should tell you that a new property tax specialist is required in your team
Hi. My tax return start's from 30th June to 1st July. Do I enter this on the online application form? My accountant passed away recently so I'll do my return myself
The tax year starts sixth of April each year for self-assessment. I am not sure what the year end date 30th of June is about. You might be talking about a limited company and if this is the case then you need to use software to do a set of accounts for companies house and a tax return for HMRC
?
I think you are probably advised to hire another accountant to help you
Hello, I been selling on etsy and i want to know if I need to include the etsy fee on the turnover ? I hope you can answer my question thank you
You can use the Etsy fee to decrease your profit 👍
@@UK-Property-Tax-Accountants Thank you.
@@UK-Property-Tax-Accountants just want to double check, can i deduct etsy fee when i write in the turnover or do i deduct it as expenses? Thank you
You will need to separate income and costs therefore you should split them out as an expense
@@UK-Property-Tax-Accountants thank you for your help :)
Nice video
Thank you 🙏 kind sir
Nice information with tips. Thank you
You are very welcome