Thank you Annette. This is the clearest video on the topic that I watched.

@annetteferguson-accountant

Жыл бұрын

Great - so pleased it helped you

Amazing video answered my questions I've been having to a tee. Many thanks

Very informative and clear

Many thanks, Annette. Very helpful.

@annetteferguson-accountant

Жыл бұрын

You are welcome

Very straightforward explanation. One thing I’d like clarity on in terms of income is things like “Buy me a Coffee”. This is a service I use as a growing KZreadr for people to send me a cash reward if they like my content. What I’d like to know is what kind of income this is: paid or gift? Would be helpful to get your view. Many thanks.

Hello Annette, so lucky to your video which is very good! In 2021 - 2022, my sole trade biz's profit was less than 1000 pounds. I went through the questions provided on HMRC which told me no need to file a self-assessment tax. This year, I applied for the UTR number and then HMRC sent me a letter saying that I was late in reporting my tax of 2021-2022. May I know why? Many thanks, Annette

@johnwhite1608

6 ай бұрын

did you get a response?

Great explanation. I have a question. Lets say I invest some money from my side hustle to a ISA stocks and shares account. Are those investment gonna be taxed or i can include them in my tax return as a deduction so i wont be taxed on them? thanks

@annetteferguson-accountant

Ай бұрын

Neither. The investment is not taxed And you cannot claim as a deduction either.

Hi, Many thanks for informative video. Would you mind to answer one question please? I’m starting self employment along with my full time employment. Have spent £28k for self employment business to start. Does that means that I’m no longer will be paying tax from full time employment until the money spent for self employment business start up returned? I’m talking about pre-trade expenses? Thanks in advance

@annetteferguson-accountant

Ай бұрын

That depends on the level of tax you pay for your salary. On your personal tax return, you will put your self employed losses and then you can offset those against your salary.

What about buying a new electric car?

So i work for a company that pays my taxes and my side hustle made less then £1,000 (700) to be precise, do i need to declare this or not? As ill need to pay an accountant to file the tax return which is going to cost more money

@annetteferguson-accountant

9 ай бұрын

When you say your side hustle made less than £1000 - it depends if you means income or profit. If it make less than £1000 total sales then you do not need to tell HMRC or file a return. If the total sales was over £1000 then you do need to. If you are required to submit a tax return you don’t have to pay an accountant, you are allowed to file that yourself.

@tonyc1167

9 ай бұрын

@@annetteferguson-accountant the side hustle is just a side job plastering on the weekend, on the books only paid 700£ for the year total, i do have other money come in to my account but wasnt income made just money from other things, would i need to declare that as well? this is what i mean i dont want to pay an accountant a few hundred quid when i only made 700 seems crazy, but obvs i dont want hassle for the sake of couple hundred quid either. what do i do? sorry for the long winded message,

Very informative and clear

@annetteferguson-accountant

Ай бұрын

I am glad it was helpful