Accountant's Tax Tips If You Earn Under 40k

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  • Опубліковано 11 вер 2024
  • This video is about optimising your tax return if you earn less than £40,000 (£40k) a year, by claiming tax allowances, tax write offs and appealing tax penalties when appropriate.
    This video will help you if you want to pay less taxes to HMRC and file an efficient tax return.
    I will tell you about the trading allowance, property allowance and the married couples allowance, plus how to write off working from home costs in your tax return. I will also discuss late filing tax penalties, and reasonable excuses to reduce your penalty.

КОМЕНТАРІ • 38

  • @GillerHeston
    @GillerHeston 26 днів тому +6

    Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

    • @rogerwheelers4322
      @rogerwheelers4322 26 днів тому +6

      Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement. Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

    • @joshbarney114
      @joshbarney114 26 днів тому +6

      This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

    • @FabioOdelega876
      @FabioOdelega876 26 днів тому +3

      Good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow.

    • @joshbarney114
      @joshbarney114 26 днів тому +6

      ‘’Marisa Breton Dollard’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

    • @FabioOdelega876
      @FabioOdelega876 26 днів тому +6

      Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

  • @japanluv
    @japanluv Місяць тому +2

    Hi. Can you do a video, please about individuals who are getting intro trading Forex/Futures, what’s the best way to go about tax( can’t find the right “occupation” when I try to register as a Limited company for example) and what’s the best way around it when it comes what’s the activity or purpose of the business and best way to go around tax, especially those trading prop firms where you are considered as a “contractor” rather than your own business since you’re trading someone else’s money( the prop firm). Thank you 🙏🏼

  • @maxodidily
    @maxodidily Місяць тому +5

    1:24 The computer not working excuse feels like handing in a corrupted file to your teacher because you didn't do the homework.

    • @hctib6384
      @hctib6384 Місяць тому

      can I do this for a tax return?

  • @FrequencyandLightHealing
    @FrequencyandLightHealing Місяць тому +2

    I’m sorry but this was not true for me. I’m a pensioner and always submit my return. Last year on 1/6, and they even sent me a refund. But in December they kept texting me telling me to submit my return. To be sure I rang them up and their assistant said I was right and was actually in credit. Fast forward March I got a penalty notice and NO appeal form though the letter said one was enclosed. I sent a recorded delivery letter explaining my situation and they ignored it, and just sent me another letter saying I could appeal with the enclosed form, and NO FORM. They were determined to rip me off. It’s disgraceful 😢

  • @BuzzaB77
    @BuzzaB77 29 днів тому +1

    Only 26 for WFH? is that the max or the number from the example of 160 hours a month?
    I've simply been claiming half my bills because I work half of the hours I am in that property!

  • @keithvers569
    @keithvers569 28 днів тому +1

    Is there an inexpensive way to put my 2 flats into a limited company whilst they both have mortgages on them?

  • @Maheshkumar-r1w
    @Maheshkumar-r1w Місяць тому +3

    Great content is. I traded well on my demo account but when I invested in to my main account I lost all my funds. Please I need an expert to assist me with my trading. It's frustrating how people loss funds in this trading. I really feel so bad.

    • @TejeshwarChowdhary-dq1eq
      @TejeshwarChowdhary-dq1eq Місяць тому

      I will advise you should stop trading on your own if you keep losing.

    • @TejeshwarChowdhary-dq1eq
      @TejeshwarChowdhary-dq1eq Місяць тому

      If you can, then get a professional to trade for you I think that way your assets are more secure.

    • @TejeshwarChowdhary-dq1eq
      @TejeshwarChowdhary-dq1eq Місяць тому

      I'd recommend Maria Andersen. Her profit is great even when there's a dip

    • @pauls3075
      @pauls3075 Місяць тому +1

      SCAM SCAM SCAM SCAM SCAM.

    • @salguodrolyat2594
      @salguodrolyat2594 Місяць тому

      Demo accounts have fake transactions. They are nothing like main accounts trading.

  • @jitendrarampraveshsingh2846
    @jitendrarampraveshsingh2846 Місяць тому +3

    Good Information 🙏

  • @eveb7190
    @eveb7190 Місяць тому +1

    Appealing penalties is specific to people earning £40k or less...

  • @smartchip
    @smartchip Місяць тому +1

    What do you mean?
    Government is a bully that takes your your pocket money and "takes" his cut then gives you what's left,
    Feudal system V2.0,
    Thank you Kiran'jee information is power, power to make life that bit better,

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +1

      It's called taking part in society. Recent studies have show people actually would be happy to pay more tax. People don't mind the taxes (they mind not getting value for their taxes).

    • @smartchip
      @smartchip Місяць тому

      @@OneAndOnlyMe who funded the research?
      Checkout the following:
      The corporation documentary (2007)
      Inside job, dirty money, secrets of the magna Carta by Adam Smith institute, moneyasdebt 1&2,
      The following psychological experiments:
      Milgram's experiment, Asch conformity experiment, rat hope experiment, baader-meinhoff effect, dunning-kruger effect, rat utopian experiment,
      The following content producer:
      The Duran, the lotus eaters, funky prepper, Redacted, Douglas McGregor, the new atlas, Scott Ritter,

    • @smartchip
      @smartchip Місяць тому

      @@OneAndOnlyMe it's called being a bonded slave,
      Who funded the research?
      Look into the subject, observe the actions not the words,
      How does money work, what is money? What is it backed by? What is national debt? Who do all the countries in the world owe money to? Therefore are the countries NOT subordinate to the people / group they owe money too? How are the local councils in the U.K. just carrying on as usual when they are bankrupt,
      Checkout Yuri bezmenov interviews and lectures in the 1980's,
      The following documentaries:
      Moneyasdebt 1&2, the corporation (2007), the secrets of the magna Carta by Adam Smith institute, netflix: inside job, rotten, dirty money,
      The following psychological experiments:
      Milgram's experiment,Asch conformity experiment, rat hope experiment, baader-meinhoff effect, dunning-kruger effect, rat utopian experiment,
      The following content producers:
      The Duran, professor Jordon Peterson, lotus eaters, professor john mearsheimer, Dr John Campbell, Douglas McGregor, David Starkey, Tim cast irl, Redacted,
      Books: the year civilization collapsed by Eric H Cline, Captains of consciousness By Stuart Ewan, consciousness and society by Stuart Hughes, Plato's republic, the rape of the mind by joost meerloo, simulacron 3 by Daniel F Galouye,
      Your welcome,

    • @DrRock2009
      @DrRock2009 Місяць тому

      Government will steal half of everything you ever earn in your life, and they still end up bankrupt…

    • @smartchip
      @smartchip 28 днів тому

      @@OneAndOnlyMe who paid for the study?
      That's like big pharma paying for the research and studies for notorious drugs,
      The Sackler family is the most obvious one, mass murder, manipulation, bribes, Corporations (large) are untouchables,

  • @lawrencer25
    @lawrencer25 Місяць тому +2

    ❤❤❤❤❤

  • @steve6375
    @steve6375 Місяць тому

    On Trading Allowance, you said you are 'allowed to earn up to £1000'. Do you therefore mean make a profit of below £1000 or have a turnover of below £1000. They are not the same thing are they? e.g. I make approx 5k a year as a sole trader on 20k of gross sales and fill in an online SA. Will they automatically allow for the £1k allowance?

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +1

      Neither turnover not profit, but simply generating any extra income.

  • @aturan-fo1qt
    @aturan-fo1qt Місяць тому +4

    Why under £40k?

    • @MrSamosayoe
      @MrSamosayoe Місяць тому +1

      It's like the median salary I think

    • @tabassumk8166
      @tabassumk8166 29 днів тому +1

      I guess because most of your salary will get taxed in the basic rate band

  • @mosadventures
    @mosadventures Місяць тому

    Thanks!

  • @gulammangerah1137
    @gulammangerah1137 29 днів тому

    👍👍