Another great video Aaron! Your knowledge and tips are awesome 👏

Really appreciate this!!! I was honestly terrified about the whole process, but this was very reassuring and calming haha.

@TheQuickBooksChap

3 жыл бұрын

Glad it was helpful!

Good and clear information! Thanks Aaron

Great video, very helpful. Thanks!

Hi Aaron, Just lost my job been made Redundant and have started working for Stuart Delivery... never been Self Employed before and needed to know about this tax self assesmemnt in a way I and many others in the same situation would understand... Probably the best explained and least tedious video on KZread.. Thankyou👍

@TheQuickBooksChap

3 жыл бұрын

No problem, sorry to hear you lost your Job! Good luck with your new venture, don't be afraid to reach out if you need any help and talk to hello@boffix.com if you want a discounted version of QuickBooks - cheers and good luck

Bloody legend! Great video!

Fantastic video. Gets to the point quickly. Much appreciated :)

@TheQuickBooksChap

2 жыл бұрын

You're welcome!

Great video Aaron, thank you for sharing

@TheQuickBooksChap

3 жыл бұрын

My pleasure!

Hi Aaron thank you so much for all the effort you put into these. Could I ask the order you'd recommend doing the following: Convert ebay to business account Open business bank accounts Register with HMRC

That's a great video - explained in simple terms. Thank you.

@TheQuickBooksChap

2 жыл бұрын

Glad it was helpful!

Best video yet on this topic on youtube

@TheQuickBooksChap

2 жыл бұрын

Many thanks!

This was great information. Can I just ask the company I am invoicing is part of the CIS industry. I’m just doing the admin so can you please confirm that I don’t have to tick the CIS box as I am not a subcontractor just doing the admin for the company and charging them a fee for this? Thanks

Great video 👍🏻

Change your name to nurofen mate as you make headaches disappear. Thank you so much for taking the time to do this video. You have taken me step by step through my application. Thank you.

@TheQuickBooksChap

3 жыл бұрын

Massive thank you for the positive words :D, reach out if you need any more help / videos :D

Wow .That was the best one I could find on youtube. One quick question . IF you are already working somewhere full time , do you need to get UTR number or arevsupposed to find it and fill it in in the HMRC form?

@TheQuickBooksChap

3 жыл бұрын

Yeah, you will need to tell HMRC that you have other income and they will provide you with a UTr

Thank you very much!

@TheQuickBooksChap

3 жыл бұрын

You're welcome!

Hi mate! Fantastic video, helped me out big time. I have one question though if that’s alright. So now that I have registered to do a tax return (following your steps) - does that now mean I am officially ‘a sole trader’. Or is there anything I now need to do to have the title ‘sole trader”. Thanks again.

@TheQuickBooksChap

2 жыл бұрын

Hi Bayley, yep, you are now classed a sole trader :D good luck with it all!

Hello Aaron, thanks for the great video, one question please, I had a company that stopped trading in March 2018 but the company stayed active till 2019 so I had to file self assessment for the year 2018 to 2019 which was zero income than the company was closed and taking of the company house in 2019 so I’m little confused on which one I should go for, is It never filed before or if I have to but didn’t file last year ? If you can reply Your reply is much appreciated.

@TheQuickBooksChap

3 жыл бұрын

Hi I would always go to companies house and go by the dates and periods on there

Hello Aaron, Brilliant information, thank you. I have one quick question please. We have opened a new small business and also have an UTR through our Letting Income. Question. Do we have to register this new business to HMRC as a Sole Trader or we can use the existing UTR (from the Property income) to do the self-assessment (Tax return) please? Your help will be appreciated. Thank you. Phatta

@TheQuickBooksChap

3 жыл бұрын

Hi Phatta, Glad its helped - you don't need to register the new business, it will all come under the same self assessment - When you complete your tax return you will have to include both the sole trader income and the property income on separate pages, Good luck with your new ventures, don't be afraid to ask if you have any further questions Kind Regards Aaron

Hi Aaron would you do a video on expenses what you can clam and how to add them to QuidBooks

@TheQuickBooksChap

3 жыл бұрын

I have added to the future video list, thank you

@warren19721

3 жыл бұрын

@@TheQuickBooksChap thank you

Hi Aron, If you have a HMRC doc do you still have to register as a self employ sole trader?

Hi Aaron, thanks for all your help..do you feel like there is a need for product liability insurance when self employed reselling on eBay?

@TheQuickBooksChap

3 жыл бұрын

If you are a Ltd Co, I would recommend - as a sole trader, its not essential, but it might be a worth while idea

Thank you so much.

@TheQuickBooksChap

3 жыл бұрын

You're welcome!

Great video, Aaron. I have a quick question. Do I need to file a self-assessment to HMRC as the director of my one-man ltd company (so not self-employed), even though I have not taken any salary and my annual earning is way below the national threshold? I have an existing UTR for doing other work but it's only very little income. Thanks!

@TheQuickBooksChap

3 жыл бұрын

Yes, HMRC deem you as eligible for a tax return due to the fact you have a close company - they know at some point you will be taking dividends and therefore will have income that hasn't been taxed

Great video.

@TheQuickBooksChap

3 жыл бұрын

Glad you enjoyed it

Aaron im so confused, not by your video but by the govsite, i followed all the steps to registering for self assessment, i have a login id and then it took me straight to my account home. all ok. Now, i'm at about 11.50 into this vid and i didnt have the option to click self assessment, self employed sole trader or the start date and none of these options are availible on my account homepage. just wondering if its changed im supposed to wait for the UTR before i can do any of the steps after 11.50 in this video or something? im so rubbish at this stuff :/

Hello Aaron! Great video, many thanks. One question: I am employed part time and soon will also register as self employed as another part time income (hopefully only initially until I start making enough money to quit my regular job). Is the fact that I'm on a PAYE going to complicate my self assessment? Anything I should be aware of?

@TheQuickBooksChap

2 жыл бұрын

Same applies - only thing to remember is that all of your profit will be taxable as your PAYE will be taking up all of your personal allowance 👍

@bsnufkin929

2 жыл бұрын

@@TheQuickBooksChap Great, many thanks!

hey Aaron great video, you said to add all side hustles and combine them but what about the business name, should I choose a name of the business I have or is there like an option like an umberella business name I can use? like if you have Etsy, Ebay, Shopify, KZread how would that work?

@TheQuickBooksChap

2 жыл бұрын

Call it Reselling for Self Assessment and have different income streams in QBO 🙃 - good luck and hope it goes well for you

@lydialifestylee

2 жыл бұрын

@@TheQuickBooksChap thank you

Hi Aaron great info. One very important question regarding a UTR number, i have one already when i cashed in my pension.Is this the same number i use when i register as a sole trader? i am about to register as i started with ebay just to wet my feet.Thanks in advance

@TheQuickBooksChap

3 жыл бұрын

hi Deane - yes your UTR stays with you for life - all you need to do is tell HMRC you will need to complete a tax return and you can use the same UTR number

Hi, If I haven’t made any sales yet but have incurred expenses from setting up the business. Can i register for self assessment and claim for the expenses?

@TheQuickBooksChap

Жыл бұрын

Yes you can, it also makes sense so you can utilise the loss

Great video. I’m in the process of setting up my business. I won’t start trading for another month or two. Can I register this far in advance? I’d like to order my card machine you see and I can’t be approved for a card machine until I’m registered with HMRC.

@TheQuickBooksChap

2 жыл бұрын

Yes you can, the main point is you register within the tax year, but the sooner the better! so that you can prepare yourself to get the tax return info together and to get the card machine registered! good luck with your new venture!

Would a student loan be included in declarable income?

can you please share a link of that song you played in the stat f the video.

@TheQuickBooksChap

2 жыл бұрын

Loving Caliber - Fighter :D www.epidemicsound.com/track/Bd2T3TiTvp/

Hi im pretty much a novice to this and need help, ive been planning for months to start my online ebay store, ive spent the past 5/6 months building up stock ready to list on my store once i start. im confused about the tax year thing, where it says it needs to be paid by Janurary but the tax year starts and ends in April, if i wanted to start my business in feburary, how would i go about calculating how to pay the taxes?

@TheQuickBooksChap

3 жыл бұрын

Hi Conorz - If you start in Feb - have March as your first small period end - those two months will need to go on the 20-21 tax year - and will need to be paid and submitted Jan 22 After that - each April to March will need to go on the next tax return :D

Does self assessment affect on universal CREDIT and DLA FOR A CHILD? If u earn over 50k example, do u repay back ur UC for that year?

Hi Aaron hope you doing well ,please can you help me to understand ,i m looking to start my part time business buying from alibaba and selling on ebay should i register self emplyoed or ltd company or buy and sell just privately?? Many thanks in advance !!

@TheQuickBooksChap

3 жыл бұрын

Self Employed to start with but depends on how much business you plan to do, worth having a chat to hello@boffix.com

Great video with lots of useful information, however maybe anyone can clarifye me regarding telling HMRC about my income. Making items and selling them online and keeping records. What's happen when I made eBay sale of private item for example jumper I had for few years and want to sell now , or car accessories I never used in my vehicle - to make it clear I won't make profit on any privet sales. Shall those be included ??? And I'm taking here about casual sales ??? Please advise..

@TheQuickBooksChap

3 жыл бұрын

Private sales are fine not to be included - only need to include items that you bought with the intention to sell

Hi Aaron, like your style and content - really helpful. I’ve recently started as a self employed sole trader having had many years in full time employment. I’ve always completed a self assesment as a higher rate tax payer and will complete one again this year on my employed earnings. You comment that sole traders should register as soon as possible however I can only see the option to do that if I’ve not already been registered for self assessment. I’ve already got a self asseement account so I cant do that - can I? I understand that i can add my self employed earnings onto my self assessment for 21-22 after April but can I register my self employed status now - and if I can where/how/is there any point? Many thanks in advance - really appreciate it.

@TheQuickBooksChap

2 жыл бұрын

No need for you register again - as you already have a UTR and a requirement to do a tax return - you just need to include your self employed income going forward! Good luck with it all, excellent news!

Hi Aaron if someone is self employed already do they need a new login for another new side business? Or is there somewhere to add it to their existing online gov account? Thanks

@TheQuickBooksChap

2 жыл бұрын

For now no, but when MTD is in play - you will need different software for different business income streams

I’m a bit confused. Let’s say I just started selling this new tax year, when should I register for self employment? Right now or do I wait for the end of the tax year?

@TheQuickBooksChap

3 жыл бұрын

If you started today, then your next tax return won’t be due until 31st Jan 2023, but you are still best to tell HMRC straight away so that they issue you a tax return :D

Do i still need to register with HMRC as sole trader to sell as like you said is my intention but what if I don't even make anything I'm obviously new no buisness experience. I'm currently employed on zero hour. Yes I'm a dummy to this.

Hello Aron. thanks for this excellent video. My confusion/question is that do I need to register as self employed with HMRC with or without income/revenue from my KZread channel

@TheQuickBooksChap

2 жыл бұрын

If the revenue is above £1k in a given tax year you will need to register

@AMomentInTheWordOfGod

2 жыл бұрын

Thanks a lot Aron. That's so helpful👍

Hi Aaron, great video. I came across your video about filling out a self assessment form through the HMRC. My question that I have got for you is that if I earn £1k in sales in any type of platforms such as eBay and Depop, do I need to declare it to HMRC in regardless of the type of account that I'm using? It's because I'm currently using a private account on both eBay and Depop at the moment and wanted to know whether I would need to fill out a self assessment form? Also, I currently work on a part time basis and take a student loan for university, do I need to include all these elements in the self assessment form? What advice could you give me of going forward with my reselling business?

@TheQuickBooksChap

Жыл бұрын

You would certainly need to register 👍

I only sold my items and made £2000. Do I have to register??

Hi great video. I am disabled, on disability and left work and not able to work. ,however I enjoy buying and selling on ebay . Would any thing I earned be added to my tax on my pension. Plus can I claim expenses back ?

@TheQuickBooksChap

3 жыл бұрын

Hi Howard, glad the video helps and hopefully you can find success in reselling All the profits will be added to what you have already earned Plus you can claim most expenses that relate to the business :-)

Hi, this might be a silly question. Let’s say I register today as a sole Trader today. From my understanding there is a second payment that needs to be payed in July? Will this apply to me ? How will it work ?

@TheQuickBooksChap

3 жыл бұрын

Hi Fatima, you won'y need to worry about July until after your first tax return and only if you your tax bill is over £1k :D

Hi Aaron👋, I have never worked with my residence card. So never filed a tax return. I just opened a government gateway online account. But, trying to apply for a UTR so an to get a CIS tax accont has been daunting as the Web page is mandating that I provide any 2 of these 3 options for identity verification. 1. UK PASSPORT 2. CREDIT INFORMATION 3. NORTHERN IRELAND DRIVERS LICENSE. The issue is I only have option 2 and a residence card as stated. What do you reckon I do?

@GamerZakh

2 жыл бұрын

I just did this. What you gotta do is call HMRC which connects you to an adviser, who then fills in your details for you. You just need your personal details, National Insurance Number, and start date for your self employment. They fill in the form and your UTR will come in the mail.

Hi Aaron... Quick question I plan to become self employed towards the end of April once ive set up my office space to start trading... Do i wait until next year (once ive made income) to register and file my first tax return?

@TheQuickBooksChap

Жыл бұрын

I would register when you start taking income

A question about Tax Trading allowance and personal allowance When I did my first tax return last January I paid tax on all my profit and I assumed that it was because I have a full time job and that the allowance I was entitled to was already used. After a chat in a group I was told that I'd be entitled to £1000 trading allowance on my profit from my self employment.

@TheQuickBooksChap

2 жыл бұрын

Hi,Wayne, no trading allowance It’s just a simple if your turnover is over £1k you need to include on the return, if under you don’t need too 👍

Do you need to fill that tax return (self assessment) straight away (after stop being selg employed) or you have time for it as usual untill 31 January?

@TheQuickBooksChap

2 жыл бұрын

Tax return isn't due until the 31st Jan after a tax year!

Great video thank you. I have a question. I lost my job and end up on Universal credit, if I start any business selling online for example, how it would effect my UC? Will they cancel it soon as I register with HMRC? Thank you.

@TheQuickBooksChap

2 жыл бұрын

Depends how much you earn, they tend to ask questions and adjust UC accordingly 👍

@funko-freddy69

2 жыл бұрын

@@TheQuickBooksChap Thanks :)

@TheQuickBooksChap

2 жыл бұрын

Hi, for UC you will need to report each month your earnings to ensure that you under the thresholds for UC payments I would always recommend a PO box or Virtual to protect yourself from unwanted visitors!

Hi Aaron... How can I get in touch with you. Starting a business and looking for advice.

@TheQuickBooksChap

3 жыл бұрын

Best option is this link outlook.office365.com/owa/calendar/ServiceEnquiries@layer17.co.uk/bookings/ Either me or one of the team :-)

Hi Aaron, I'm employed and also just registered a limited company. Will I need to mention to hmrc that I'm employed or will they already know. I'd now be employed twice would I as I'd also be the director of my limited company ? I'm a complete newbie to this and was wondering when I need to register for paye ? It mentions that as a company director I need to pay any employee £533 per month, so do I need to pay myself this ? Only I haven't started trading and haven't made any cash yet 😂, sorry for all the questions, any help would be greatly appreciated, thanks

@TheQuickBooksChap

Жыл бұрын

I would recommend booking a meeting using my link - that way we can cover all of the questions

Hi Aaron! Thanks for the great video. Quick question. I’ve recently started an Etsy shop and I was wondering if the £1000 is purely off my income (what I receive from Etsy) or is it profit (before Etsy fees)? Thank you

@TheQuickBooksChap

3 жыл бұрын

Hi Jess - its Income on your Etsy fee's, so as soon as you earn over £1k you need to complete a personal tax return - good luck - let me know if I can help in anyway

@jessedwards4277

3 жыл бұрын

@@TheQuickBooksChap thank you for your reply. I’ve been told different things by different people. Half of the people I ask say it’s based on revenue and half say it’s based on income. To me personally, I don’t get how it would make sense to base it on revenue, as you aren’t actually taking all of that money.

@TheQuickBooksChap

3 жыл бұрын

@@jessedwards4277 revenue is income :-) So revenue and income is was you sold Profit on the other hand is after expenses So it’s what you sold on Etsy When you sell more than £1k then you need to declare on a tax return :-)

@LittlezSqueez

3 жыл бұрын

@@TheQuickBooksChap so what if you are a sole trader with no money do we still have to register or do we need to wait till we get 1k I heard we don't pay taxes till we earn 12k

Im not strong with anything that involves theory work, im practically minded. So, I’m working part time. I made a Facebook page with a business name, after a month I’ve sold 4 pieces of furniture and made £2000 profit. Do I need to register as a company? Or do I wait until the end of the tax year and file a tax return?

@TheQuickBooksChap

Жыл бұрын

Yeah it’s over £1,000 of sales so you need to register 👍

How does all this work with affiliate marketing? So with earning commissions from selling someone else’s product

@TheQuickBooksChap

3 жыл бұрын

If you earn over £1k you need to declare it

Hi Aaron, What happens if I only register as self employed after the 31 Jan. Can I still file a tax return after that? And what happens if I started as self employed in the middle of a tax year after leaving a full time job?

@TheQuickBooksChap

3 жыл бұрын

Hi Debbie, you can’t file until you have completed a tax year - we are only a few days away then you can file your 20/21 tax return while includes your self employed after 31st Jan and your full time PAYE job :D

@debbie8152

3 жыл бұрын

@@TheQuickBooksChap Thank you

Don’t know if your still replying but I get everything about tax return except one thing say I wanted to work for a delivery company but under self employed what do I sign up under? And what do I put in as my business? Thanks in advance.

@TWEEK_4

3 жыл бұрын

What I mean is do I still sign up as a sole trader?

@TheQuickBooksChap

3 жыл бұрын

Hi Tim, you will need to sign up as a sole trader

You don’t have to register for self employed status until the October after you start trading. Why would you sign up as soon as you start trading as you may not need to register at all if your profit is too low?

@TheQuickBooksChap

2 жыл бұрын

Again, as per the video to make sure people don’t miss the deadlines and forget 👍

What if I’m unemployed and on ESA support group for disability and gained £1000 in sales in the last three months so I need to do Anything ?

@TheQuickBooksChap

2 жыл бұрын

You will still need to tell HMRC

Hi Aaron, thanks for this. So let's say for example, I earned £500 in one year, how do I tell HMRC about this?

@TheQuickBooksChap

Жыл бұрын

its all on Turnover - if you sold more than £1k you need to complete a personal tax return

Hi Aaron, I have just started buying and selling online for profit and was wondering do I need to register as a business if I am currently still marking under £1k sales from it monthly?. HMRC states that you need to register as a Sole Trader once you are earning over £1k. Want to make sure I am abiding by eBay's rules. And if I did register this month, when do I file a tax return? By next Jan 31st?

@TheQuickBooksChap

2 жыл бұрын

Hi Phil - Its £1k sales during a tax year! so on average £85 sales per month

@philbaileyTV

2 жыл бұрын

@@TheQuickBooksChap Hi Aron! Thanks for clearing that up. On a side note, on my store I have both a mix or items I've bought to resell and personal items I just want to get rid of. Do I need to report those personal items to HMRC when they sell too? Should I just take the personal items down to avoid confusion?

Hi Aaron , I am a self-employed mini cab driver for six years . I have my self assessment account and it is up to date. If i want to start a e-commerce business , shall i add/change my new business with same existing account as a sole trader or do i need to register again a different one? Please help me .Thank you

@TheQuickBooksChap

3 жыл бұрын

Hi, no requirement to set up a new account - but it all depends if you will find it easier to run the different business with separate accounts

@MrMojmul

3 жыл бұрын

@@TheQuickBooksChap Hi Aaron ,thank you for your reply .Highly appreciated.

Hi I work full time at the moment but have been thinking about reselling on e.bay should I register with HMRC even though I may not end up doing it…will it create any problems with them?

@TheQuickBooksChap

2 жыл бұрын

If your intention is to sell then you should let HMRC know, if your sales are below £2k then you won’t need to include the profits in the tax return

@kaz2442

2 жыл бұрын

@@TheQuickBooksChap Thanks not made a final decision if I’ll do it yet so I would tell them if that time comes 🙂 and would that be before or after any fees etc?

@TheQuickBooksChap

2 жыл бұрын

Pure sales, gross amount received 👍

Hi do you have to pay any fee to register as a sole trader

@TheQuickBooksChap

3 жыл бұрын

None, just need to complete a tax return each year

Hello. For the tax year 2019/20 I earned less than 1000k from Google AdSense so I didn't registered for self employed. For the tax year 2020/2021 from April to December I earned more than £1000 (from April to November was less than £1000). What date can to put in when did I start 12:00 (6 april or 23 December)? Can I register from now or I need to wait until the april 2021? Thanks

@TheQuickBooksChap

3 жыл бұрын

Hi Kaybe I would state April 2020 - as long as its 6th April onwards you will be fine - many thanks

@kaybee2959

3 жыл бұрын

@@TheQuickBooksChap Thank you! :)

Are self employed and sole trader the same thing?

@TheQuickBooksChap

2 жыл бұрын

They certainly are!

would quickbooks work for me as a driving instructor as I wont be invoicing anyone just receiving payments from students and my expenses ie car hire, insurance etc.

@TheQuickBooksChap

3 жыл бұрын

Yes, it would be perfect, only thing to be aware of is if you are part of a franchise you will need to be careful with your income - cheers

@carlpearce2252

3 жыл бұрын

@@TheQuickBooksChap Cheers for that, but does being part of a franchise affect my income.

@carlpearce2252

3 жыл бұрын

@@TheQuickBooksChap How will it affect my income working for a franchise as I only pay them a weekly fee and the income from students is mine.

@TheQuickBooksChap

3 жыл бұрын

Hi Carl, it’s all down to the fact that you will receive net amount into your bank, but it’s the gross amount that you need to record :-)

@carlpearce2252

3 жыл бұрын

@@TheQuickBooksChap Hi again, all monies I receive from my students will be gross amount as they pay me directly and not my franchise as I am classed as self employed and not PAYE.

I'm confused about the £1000 threshold because according to the Gov website you only need to set up as a sole trader if you earned more than £1,000 from self-employment between 6 April 2021 and 5 April 2022. I can't see anything anywhere that says I have to inform anyone at all if I'm selling less than £1000 pounds in a given tax year. So let's say I want to start an online business and I know with 100% certainty that I will only make £500 sales per tax year, do I have to register as self employed, or as a sole trader, or basically inform anyone at all? Thanks

@TheQuickBooksChap

Жыл бұрын

Yep that’s how I explain it, but if you sign up as you have the intention to sell for profit then you can calculate and decide if it’s needed to be included on your return or not! That way not missing the deadline completely and getting a penalty for a late declaration 👍

@leojames7331

Жыл бұрын

@@TheQuickBooksChap So just to be clear. If I am guaranteed to only sell under 1k total revenues in a tax year, I am not obliged, legally speaking to tell anyone at all?

@leojames7331

Жыл бұрын

@@TheQuickBooksChap the reason I'm being particular is that I'm on UC, but I'm not in a work group because I'm a full time carer. On carers allowance I can earn up to 132 pounds per week, self employed without loosing my allowance. The issue is that if UC deems me "gainfully employed" then I lose my status and the minimum income floor comes into play. I just want to sell a few beats online. I can't guarantee that I'll even sell £100 across a year so I can't afford to jepordise my current situation for that. One of the criteria for gainful employment is "main income" so I'm guessing that if my expected sales are less than 1k a year it would be hard for them to make the case that it's gainful employment.

@TheQuickBooksChap

Жыл бұрын

@@leojames7331 as long as you stay on top of the £1k per tax year limit you will be fine, as soon as you hit it, make sure you register with HMRC

Its so difficulty to register, I've tried 20 times. I cannot verify my identify even though I was born and raised in the UK.

@TheQuickBooksChap

Жыл бұрын

Speak to HMRC, I have had plenty of clients in your boat and all been sorted 👍

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

@TheQuickBooksChap

3 жыл бұрын

Hi, my advice is to talk it through fully with the team: outlook.office365.com/owa/calendar/ServiceEnquiries@layer17.co.uk/bookings/ cheers

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

@TheQuickBooksChap

3 жыл бұрын

Hi, you can have as many gateway accounts as you like created - its associating them with the tax scheme that you can only have one connected - so feel free to create a new one as part of the process

@NDBBDB

3 жыл бұрын

@@TheQuickBooksChap ok thank you for replying