The wisest thing that should be on every wise individual list is to invest in different stream of income that don't depend on the government to bring money especially now that the pandemic is hitting economy pretty hard.
You are right, Sophia. Investing in many streams of income can be very beneficial. The pandemic has certainly shown this. How have you been coping during Covid-19?
@@1stformations Yeah I think you're right, because no matter the stock market crash one needs to have a different portfolio, I already invested in Forex and Crypto which are really profitable.
Hi Biz, Marriage Allowance lets you transfer £1,260 of your Personal Allowance to your spouse or civil partner. When you transfer some of your Personal Allowance to your husband, wife or civil partner you might have to pay more tax yourself, but you could still pay less as a couple. More in-depth information on this can be found via the following link - www.gov.uk/marriage-allowance. You can also calculate how much tax you could save as a couple via the marriage allowance calculator here www.tax.service.gov.uk/marriage-allowance-application/benefit-calculator/?_ga=2.109114949.1939287805.1619618229-205964054.1610103362. How did you find this week's episode?
You're always welcome! Glad that you are finding our videos useful Angus, if there is anything else that you would like to know then feel free to drop us your suggestions!
You are welcome, Bryan. We certainly can help with this. We offer this service at £39.99 + VAT and will do the whole VAT registration for you. Please see the following link - www.1stformations.co.uk/vat-registration/ Do you already have a limited company?
This is the best video on Self Assessment tax returns I have seen so far. It covers everything from the basics to quite advanced and detailed topics. These mistakes will most probably cause people problems - wasting time and money, so it is a very helpful and worthwhile video to check out. Well done Team 1st Formations!
Thank you, Graeme. We aim to please! You are right, there are many mistakes that can be made that people are unaware of, hence this week's episode as it is a hot topic! What would you say the main crucial takeaway is from this video?
@@1stformations My main takeaway from this video is to get seriously organised with some forward planning. For example, the first 2 mistakes are not applying well in advance of the tax return deadline for the Government Gateway user ID and UTR, and then there is mistake number 4 which is 'not planning for payments on account', and from the 'Other Common Self Assessment Mistakes' list there is 'incomplete information' where possibly not enough time has been taken to find the required data. All of these issues represent major problems filing a tax return and paying a tax bill. Thank you again and keep up the good work!
@@graemedonnelly2039 What a wonderful overview Graeme. We love to hear about our subscriber's main takeaways from our weekly episodes are, and it pleases us greatly to know we are helping! If you ever need any support in setting up a limited company, please do not hesitate to contact us 24/7 on 020 3897 2233 and we will be happy to help.
Thank you for all of your valuable informations and directions. I have a question. Do LTD companies with only "one director" need to register with PAYE? Only the director is self-employed in the company. There are no employees in the company. Best wishes.
You are welcome, Mustafa. In regard to your question, if the director is being paid a salary, then you must register for PAYE. This is because the company and the officers are seen as separate legal entities. If the director is a shareholder, they can also be paid via dividends. Please see this blog we wrote on the subject here - www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-company/. What other topics would you like to see in our weekly episodes?
That is what we like to hear James! Glad to hear this has helped you out. What mistakes do you typically make that you learned how to avoid in this video?
This is really helpful. I need to submit my first ever self-assessment tax return soon and this has given me a lot to think about. Can you recommend any good resources for allowable expenses for Scottish Landlords? Need to make sure i'm not claiming for things i shoudlnt or vice versa.
Hi Andrew, we are glad this has helped you. You can find more information on landlord expenses and tax relief via the following link www.gov.uk/renting-out-a-property/paying-tax. Good luck with your first self-assessment! What company structure do you currently have?
This is a very comprehensive video. I was not aware of how easy it was to make a mistake - thanks for clearing this up ;). The blog article is very helpful too!
Very costly indeed! Always good to look out, otherwise you may end up out of pocket. Thank you for your lovely comment and support, always appreciated!
Haha! This is why we produce these video's Amelia, to help increase your knowledge. Thank you for your lovely response. How has your company been doing during Covid?
I literally look forward to Thursday's because of your episodes. You have helped me with my company and understanding so much! Thank you 1st Formations.
That is right, Tommaso! There are so many tax benefits when becoming a limited company. Do you currently own a limited company or are you a sole trader?
@@Iliketrainsbrooooom That is great. We recommend the All-Inclusive package which has a massive 40% discount today! This can be seen here www.1stformations.co.uk/package/all-inclusive/ - Please get in touch with us on 020 3897 2233 and we will be more than happy to assist you with the formation of your new company, Tommaso.
Thank you for your video! THis is very helpful. Do you know how can I check whether my employer deducts my pension contributions before or after the tax?
Hi Alina, thank you for your question. Please be advised that pension contributions are deducted before tax. You would be able to check if you can calculate what deductions you should get for a given salary and see if the deductions match up on a payslip. Ultimately, the pension contributions should be listed separately as a separate deduction! Is there anything else we can assist you with?
We are glad you found this useful in regard to Child Benefit, John. You can actually find more information about there here www.gov.uk/child-benefit-tax-charge in case you wanted a deeper insight! Do you have any suggestions of other topics for Whiteboard Thursday that may interest you?
Hi, love the videos and am looking forward to learning more. Just a suggestion would it be possible to add a blank screen with each individual point so that its easier to skip through to the ones that are required?
@@1stformations How to recover my Government Gateway user ID if lost was really helpful. I wasn't fully aware of this process. Also, the section relating to the potential penalties when claiming ineligible expenses.
@@gordonandrew1526 That is great Gordon. We are glad to have helped build up your knowledge. Are there any other topics you would like us to cover in the future?
Thanks for this useful information :) Could you tell me if I need to declare in my Tax Return the amount I received from Universal Credit? If it's yes, where I can do it, please? thank you so much for your time, expertise and kindness ***
Thank you for your comment, Kinicha. Yes, you will need to declare the amout you receive in Universal Credit on a Self Assessment Tax return, as this forms part of your income and all income must be declared. Do you know which section of the form to put this information in?
@@1stformations oh thanks to answer me. So, ok I'll include the Universal Credit amount but I don't know where... Would you tell me in which session I need to share this information, please? Thanks
