WHEN DO YOU NEED TO DO YOUR SELF-ASSESSMENT TAX RETURN (SELF EMPLOYED)
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- Опубліковано 29 чер 2024
- In this vid Dan gives some info on when you need to do a tax return, depending on when you started trading
Topics include:
Side hustles
When do you need to file a tax return
Registering for a tax return
Self assessment tax return deadline (UK)
HMRC (HM Revenue & Customs)
Start up business
Small Business
Tax years, Start and end of the tax year
Financial years
Making Tax Digital
… and more!
If you have any questions on this, please comment below.
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I would love to see a whiteboard in your videos, for a beginner trying to imagine everything you are saying its quite difficult, great content by the way, Thanks
We are making a new studio set up, so could be possible!
Incredibly helpful, thank you!
Glad it helped!
Hi dan. Thanks for the video. Do you have to do a self assessment form if the only money you receive is living cost money from ur parents, student loan and bursaries from your university. Thanks
In theory on those circumstances it doesn’t sound like it no, unless hmrc issue you one for some reason (and then it’s worth a call to tell them about what income you have and ask if you really need one).
Thank you! I needed to hear this at 9pm on the 30th January to double check the dates of the tax year :D
Woop! Glad it helped
@@HeelanAssociates it did very much so, thank you! And don’t worry… I was ‘late’ I was like a year in advance haha 😊👍🏼
Hello Dan, thanks for all your videos. They are being very helpful for understanding the accounting side of my business. Can I please ask where can you purchase the yellow books related to tax? Thank you.
Sure, Tolleys is the standard place to go.
So, If I start my business on the 6th of April 2024, my first tax return will not be due until AFTER the 5th of April 2025, by Jan 2026 at the latest?
Usually yup!
Hi Dan , great video - just what I needed. If I didn't start my business officially until January but incurred setup costs - software subscriptions etc - within the taxable year before I registered as self employed, am I still eligiable to claim those costs as expenses for the startup year?
Have a watch here: ua-cam.com/video/LXwDuAzadsU/v-deo.html
@@HeelanAssociates Thanks Dan
Im just asking you a question if you dont mind. If i am doing crypto via itp quantifization, and let's say i want to draw out $50k, would that mean i would have to pay $10k as tax? Also when do i have to notify hmrc and how do i do that? Is it every time i withdraw money or annually how much i draw out?
Sorry we’ve not really assessed that asset so don’t currently have an opinion to share on this one.
Hi Dan. I'm new to business and I have set up a limited company but need a startup loan. My business credit score is very low (unsurprisingly) and being 21 I'm not sure a personal guarantee would satisfy lenders as my personal credit history is shallow. What do you advise?
Seek out a local company/org who help obtain them, we've seen quite a few Virgin start up loans done in this way.
Quite a few enterprise groups etc have access the this sort of stuff, which effectively a personal loan.
Hi Dan, hopefully you’ll read this as I’m in bit of a panic mode considering we’re now nearly end of Feb 😅. I got my utr since May 2022 that means I don’t have to do anything right now ? Is that correct ? Thanks
Normally this would mean your first tax year will run May 22 - 5th April 23. First return usually therefore by 31/01/24.
@@HeelanAssociates Ok, thanks 😊 so I still got time
Hi Dan,
I am currently in the middle of purchasing equipment, tools, insurances etc prior to starting my buisness. The business is cleaning the exterior of buildings and i will be a sole trader. This will involve me driving short distances to customers property/premises then using my own equipment to clean. I want to test my business in march 2023 but register the business on or just after the 6th of April 2023.
My first question is, will I be able to do the test trading as I've said above without doing one months tax return?
My second question is, will I be able to include the cost of purchasing the tools etc onto my first years tax return even though these are being purchased prior to registering the business.
My third and final question is what is the best way to include a vehicle into taxes for example on my mileage per the mile, what can you include on the tax return/claim back regarding the vehicle, it will be purchased not leased.
Thanks from Mark
If you start trading in March 2023 sadly you would need to do a tax return to capture that one month.
However if it's just set up costs etc and unpaid testing, it might be you start trading in the new tax year.
You can usually count expenses incurred before start date (pre trade expenses) as occurring on day one, have a watch here: ua-cam.com/video/LXwDuAzadsU/v-deo.html
@@HeelanAssociates Thanks for the link that's really helped, I think as im in no rush to start it would be best for me if I do a few unpaid/practice jobs until april.
Hi, if I started a business in April 2023 (this year). What date does that make the deadline for the self assessment? Jan 31st 2025???
This may help www.heelanassociates.co.uk/when-do-i-need-to-do-a-tax-return/#:~:text=So%2C%20when%20is%20my%20first,of%20January%20the%20following%20year.
Hi if I start my own drop shipping company on Shopify and make like than 9k a year from it do I have to issue any taxes to the government?
It depends on other income really if your are self employed, it certainly sounds like you are trading though and therefore should set yourself up as self employed with hmrc/complete a tax return, or if a limited company you would certainly need to do a corporate tax return/accounts.
Do I need to pay tax even if I earn last then 12k