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@@taranecunoscutul3648 UTR is your 'Unique Taxpayer Reference'. It has nothing specifically to do with refunds. If you're due a refund this would normally happen automatically when you complete your Self Assessment tax return. Alternatively contact HMRC directly and they should be able to sort it for you.
Great video Andy, it will be useful to many self-employed people. I submit tax returns for my partner and I because we have income from UK property, and because she has self-employed income. I prepare all the figures I'm going to use in the returns on a spreadsheet first, and when I have submitted the return I save the PDF version to my laptop AND record the Submission Reference and the date & time of submission on my spreadsheet in case HMRC ever dispute that they have received it. Hope this will also help anyone.
You are such a life saver man. I genuinely ended up with a headache when I tried doing it myself but after watching this video I managed to get my self accessment done with ease.
I have been struggling with this for ages and you have made it so clear for me now. I have always had it done by an accountant but she was one that said I could do it myself so this year I have tried. I was ready to slit my wrists before I saw this so thank you so much
Thank you so much for uploading this very helpful 2019 video. I've had some sleepless nights recently but your video has taken away a great deal of the mystery for me. I'm due to submit my first ever self-assessment for the rental I receive from property this year and I've left it all a bit late! I'm waiting for an activation code but, in the meantime, I'm going to get my bits & bobs together. I notice on your 2018 and 2019 versions, you haven't uploaded any supporting documents. Can I guess from your comment about being audited that it's only necessary to upload bank statements, profit & loss sheets, etc, if they are requested by HMRC? Thanks again. You're a star!!
Hi - yup, it's all done on trust and you just need the supporting docs if you get audited. HMRC generally just want 2 numbers - turnover and expenses. But be prepared to back everything up if you're asked. I'd advise getting an accountant to check over your first set of figures - shouldn't cost much. Best of luck! 👍😀
Thank you for the great concise plain english guide helped me out once again hmrc videos are so jargon based finished my tax return yesterday hmrc should employ you to put these easy to follow videos out cheers;
Hi, I am moving to the UK in Jan 2020 and I will first get a full-time job and I would side-hustle being a personal trainer in my spare time. I was told that although I will not make enough to declare I still need to set myself up as a Self-employed. I did enjoy your video. Thanks
SO SO helpful thank you so much-very easy to follow and exactly what I needed to watch after a tax-induced stress sesh. Very grateful to you for doing it for us :)
Great idea to make this video I have been self -employed and employed for close on twenty years, the most worrying thought is being forced to do the new proposed MTD system for self employment, seriously hope this doesn't happen it's wrong to charge people to pay tax and is simply a forced audit. Well that's my view can you please keep us all up to date love to hear your feelings on the new tax proposals.
Oh 100% agree and it's something I'm keeping a very close eye on. Might have a vid coming soon on the subject! I think MTD will be the end of self employment for many. 👍👊
Small Business Toolbox apologies for bothering but was is MTD? I know this message was over a year ago but as I am self employed I was wondering whether this is something in full effect already or if it has been scrapped or planned to roll out as I have no idea what it is. Thanks.
I’ve just started reselling with eBay, I started May 2020. Question is when would I do my self assessment I’m assuming it would be 20/21so I don’t need to fill one out till next year.
That’s right mate! The tax year always ends/begins in April, usually the 4th or 5th but as you’re trading began early into the start of the 2020 tax year, you will have to work this all out and claim after the 4th or 5th of 2021
Thanks for the reply, great video, I was finding the idea of filling a self assessment form in daunting but after watching you video it seems very straight forward as long as your honest with nothing to hide and your records up to date. Cheers 👍🏻
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Hi Andy this video has been a godsend , as I got totally flummaxed trying to fill in for the first time and ended up deleting it . Could you tell me where the private pensions amounts received would be included as I couldnt find it ? TIA
@@SmallBusinessToolbox - yes thats it , I take it when I tick yes it will then open the area to fill in the required details . Many thanks . I'll give it another go tomorrow :0)
Where do you upload your excel spreadsheet & lists of your receipts? Also how do you store your receipts digitally? like on a word document numbered? still struggling to get my head around it! great videos though!
You don't upload them anywhere! You just need to keep them in case you're audited (see my recent audit vids). Receipts - I just take a pic of each one, or you can use an app, completely up to you. Yeah - you can put them in a Word doc if you like but you might find the doc gets very big. Best of luck with your business! 👍
Small Business Toolbox thanks for your reply! I totally didn’t realise you didn’t have to upload all your receipts etc!! Still definitely need to keep on top of book keeping Incase if an audit like you mentioned. So, the tax return is basically the info off your balance sheet? Sorry I sound so ignorant but literally starting this journey this month 😂🙈
Not a daft question at all - HMRC really don't make it clear. Yup, it's all done on trust. For a young small business it's unlikely you'll have a balance sheet, way too complicated. You'll just have total turnover and total expenses if you use the cash basis. HMRC will work out the rest for you. Obviously speak to an accountant etc etc... 😀👍
Hi it would be great if you could do a specific tax return video for people who are already permanently employed and are doing something on the side. Would be good to see how the returns procedure differs from when you are solely self-employed.
This is fab. Great for calming nerves of new tax filers. But unfortunately advice about pensions should be handled with care. My age group were advised to pay various kinds of NICs and now my pension is 35p per week more than the qualifying level for Guarantee Pension Credit, a gateway benefit for such things as free dental care... I worked for 45 years grrr. Trying not to be bitter. At least I got to retire.
Once you have a Government Gateway account, I think I am right in saying that you have to activate each service for your account and for the Self-Assessment service that this can also take a number of days to arrive.
Hi again Andy, I was just wondering if you have any info on whether there are any changes to filing tax returns for 2019/20 or is it the same as the previous year? Many thanks Paul
Bank Account details - don't if Andy has made comment before about this but if your account has leading '0's do include them on the form. If you don't you are unlikely to receive any money's due to you.
Thanks very much this helped me a lot. At 7min you pondered the question if you answer no to income below £1000. I filled in No at this point and as you said there is no option later on in the form to add any details of your Self employment or any option if you want to pay NI. In my circumstance I have a shortfall in my NI contributions so I have to make up the payments. I had to go back and tick Yes to the question of turnover of more or less than a £1000. Later on in the form it then asks you again about your income, and gives you the option to declare less than £1000, and allows you to pay Level 2 NI contributions. Without your Video I would have been lost, thanks again. Sorry for the long winded comment by the way, hope it is of some help. Atb Wayne
Great video Andy. Like most on here, I really appreciate it. I was wondering if you've got a video on how to do the annual return for company house please? It's my first year and I could use your help. Many thanks.
Might cover that in the future but at the moment most of the stuff I'm putting out is sole trader orientated. I would always get an accountant involved for corporation tax. 👍
This is a really good video, I've done my own tax return but still can be bit confusing. I'm still going to an accountant lmao I need as much money on my rebate as possible LMAO
I started my business in January this year, stopped working since March due to this pandemic. Just got a letter to do a tax return, done it but was very vague just asked me questions. Was no where to upload my details like on your video. Confused 🤷🏼♀️
I'm confused too 😀 - did you follow the instructions on the letter? It should ask you to sign in to the Government Gateway and then you fill in the Self Assessment tax return on there. I haven't done mine this year yet so unless something's changed? Oh, hold on, did you make less than £1000 from Jan to April? If so then you're off the hook for now. 👍
Sorry to ask new questions on an older video - but why did you not include the £1k trading income allowance in your returns? Just wondering if there was a specific reason e.g. due to turnover amount. Many thanks
Hi. I am not sorry if you have explained that. I would like to ask your advice how a payee that earns more than 45K per year , can claim the 20% from the pension contributions, on the self assessment .
Do you have to pay tax on all earnings? Not only the earnings you are left with after buying new stock? Also I’m paying your tax return, I’m assuming this is connected to your business bank account- in that case how do you add your business bank account to your government gateway account. Sorry for all the questions, I’m a teenager! Thank you for the video!
Love this Chanel. It’s helped me so much. I have a question, I plan to start a business in 2021, can I start buying equipment now for my business now or will I have to wait closer to the time ?
Cheers Stephen! As it's been explained to me in the past, you can introduce your own assets to the business at any time at a fair market value. You can also spend a 'reasonable' amount of time setting the business up before it starts trading. As far as I'm aware you can introduce assets at full value going back 7 years as long as you have the receipts and it hasn't been used for personal use. I would get an accountant to verify this though. 😀 Best of luck!
Heya thank you for the vídeo...Do you know how this apply for non citizen? I have a small business but I just can't find this information in the gov website.
Can anyone help me with a question, please? It is regarding the additional payment on account for the following year 18:48 mark in the video. The question is when doing my tax return for the following year, would they deduct the payment on account already paid, and add another payment on account? Thanks
Funny how you chose Drum Teacher.... I'm considering my options just now of opening a taiko/drum/exercise class.... I'm not too sure if there's going to be enough interest. If there is however how would you recommend keeping track of day to day income? Would I need personal information for every client that attends or will a name and signature suffice? I'm rather confused about how detailed the records need to be and would hate to be caught off guard if I have forgotten to gather the information that otherwise could be asked for.
If possible I would at least get full name, phone no. and e-mail address - full address if possible just in case but you'll probably be fine with basic contact details. It depends how far HMRC want to drill in to things. 👍
Sorry I hit the send button , continued 2nd part as I was saying not one problem , I have used a different accountant for the last 3 tax returns , and all 3 have made a complete mess of everything, the worst was a very large company of accountants , who gave me the amount I had to pay , which was very high , in fact after paying it , a month later the tax office gave them a 10k !!! rebate , which they past on to me , and also took there fee’s from this amount , which I had already paid them , I am only a self employed electrician, why couldn’t they get it right , the other 2 I used were from another planet , and got a fine from the vat man for late payment although I had given them all the paperwork for the return 3 weeks before the vat was due , and seemed surprised that I didn’t want to pay them !
Hey, thanks a lot that quit is very helpful as I might need to do this year as I'm just starting off! I am new at all of this and have an important question and don't seem to find the answer anywhere. If you do your tax return in December, but the deadlines are on the 31st of Jan and the Tax year actually ends on the 05 of April, how can your books be up to date until the 05th of April or the 30th of April ( as this usually the date you tell HRMC when doing the return), if you need to do the Tax return already months or weeks in advance? Would be super helpful for any kind of explanations! :)
I'm 19 and I do my dads tax return and go with him when he goes to his accountant just to help my dad also i can learn and ask questions from the accountant, I was very crap in business studies back in school, but if I had made attentions and had asked questions in class I would've known alot before hand and made my life easier for future also it wouldve been good for me as I could do business o would've had all the skills, but anyways I will learn everything on go.
The government is running adverts about paying tax if you are self-employed at the end of these adverts the last thing that is said is please pay your tax, the reason it says please pay your tax is because there is no penalty for not paying tax as there is no law requiring us to pay tax on the fruit of our labour. If there was a law that said you have to pay income tax, at the end of the advert it would say what the punitive punishment would be for not paying tax. However should you fill in a tax return incorrectly trying to defraud the tax man and you give the tax form Life by signing it you are then open to being prosecuted in law, there is no law requiring anyone in the United Kingdom to pay income tax on the fruits of their labour. Before anyone answers me because they have looked on Wikipedia how to find a law that says we have to pay income tax an obligation is not a legal requirement. However if you could find the act of Parliament that says that we have to pay income tax on the fruit of our labour could you please leave a message so I can check it having offered a £10,000 reward for anyone who could find me the law via Twitter a few years ago and no one could I doubt for 1-minute anyone who reads this will be able to find this law.
Hi, let’s say for example I made 20,000.00 last year after tax (NET) but £25,000.00 before (GROSS). What one do I put in the turnover box? Gross or net?
hello. When putting in my self assessment tax return to verify my identity i have to put the employee’s contributions due on all earnings above the pt that is stated on my p60. The only lines i have on my p60 are: total income received, MINUS personal allowance, TOTAL INCOME ON WHICH TAX IS DUE, pay pensions profit etc (basic rate x 20%), PLUS class 4 national insurance contributions, class 2 national insurance contributions, INCOME TAX DUE, MINUS tax deducted from CIS and trading income. which answer should i put to the question - employee’s contributions due on all earnings above the pt?TIA
Very good video- informative and easy to understand. I am new - how do I locate good accountant? Do you need to have a seperate bank account very small business, or can I use my personal account. Thank you.
Hi Andy. Thanks so much for the clear, easy to understand information. I am also a drum teacher, teaching for 10 years now. 🥁🥁😁 I had an accountant for the first 2 years and since then I’ve been doing my self assessment return myself. You have made me understand that cash basis should be the way to go for a small drum tuition business (I am a sole trader). I have not been using cash basis so is it ok to switch for this current tax return 19/20?? Also due to lockdown I’m expecting a reduced amount for 20/21 return, can I reduce the first payment amount due on 31st Jan?? Thanks again for the helpful information mate. 👍
Cheers bud and best of luck! It's been very hard for teachers having to switch to zoom lessons etc. Yes, you should be able to reduce your payment on account - you can put justification as part of the return. Happy drumming! 👍
Very helpful and well explained! If I worked as self employed only for 2 weeks and rest of the financial year I worked as PAYE can I still claim for a tax return as I paid for courses, tools etc. even though I was PAYE? Thank you
I’m trying to complete my 2019-2020 self assessment , mostly ok after watching your video, but I’m on a page “Balance Sheet Page 2 , there are 3 Questions, and they all say (in brackets) “optional “ I can’t get past the first box titled CAPITAL ACCOUNT , it says put a minus sign if there is no figure , I think but always comes back with an error! Although I have been self employed for 30 years , this is the first time I have completed a self asssessment tax return , I had the same bookkeeper for over 25 years , without one single problem ,since she retired I h
One thing I've always noticed is that if you look at your calculation just after you file the return the amount due doesn't deduct payment made on account, it updates after about 2 days. I always deduct it myself and make payment less what I paid in the summer on account.
