Thank you for this video - subscribed:) When I'm only self-employed and earn more than £12570, it falls into 20% tax category - do I tax it all? Or do I deduct £12570 from the earnings... Let's say I earn £20000 - So I only pay tax on £20000-£12570=£7430. Is it correct? Thank you!
Most teenagers PlayStation 5 and skateboards cost over a £1000 secondhand. What next, you have to declear all birthday card money from your grandparents as a taxable income! The U.K. is a total cesspit of poverty and destitution, the government makes the poor, poorer!
Thanks for the great work with this video 😊 not sure if you've covered this in a previous video, but what kind of company (LTD?) would I need if I were to plan on starting a youtube channel, maybe sell digital/physical products in the future? And under what SIC number/nature of business? Thanks in advance
The Ltd company can be a good option for a RU-vid channel but typically it would be more beneficial once the channel is more established and generating a significant income as it might allow for better tax planning. In which case 59112 would usually be an appropriate SIC code. Most of our clients who operate in this field usually start trading as self employed due to the simplicity and flexibility that’s offered. Remember you can always switch to a Ltd company later if it makes sense. To declare your income from youtube channel as Self Employed, all you need is a UTR number, you can apply here bit.ly/utr-number
Very well explained. Thank you! Just to be clear tho, I got a full time job, and I started earning money from RU-vid. Until I reach 1000 in earning (just from RU-vid) I don't need to do declare anything, am I right?
If my side hustle is bringing me loss then I don’t have to feel the tax docs but if I’m employed would that loss trigger a tax return from my employment?
okay so im full time employed for a company. But need to do self assessment for freelance work. Is it correct I do it from a business tax account? Or personal tax account? If that is even possible? Is there a difference? and can I do it via personal tax account? I registered for utr through business tax account is that correct?
Hi hello Please may I ask If one was running a prize competition website where i would be buying more prizes every week to be won or every day May I ask what is your thoughts about how this tax will be calculated at the end of a year and if i was a limited company would I be self-employed in this limited company as a director or would I be an employee of the limited company as a director owner Thank you for any reply Kindest thoughts and wishes
I am 67 years old and receiving my pension and I already have 36years NI payments. I continue to teach privately and I have a holiday let do I have to pay national insurance and if so which one? Class 2 or Class 4? and would that be on the basis you have outlined in your video?
So, when you say your regular job is 30k and side business profit is 30k, is the 30k from your regular job what you take home on your wage slip which includes deductions such as NI, pension, student loan etc. And the 30k side business is your profit after deductions such as materials, energy etc has been deducted? Thanks in advanced. My regular income is 52K, so anything I earn in my side business is taxed at 40%!
So if you're jobs allows you to buy tax deductible materials and equipment you can scale and expand your business then pay the remainder of your tax until its big enough to where you can pay 40% tax and it would not affect you as you would be minted effectively
