Great vid which has answered all my questions. Self employment here I come! Thankyou

@HeelanAssociates

3 жыл бұрын

Great news! Good luck with it!

your videos have really helped me as im going self employed and employed at the same time thank you been a great help newly subscribed

@HeelanAssociates

3 жыл бұрын

Glad it was of help Michael!

Awesome, thank you.

@HeelanAssociates

2 жыл бұрын

You're welcome!

Updated 2021 Version kzread.info/dash/bejne/pXlqzaRqeaeagKg.html

Thank you for explaining everything in such a simple way! Maybe I missed it so am asking. As a self employed, can I have 1-2 employees and add their salary to my expenses list and also will we be eligible for a pension plan? I used to have scottish widows as an employee. Thank you!

@HeelanAssociates

3 жыл бұрын

Hi Elke, Yes you can employ as self employed. You register a scheme and as you say their wages are an expense to you for tax purposes. Pension also in play if they earn the right amount/are the right age.

Hi, Do you think you can do a video on a Self-Employed Partnership as from what I can gather it's very similar to the Sole Trader but there seem to be some differences too. Thanks

@HeelanAssociates

3 жыл бұрын

Hi Adam, we will add it to the list!

Hi there👋 great video, Two questions please, hope you don’t mind. If you are registering for self assessment when you are starting your business, are you in the same registering as self employed (choosing name of your business etc). Or it’s a process you do separately? Second question- is it possible to register before you start trading? Hoping to start in few weeks but don’t have a set date? Thanks for your help.

@HeelanAssociates

3 жыл бұрын

The word 'business' is always the bit that can be confusing. As 'sole trader business', it is basically the owner themselves as self employed, in contrast to a limited company where you register with Companies House separately and need to have a name ready to roll. When you register as self employed/sole trader it doesn't actually matter about choosing a name - its not on a register as such with HMRC - they just use you as an individual. When it's time, it's important to register as self employed via the gov.uk to make sure the NI office know you are - there have been problems over past few years with people getting that wrong. We've not actually seen anyone do this in advance! We'd normally advise not to just because if anything changes you could/will probably still end up needing a tax return you didn't actually need.

Hi thank you for the video. Do you think that the letters from hmrc like the utr are good as proof of residence in uk (I need it for the brexit application)

@HeelanAssociates

3 жыл бұрын

They certainly are helpful that you are keeping up with your tax obligations. We've had clients use them and tax returns as part of various info.

@coolvibesradio3267

3 жыл бұрын

@@HeelanAssociates thanks for the reply

Hello. A subscriber question, please. Having just finished university and whilst searching for his first job, my son is looking to start his own very small business (an artistic service) and in today's difficult job climate, I'm all for him having a go and taking the initiative, as he's extremely skilled at what he does. Up until now, all he's done is get things in order to start, such as buying tools and materials, etc. Additionally, he purchased his domain name on 28 Jun and we're putting together his website at the moment. I've read that you need register with HMRC as a Sole Trader and get your Unique Tax Reference (UTR) '... within 3 Months of starting'. Also, as in your video, I've read '...you need to tell HMRC as soon as possible after starting'. At the moment, he's not actually started charging for anything, just getting together the means to properly start up. Now very nearly ready to start, but having gone passed 3 months, can he still list the purchase of his domain as part of his setting up costs/losses (sorry, don't know the correct terms yet) and what about his web hosting fees (paid for his first year, in advance), tools and materials purchased in preparation. He has kept all his receipts. It's a bit like setting up a shop, but not trading yet, if you get my analogy. I think he should use 28 Jun as his 'start-up' date with his receipts as his first records of setting-up costs. Are there any advantages or other considerations to take into account? Your advice and experience is very much appreciated and thank you for your very informative videos.

@HeelanAssociates

3 жыл бұрын

Some general points to help: *The 3 month rule was dropped in the main, now its 'as soon as possible'. *You can claim pre start up costs, so when he is in a position to start providing the service, that is a often a good day to 'begin trading' for a registration point of view. *You basically treat the 'pre trade expenses' as being spent on day 1 of the trade. We can't give specific advice on individual situations here due to the way regulated accountancy advice works, but if you'd like to see how we could support him more specifically; please get in touch.

@LilBlighter

3 жыл бұрын

@@HeelanAssociates Thank you very much for your advice, it is greatly appreciated and I hope this helps others with a similar question. Kind Regards.

Thankyou for video, it's cleared a lot up however i'm still abit confused about national insurance. Class 2 says I only pay if I earn over £6,475 self employed but is this still the case while working paye and self employed at the same time?

@HeelanAssociates

3 жыл бұрын

Yes is the short answer. Expanded on in this video kzread.info/dash/bejne/qGeIlpiyodTKk7Q.html

Great video just wondered how you do your tax when your self employed when working a full time job, how does that work?

@HeelanAssociates

3 жыл бұрын

You fill out two different areas of the tax return. We will be doing a video on this soon as it pops up a lot. Basically you will put your employment information on some pages, and your self employed info on another. All the income and tax already paid go into one 'bucket' and it churns out a tax bill (or refund!).

Hi Dan, I’m already employed and plan to stay that way until the business earns enough to allow me to step away from my employer and survive on my own. My question is, we are now in October I've watched your video, so I should obviously register ASAP, but is the registration process any different for me and also if I register now when would I have to do my first self-assessment in 2021 or 2022?

@HeelanAssociates

3 жыл бұрын

When to register is an interesting question in itself, as you have a 'trading allowance' that means technically if you don't take in £1000 in the tax year, there is no immediate need to register. That said, often it can be a good idea to register if you were going to make a loss, as it maybe possible to use this loss later, or to get a tax repayment against your job. If you started October, you will need a 2020/21 tax return, due by 31st Jan 2022.

Hey, wonder if you can help, how do I register for first time for self asses to get utr, with an existing gateway account so as not to create a duplicate gateway account. Thanks Dan

@HeelanAssociates

3 жыл бұрын

Have you tried using the gateway ID you have during the registration process?

@NDBBDB

3 жыл бұрын

@@HeelanAssociates hi thanks for the reply. Yes I did think this, however it only sets you up with a new one. So I took some of your other advice and got onto HMRC, via their online chat and did the registration with them online, now awaiting UTR in post. (Something to note for others on here, they advised me that currently if you do the application online it is taking months to sort through but if you do it with them through online chat it's a matter of weeks, might help someone.) Anyway, thank you for your videos they're very helpful, and thanks again for replying to my question, it's much appreciated. Cheers Daniel.

Hi, I have a flat that I bought this year and now rent as a holiday let. I have been asked the question "Are you a land and property business?". Without wanting to sound stupid... (I'm not, I'm just new at this), Does this question relate to me as a landlady, and so my answer is YES, or is this for people who make their money in buying and selling land and property for a profit? Thanks

@HeelanAssociates

2 жыл бұрын

No problem, so yes you have a property business (odd as it sounds). You could even have a furnished holiday let, which is also that but different boxes on tax return.

Hello for everyone, who can explain how to enter in my site already open for self-employed,, my accountant doesn't give information to me , please explain step by step

@HeelanAssociates

2 жыл бұрын

Hi Pavel, Sadly we don't really do this here, it's too specific to individual circumstances. You may find HMRC are actually quite helpful if you get stuck.

Assuming I am employed full time and paying 40% tax and NI right now, would going the sole trader route actually make sense from the tax point of view or would limited be more beneficial? Let's say turnover of 30k and 10k profit is what I am thinking the side hustle will generate. On keeping the records section for a sole trader, how detailed those needs to be, do I need to keep receipts for every single purchase? Also, what about cash purchases, how do I handle those? And finally initial/starting capital for a sole trader, do I just transfer some money in (£1000 as an example) from one of my accounts to the sole trader's account? How do I record that activity in my records?

@HeelanAssociates

3 жыл бұрын

Lots of questions there! 1) On the other income, often a ltd can save tax if you are already paying 40% - a lot depends on whether you need to immediately draw the cash from it or not. It's a bit of a longer discussion. 2) You should in theory have receipts for everything in case of a HMRC inspection. In places where you can't get a receipt (car boot sale etc) keep whatever you can and a log. 3) Capital - yes just transfer in. In your records you can mark it as that, capital in. Hope that helps!

@Spoonuk666

3 жыл бұрын

@@HeelanAssociates Thank you for your reply! That's super helpful. If I am on PAYE and paying the 40%, do I need to pay any additional NI contributions like Class 4 if I was to be a sole trader as well? Does it work the same way for LTD as well or is LTD entirely separate entity? I might give you guys a call to discuss further, just want to get some initial answers first :)

Hi! Thanks for the video. Are these the same steps we got to follow if we sign up for self employed while full time workers?(Employed) I work as a chef full time and I am looking to do Deliveroo in my spare time.(Self employed) I also have a limited company on my name. Does this changes the process in any way? Thank you so much!

@HeelanAssociates

3 жыл бұрын

Yes these are same steps. Having a limited company won’t change this, although you will have separate filing requirements for the ltd.

@fabianprosciuc2232

3 жыл бұрын

@@HeelanAssociates thanks a lot

Great video! Can I be self employed and have 2 different businesses under the same UTR. For example have a service based business and then doing UBER Eats as well?

@HeelanAssociates

3 жыл бұрын

Yes! You can fill out more self employed pages on your tax return for each business.

@aleksandarhadjiiski789

3 жыл бұрын

@@HeelanAssociates thank you

I’ve got a quick question, can you be getting benefits (universal credit) and still file for self employment? Because I’ve started a KZread channel and have made over £1000

@HeelanAssociates

3 жыл бұрын

Yes they will take any earnings into account in your claim.

Thank you Does this parallel with the U.S.?

@HeelanAssociates

3 жыл бұрын

Honestly, probably not. Defo check with a local there.

Hi your videos are all extremely informative. I wonder if you could help with some clarity on something for me? I have been a self employed sole trader for a while but am just embarking on commissioning the services of a self employed contractor to undertake some tasks for me. Do I now need to register as a Ltd company or can I continue to be a sole trader? Also, would the answer be the same if I were taking that person on as an employee as opposed to contracting their services?

@HeelanAssociates

2 жыл бұрын

The answer to both is the same - it doesn't matter. When taking on employees it often prompts concerns around liability so people consider limited, but you can be an employer as a sole trader (and pay subcontractors).

@debraw5271

2 жыл бұрын

@@HeelanAssociates thank you for that clear answer.

Hi hope your doing great, I filled in that document and it’s completed is that all I have to do to say I am self employed? I can now start my business?

@HeelanAssociates

2 жыл бұрын

You can start your self employed business pretty much whenever you want! If you've let HMRC know via the registration process, thats that covered! This might help also www.heelanassociates.co.uk/setting-up-self-employed-or-sole-trader/

@Ryan-zm8xp

2 жыл бұрын

@@HeelanAssociates that’s perfect thank you!

It doesn't help to become self-employed rather get me to self-assessment how can I do that if i haven't even got paid for my job yet I am just trying to register as self-employed, very confused.

@HeelanAssociates

3 жыл бұрын

Hi Jennifer, we are a little confused by your question - could you expand some more?

Is it possible to register and start as a sole trader but also register as a ltd company too to secure the name?

@HeelanAssociates

3 жыл бұрын

Yes, you would need to file dormant accounts each year though, check this video out kzread.info/dash/bejne/hXp-pNiAaLK2o8o.html

Not sure if i missed it or not, but where would i submit a name for the buisness? Is this done via the self assesment? Cheers :)

@HeelanAssociates

3 жыл бұрын

The word 'business' is always the bit that can be confusing. As 'sole trader business', it is basically the owner themselves as self employed, in contrast to a limited company where you register with Companies House separately and need to have a name ready to roll. When you register as self employed/sole trader it doesn't actually matter about choosing a name - its not on a register as such with HMRC - they just use you as an individual.

@rilufuzz

3 жыл бұрын

@@HeelanAssociates Ah right gotcha. Than you :)

Do I need to do that as a Uber eats (bike rider)?

@HeelanAssociates

3 жыл бұрын

Possibly. If you are self employed yes.

I'm not getting any audio on these videos? And yes before anyone asks, my computer audio is up and on max :-)

@theculinarykiwibird4183

3 жыл бұрын

Sorted thanks

@HeelanAssociates

3 ай бұрын

👊

@HeelanAssociates

3 ай бұрын

🎉

Hello! I a m from Russia, can I became self-employed in London? Thx!

@HeelanAssociates

3 жыл бұрын

Sadly this one is a little too detailed to answer in a comment, as there are further questions we'd want to ask.

first

@HeelanAssociates

3 ай бұрын

Second.

Apart from my main job, for past one year, i have been working as a facilitator ( viewing and arranging shipment for clients based overseas) on commission basis! Please advise if should register as self employed/sole trader? Kind regards

@HeelanAssociates

3 жыл бұрын

Hi Muhammad - that sounds likely you are trading, so yes should register.

@MuhammadKhan-cw5hk

3 жыл бұрын

Heelan Associates dear sir, thank you v much for quick response! Could i email you to ask couple of queries in regards to this matter. Many thanks

@HeelanAssociates

3 жыл бұрын

@@MuhammadKhan-cw5hk Of course, drop us an email on info@heelanassociates.co.uk

I am thinking about becoming a wedding photographer as a second job (weekends) is this what I need to do ???

@HeelanAssociates

3 жыл бұрын

In short, yes :- )

Hi . Thank's for good video . On gov page ''you earned more than £1,000 from self-employment between 6 April 2019 and 5 April 2020'' set up as a sole trader . I am not start yet my self employ job I need do set up or wait till I got this 1000£ ? Because I need spend 2000£ to buy tools ! And I am full time employees tax go thru my employer and self employed I need to count my tax separate myself I am correct understand? :)

@HeelanAssociates

3 жыл бұрын

Hi, so the £1000 is income (money in). You can spend as much as you like to buy tools and set up. If you've got a job its worth doing a tax return anyway, because it you make a loss you can likely offset it against your job income and get a tax refund. Your taxes on self employed income need to be paid separately yes, this is done through completing a tax return that will generate a tax bill each year (unless you made a loss).

Toking to fast!!!

@HeelanAssociates

3 жыл бұрын

It's how Dan rolls.... energy comes with speed unfortunately :- )

You talking tooo faasst

@HeelanAssociates

2 жыл бұрын

Thank you. Is there a particular topic you wanted more info on? Almost everything we’ve recorded has a written blog on our website