This was crazy helpful! I've just become a self employed music teacher at age 20 and this is the clearest explanation of everything I've had so far. They really should teach this at school.... THANK YOU

@mrlondon4434

4 жыл бұрын

Hey Mia. I'm an accountant with 10 years' experience. I have just started my own accountancy firm and am keen on taking on clients at a very cheap price for their first year with me. Please get in touch if you need help with anything at mxsr1991 at hot nail. com

I love this, that was a brilliant explanation step by step. I've learnt a lot thanks.

Thank you for sharing!! So glad I came across this! First video about accounts that I haven't lost track or fallen asleep 😂

Great video. Starting out as a self employed courier next week... after years of working for 'the man'... Spreadsheets and stapler at the ready. It's a new adventure!

Great video buddy! there isn't much like this out there!

I have to say fantastic video and very helpful and well spoken/laid out

Watched your videod today thank you for all the fantastic information

@SmallBusinessToolbox

5 жыл бұрын

No worries! 👍

I watch your videos as I’m learning how to do small business accounts

Thank you Sir , great video.

you are cool man keep doing what you are doing....

Just watched this, huge thankyou! Do you have any videos on how to create spreadsheets to track everything?

@SmallBusinessToolbox

4 жыл бұрын

I did one a long time about about expense tracking. Think I've got a tracking spreadsheet on my Patreon... I think! 👍😀

This was so helpful thank you! I’m just starting as a freelancer atm and I’m so confused and worried I’m going to make a mistake! I’m not sure if this is something you may know but to claim an expense such as 50% of my internet that I used for freelancing would the bill need to be in my name?

Nice to know it. In Spain taxes are very trash, you pay for everything even no income. I like the system from UK. In Spain you must pay 283 Euros for be a self-employed everymonth and taxes every three months +19% or more of benefits. This is why in Spain its very difficult to make and keep money. A lot of big Spanish KZreadrs goes in other countries to reduce taxes. (Andorra, UK, etc.)

@LadyExoticASMRR

3 жыл бұрын

If you want to be self-employed in the UK, you have to live at least 6 months per year in the UK to be considered resident and pay taxes here, another option is setting up a Limited Company but if the owner or shareholder or director is not resident in the UK you have to be self-employed in your country, in this case Spain because as an owner, shareholder , you will receive dividends and this is an income you have to pay in the country you are resident.. so you have to enter to the Self-employed system like a normal entrepreneur there ... Now on January 2021 rules will be stronger so we have to cross fingers and see what is coming...

Great video helped me a lot! But I've got question I'm self employed and renting a space in salon how do I put rent expenses in my tax return? I don't receive any invoice for that payment. Thanks

@SmallBusinessToolbox

4 жыл бұрын

You should ask for a receipt from whoever you pay the rent to - do you pay cash or transfer / card?

Great videos mate. Glad you separated them out into a new channel.- The bit that confuses me is regarding stock. Your examples are great if you assume you buy something and sell it in the same tax year. In your example of T-Shirts. What would happen if you had 50 unsold T-Shirts at the end of the tax year?

@SmallBusinessToolbox

5 жыл бұрын

If you deal with a lot of stock it's a good idea to have an accountant on board but if you operate on cash basis you just cater for all stock at the time of purchase. 👍

@BrickArena

5 жыл бұрын

Small Business Toolbox I am working on Cash basis currently but trying to reinvest in business so it looks like I'm making a loss each month which I'm sure HMRC would not be too pleased about. Some of my stock could sit for years :)

@superiorbeing95

5 жыл бұрын

The expense you claims is Cost Of Goods Sold = Stock at the start of the year + Purchases made in that year - the value of stock left at the end of the year

Really helpful video and so easy to understand so thank you! I am working part time and just starting out my own business on the side. Do I fill out the tax return form in the same way as someone solely self employed?

@SmallBusinessToolbox

4 жыл бұрын

Yup - just add the section for employment and self employment. 👍

@mrlondon4434

4 жыл бұрын

Hi Kelly. I have just started my own accountancy firm. I have over 10 years' experience and am keen on taking on clients at a very cheap price for their first year with me. Please contact me mxsr1991 at hot nail. com

life saver

1000x thank you

This is very helpful, thank you. Can I ask, if my payments are usually received via Paypal in dollars, rather than directly into my bank account in pounds, will I need to transfer it to my bank account? Or is keeping records of what comes into Paypal enough, even though it's not in UK currency?

Thanks for informative videos Please advise can a UK limited company receive remittance say as a gift from parents in India in inr to gbp via online wired transfer and what are its tax implications compared to receiving money as a gift to a individual in UK ? Ideally this money will then be used for 1st property purchase in the UK If you can make a video will be brilliant and useful to hopefully few people 😊🙏 Many thanks

Thank you Andy or all your helpful videos. Just wanted to make sure - I read that you only need to fill the self-assessment when "self-employed as a ‘sole trader’ and earned more than £1,000". Do I get it right that if I haven't earned any money I don't need to fill it?

@SmallBusinessToolbox

5 жыл бұрын

You need to fill in a tax return if you're asked to fill in a tax return by HMRC. If the turnover is below £1000 just tick that box and it will (most likely) bypass the self employment section. You still have to submit the return though, even if it's for zero. Obviously assuming you've registered as self employed. 👍

@neuroniuans

5 жыл бұрын

@@SmallBusinessToolbox Thank you :)

@neuroniuans

5 жыл бұрын

@@SmallBusinessToolbox I logged in to the Gateway system and they say there : "You will usually be sent a tax return if you are registered as self-employed" and they recommend checking if you need to fill the self-assessment form. I've done that and the outcome is that I don't have to fill it.

Great video, I am looking at setting up a entertainment agency up at home (when thing get back to normal) with me taking a deposit from the customer and the act reciving the rest of the money at the booking can I set up as a sole trader, also I live with partner and the electric and internet is not in my name can I still claim for against my tax bill, thank you

@SmallBusinessToolbox

4 жыл бұрын

RE utility bills - you can only claim for it if you pay for it (very generally speaking). If you pay for it I would put it in your name to be on the safe side. Best of luck! 👍

@mrlondon4434

4 жыл бұрын

Hi Craig. I have just started my own accountancy firm. I have over 10 years' experience and am keen on taking on clients at a very cheap price for their first year with me. To answer your query there are other ways around to this which may be more tax efficient. Please contact me mxsr1991 at hot nail. com

If u earned £6.916. from last November to this February do u still have to pay your tax

Great video thank you! Quick question if I may, Say for example I have just started trading on eBay from 6/4/20 to present but have only earned £200 as of yet I am not registered as a sole trader, when would I have to do that? Gov website says that you only need to set up as a sole trader once you have earned more than £1000 in the tax year. Had you already registered and received the letter from a previous year? Thanks in advance

@SmallBusinessToolbox

4 жыл бұрын

Hi Joe - if I remember rightly the deadline is October of the following tax year - so in that situation you wouldn't need to register until October 2021... but I would generally suggest doing it as soon as you know the business has legs. Keep good records regardless and get an accountant involved ASAP. 👍

@mrlondon4434

4 жыл бұрын

Hi Joe. I have just started my own accountancy firm. I have over 10 years' experience and am keen on taking on clients at a very cheap price for their first year with me. To answer your query this is quiet an important area and not registering when you are required to could land you in HMRC's bad books! Please contact me mxsr1991 at hot nail. com

Quick question. If OPEX is your expenses to do with running your business, what is CAPEX specifially? Is that where all equipment is? Also, how do you know what exactly counts as running your business as opposed to equipment? For example your website - is that equipment? Or not.

@SmallBusinessToolbox

4 жыл бұрын

This is quite an old vid - you don't need to worry so much now if you're on Cash Basis (see my cash basis vid). Still handy for your own records, but capex and opex generally get bundled together these days. Generally speaking. I would say website running costs are operational expenses though. Speak to your accountant to confirm. 👍

@ScarletClarity

4 жыл бұрын

Small Business Toolbox lovely, thank you so much!

Very very helpful... just wanna ask some questions, hope you’ll answer. i’m also a vlogger as a hobby but i’m making money here in uk. my channel is about spiders 😈. of course i wanna declare my vlog income. is it better to open a separate bank account dedicated to my vlog? so all the money ins and out are there? coz i do have permanent full time job, vlogging is only a hobby for me but i don’t sell anything, just making money through monetisation. i just do it on my free time. please reply, thanks a lot..

@SmallBusinessToolbox

4 жыл бұрын

Hi there! I'm not good with spiders 😀 ...but I never kill them 👍. If your only source of revenue is AdSense then I wouldn't worry too much - obviously you need to declare the income for tax but whether your income reaches you directly from KZread or via a separate bank account doesn't make much difference - it really depends on how many transactions are going in / out of the account each month on the KZread side - see this vid kzread.info/dash/bejne/eKN6xsOkfpjPepc.html - 61K subs is a decent size so I would certainly be thinking about running things as a proper business. I'll try to check out the channel... if I'm feeling brave! 😂👍

@schizo-pelmatv2172

4 жыл бұрын

Small Business Toolbox and i also have a decent size of followers on my fb page which is also monetised so i think it’d be better for me to open a separate account for my yt and fb monetisation. plus i always buy stuff for my tarantulas, anyways lloyds always charge me around 7£ everytime fb pays me. thanks for your videos, you are helping a lot of people. may the force be with you! 🔥 p.s. my vids are in filipino language, if you decide to check them out.. 😅 salamat! (thank you)

@samanthahardy9903

4 жыл бұрын

@@schizo-pelmatv2172 It's definitely a good idea to have separate bank accounts to separate your personal income from your side hussle income. If you have a side hustle you can receive £1,000 total per year tax free from your side hustle. So if your income from your side hussle, before expenses(your turnover) is about £80 per month you don't pay tax. Call HMRC for advice on this in case it's changed.

Hi, your videos are helping me a lot to understand the system here in the UK, it is my first year with my small online business and I am struggling with my bookkeeping. I have issues with money coming from Paypal for all the fees and currency exchange :( It will be great if you could do a video about Paypal :). I also have to submit my self-assessment tax return for 2019/2020 because before I set up my limited company in October 2019 I earning money from KZread and other online platforms and at the same time I was working for a company as an employee so I passed the 1K extra income. But that time ( April2019)I opened a Paypal on my name and then in October 2019 I changed the name to my company so I do not how to manage that because all the report on Paypal just mention my company name ... so all is a mess :(

If you selling stuff, you'll need a figure for the stock you had at the start of the financial year and the value of what you have at the end of the year, you can't claim expenses for the stuff you haven't sold yet.

@SmallBusinessToolbox

5 жыл бұрын

Not if you're on cash basis! 👍 (see vid about Cash Basis)

@superiorbeing95

5 жыл бұрын

@@SmallBusinessToolbox I checked, I'm using the accrual basis, but because everything is paid for up front it has a lot of the simplicity of cash accounting.

Clean shaven all round, looks so young.

@SmallBusinessToolbox

5 жыл бұрын

Ha ha - that feels like a long time ago! 😂

Skip to 5 mins before it even starts

Someone plays drums... ;-)

if not been self employed since February and don't have job

Hey no goatie lol how you feeling now

@theartistformallyknownasdi5338

5 жыл бұрын

Stunt double in the thumbnail?

@SmallBusinessToolbox

5 жыл бұрын

It comes and goes depending how much it's doing my head in. 👍