Tax receipts, expenses and record keeping in the UK for self employed folk

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There's a newer version of this video here:
• Basic TAX RECORD KEEPI...
It's self assessment tax return time again and in this video I'm talking about how I log receipts for a UK tax return - lots of record keeping and general business admin. This video was originally filmed in December 2016 for my Andy Mac Drums channel. I'm also looking at an app that can remove a lot of this paperwork from your life.
If you're not sure what I mean by Opex and Capex watch this vid:
• Tax and accounts in th...
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Опубликовано:

24 сен 2024

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Комментарии : 52

@SmallBusinessToolbox Год назад

Hey folks! There's a newer version of this video here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-8DaMAOHFbwc.html

@MartiA1973 5 лет назад

Your production standards are second to none! This is one of the few RU-vid channels I want at normal speed rather than 1.25 to cut through the waffle. Can't thank you enough.

@SmallBusinessToolbox 5 лет назад

Cheers bud! 👍

@technomad900 3 года назад

This is really useful, explained in full English, succinct and to the point . Top stuff

@aurorehiemisch69 4 года назад

Hiya thanks for the video :) really helpful. I'm from Newcastle too. I gonna start my little business soon.

@SmallBusinessToolbox 4 года назад

Awesome stuff and best of luck! 👍

@piccolonamek5864 4 года назад

2020.

@ShoppingwithRina 2 года назад

Nice

@3rdtwirl494 Год назад

“In my video is an old video from 2016 but it’s still probably good “

@fatboy3159 3 года назад

With 1 Tap Receipts, basically does all the excel work for you?

@lukepowell2173 5 лет назад

Andy, I'm loving the simplicity of your spreadsheet, did you create it yourself? would you care to share a blank copy? I have a basic understanding of excel and would probably even manage with some of the formulas? Also, Why is it that you use Opex and Capex as opposed to allowable expenses and capital expenses? Thanks Luke

@SmallBusinessToolbox 5 лет назад

Cheers - I'll try to get this and a bunch of other stuff added to my Patreon at some point. There's not much to it though - just a bunch of columns. Opex / Capex is just easier to say. 👍😀

@LucasFGodoy 3 года назад

I did not understand the 40 miles speed limit reference! 😅

@nishanthyuha7400 8 месяцев назад

Hello Do recommend 1tap receipts track expense app or your way? Thank you

@redlady935 3 года назад

I was going to use an app but they sometimes stop working and then you can't access your info or they introduce a new charge they didn't have before. As long as you can easily regularly transfer the data accross to your computer then I guess its OK.

@Joan-ot9nf 3 года назад

Start at 3:40

@Rickym403 3 года назад

QUESTION FOR U.K. are saved mobile phone screenshots of email purchase confirmations all that’s needed to prove business expenses you’ve claimed for? An do you just put in expenses figure then they don’t need any details? You just keep proof of how you came to that expense figure incase they ever ask? IM LOST LOL

@marinabazeau211 3 года назад

How does it work for tube and bus tickets ? How can they check this ? :)

@CarlHD89 3 года назад

Hi there got a question whatsoever i need as proof of purchase as I'm a dealer for items I buy can it be a cash receipt with there address on and mine and get them to sign? Or what other methods many thanks

@GarethInTheMixx 2 года назад

What about if you've lost a gd few receipts?

@frankiesalmon7545 5 лет назад

Why don’t you try accounting software? I use FreeAgent, you can use on desktop or app, just take a photograph of your receipt as and when you buy stuff, and it’s all saved in the cloud and software for tax time. It even tells you how much tax you’ll be paying.

@SmallBusinessToolbox 5 лет назад

Yes - lots of approaches to this. If accounting software works for you do it! 👍

@BillsAllotmentDiary 4 года назад

Cheers buddy have just put this info in Excel 2010 am just wondering how do yo get it to auto generate the figure in the Opex and Capex? I know you said its not an Excel video but would be a great help to know how you do it. once again cheers you've been an inspiration to an older guy who has shyed away from potentially going self employed due to crapping it over tax returns etc

@SmallBusinessToolbox 4 года назад

Must admit I don't really use that these days since I almost exclusively use Cash Basis and don't need to split between Opex and Capex, BUT in the Opex column I just had this formula - =IF(E639="Opex",G639,0) and the Capex column has the same but Capex instead of Opex obviously. The E column simply has Opex or Capex and the G column the amount. Defaults to zero if it's not shown as Opex or Capex. 👍

@BillsAllotmentDiary 4 года назад

@@SmallBusinessToolbox Small Business Toolbox Small Business Toolbox cheers I will be looking at the 1 tap app but for now I'm working on my organisational skills and excel basics lol so you click onto the Opex column then type in the code in the top bar and do the same for Capex? Cheers looking at the patron option with your chanel I've found your teaching and explication abilities refreshing and it's nice to find a guy who is supportive with other youtubers and not up his own wizz way.

@BillsAllotmentDiary 4 года назад

I meant to ask the cash basis system. How does that work if your self employed but also receive income from an employer as I am also employed. As I understand it cash basis is based on what you earn however if your already paying tax on your employed income how you for example show what was paid out was the self employed part for tools equipment car or van? I know you can do this on the flat rate for travel but how do you prove what relates to what? A video on that would be great to lol

@britannic2000 4 года назад

Hi Andy, just a question on vehicle expenses and fuel, are these all added in and then deducted from the profit on your tax return, thanks.

@SmallBusinessToolbox 4 года назад

I normally use simplified expenses (45p/mile etc.) for vehicles as it's far simpler. www.gov.uk/simpler-income-tax-simplified-expenses/vehicles- 👍

@britannic2000 4 года назад

Small Business Toolbox Thanks for that Andy👍

@NinkComPoop 5 лет назад

Love your vids! 😊 I have a question which I don't think you've mentioned in your videos. Shouldn't most RU-vidrs be ticking the 'foreign income' box? As ad revenue is overseas for a lot of us. Plus sponsorship payment going into our PayPal as dollars counts too?

@NinkComPoop 5 лет назад

If so - which type of foreign income does that count as because they give you a big choice of options!

@SmallBusinessToolbox 5 лет назад

Hi and thank you! Obviously always double check with an accountant but no, the foreign income is for things like savings interest from banks in other countries, pensions, rent from overseas properties etc. RU-vid income is just taxed like any other income - normally based on when the AdSense payment enters your account in GBP. Paypal is like a bank account so a little more complex as exchange rates come in to play. For small-ish amounts I would just base it on the GBP amount that hits your account and it should all balance out... but this gets more complicated as things grow so get professional help here. You might want to give HMRC a bell to double check (they'll be busy at this time of year) but vaguely explained here: www.gov.uk/tax-foreign-income/foreign-income-thats-taxed-differently All the best! 👍

@NinkComPoop 5 лет назад

@@SmallBusinessToolbox I always recommend your videos to every self employed person I know every year 😊 Sounds great! I did contact HMRC and they told me to declare that I am recieving foreign income under the self employment category but I didn't have to fill in specific numbers for that. I probably will do in the future if I want to/can claim tax relief and I've got an accountant to help me. At the moment, it's not worth it. Thanks again!

@kadenlayne1065 3 года назад

I realize I am kinda off topic but does anybody know a good website to stream new tv shows online?

@geraldedwards7790 4 года назад

Great video, have subscribe. Can you do a video on keeping records for 2020 making tax digital. Think it would help alot of people, including myself. Was thinking of using something like QuickBooks but not sure what to do.

@SmallBusinessToolbox 4 года назад

MTD for VAT? Unless you have particularly complex accounts I would personally just use Excel and a MTD plugin... on a separate computer... with nothing more than the totals in the spreadsheet (tinfoil hat). 😂👍

@georgef822 5 лет назад

How would I go about claiming expenses from a previous tax year?.

@SmallBusinessToolbox 5 лет назад

I think you have to file an amendment to your previous tax return - best contacting HMRC and checking. 👍

@massiveaction2371 5 лет назад

whats the programme called you use for spreadsheet, excell? is it free? if not and i pay i turn into expense (obviously) but does that mean i can earn more before i pay tax, or pay tax and get it back? id rather earn more before i pay tax if i buy from my current account wages, and not buisness account. hope that makes sense

@massiveaction2371 5 лет назад

are their better apps than 1 tap receipt as this video is years old lol

@SmallBusinessToolbox 5 лет назад

If you don't have Excel I would just use Google Sheets - it's free. All the best! 👍

@Bexyboo88 4 года назад

I buy a majority of my stuff online, I have email confirmations.. could I use them?

@SmallBusinessToolbox 4 года назад

Yeah - as long as you've got the order trail on e-mail that should be fine. Was fine for my audit. 👍

@ManlikeT-wc9nm 5 лет назад

Can you put delivery costs and packaging on this as long as I have receipts of them or is it not applicable for it?

@SmallBusinessToolbox 5 лет назад

As along as they're business expenses, absolutely! 👍

@ManlikeT-wc9nm 5 лет назад

Small Business Toolbox thanks for the reply, really good channel, expecting more business tips n tricks 😁

@ashlealove2402 5 лет назад

What if I purchase products on gumtree and I have no receipts of expenses how do u evidence it please ,?

@SmallBusinessToolbox 5 лет назад

Do you have a record of contact details of the people you've bought stuff from?

@ryanmaguire8229 5 лет назад

Hi what about if you buy stuff from car boots and you can’t get a receipt

@J89943 3 года назад

@@ryanmaguire8229 you get a written receipts

@Summit_Up_There 4 года назад

I'm not gonna dislike the video because I'm just not that type of bloke. You are a wealth of knowledge but fuck me you dont half ramble on about pointless bullshit, just please make your videos shorter and get to the point! But yeah not my channel so do what you do.... mhmm

@SmallBusinessToolbox 4 года назад

Lol this is a very old video.