How I fill in a UK tax return for the 2021/22 tax year
ฝัง
- เผยแพร่เมื่อ 21 พ.ย. 2022
- It’s that time of year again! Let’s have a look at what a UK tax return looks like for self employed folk in 2022. This is for the 2021/22 tax year, due Jan 2023. As per usual, I am not an accountant. Always used a good accountant.
What is cash basis? • What is CASH BASIS acc...
What is turnover? • What is TURNOVER? Self...
More about the studio build: • I built a SOUNDPROOF g...
Gov.uk tax return link: rebrand.ly/sbt-hmrc-sa
Help support this channel directly - join and get extra member-only content at:
smallbusinesstoolbox.uk/member/
Here's some affiliate links to more products I use or would consider using - read more about affiliate links at the bottom of this description:
Tide for business banking: rebrand.ly/sbt-tide
SiteGround for web hosting: rebrand.ly/sbt-siteground
123-Reg for domain names: rebrand.ly/sbt-123reg
More articles here: smallbusinesstoolbox.uk
Disclaimer:
I'm not in any way qualified to give you accountancy, tax or legal advice. Always use a good accountant. My opinions are my own and don't necessarily reflect the views of the companies I deal with. I sometimes use affiliate links - these don’t cost you a penny and help to keep this channel running. Read more about affiliate links here - the fairest way of funding the internet: smallbusinesstoolbox.uk/affil... - thanks so much for your awesome support!
All content on this channel is exclusively owned by MacLellan Creative Limited. Copyright (c) 2022. All rights reserved.
#Accounts #SmallBusiness #Tax
it's like a yearly routine watching your videos while filling out the return. I appreciate these vids so much. Happy new year!
Every year its my routine watching him too 🤣🤣
Don't ever stop doing your yearly tax return videos. They help me though the process every time. Thanks a lot. New studio looks sick as well. Congrats
I can't say enough thank yous for making this look so easy - turns out it's as easy as you made it look - THANK YOU!
Every year at tax return time I thank God for you and your channel. Thanks again mate.
No worried bud - glad it's useful! 👍
Thank you Andy. I was looking for help online and was surprised the first TH-cam I clicked on was a fellow drum teacher. All the best with the teaching too.
Ha what's the chances! Sadly I don't teach face-to-face any more but I do still do some online stuff. All the best!
Brilliant video per usual and help with an assuring sense of humour, just what is needed in this often nerve-racking process. Both my previous accountants went AWOL. The first went mad (no literally, they did), and the second just disappeared without trace without telling me where they went. Most excuses for second was that they were now redundant because of Quickbooks. So, as another fellow creative, I've subscribed to your channel. Lastly great new room, but even better, that Yashica FX3 on the wall, my first camera, one I still have and the very camera I cut my teeth on to end up doing what I've always loved, photography.
Glad you're doing more of these videos mate. Started by small business 2 years ago and your content has been a god send. Studio looks great.
Cheers David and good luck with your business! 👍
This saved me a lot of headache, thank you!
Thanks for all this help but you need to clarify for self employed people who doesn't run company mate
Great help thank you 👌
Thank you for your help.
thanks as always
Many thanks for your advise
Not all heroes wear capes. Thanks M8!
Thanks Andy, I currently have an accountant to file mine but you make it feel like I might try doing it myself again.
Looking forward to your thoughts on MTD (ITSA)
(Class 2 is now about £165)
Cheers! I've written an article about the MTD ITSA stuff smallbusinesstoolbox.uk/making-tax-digital-income-tax/ - haven't done the vid yet but coming soon! 👍
Found your video very useful. Thank you. Hope you make a video about tax turning digital 😉
Yup - coming soon! 👍
@@SmallBusinessToolbox cool 😎
Andy, I’m confused about the 2022/2023 NI payments as they were altered in the April budget. In particular the NI Class 2 has changed its thresholds. Could you do a short video covering these changes please, it would useful when filing in the HMRC Tax return. Thanks so much.
Thanks for the video I am newly self employed! Could you advise where I submit a form showing my expenses with receipts for things like relief on fuel?
The Class 2 NI needs the recalculate button on the NI page clicked to get the figure included in your return.
I think that's just for if you've made changes to your self employment details. 🤔
Great video! What if you cannot prove your id? It does not let me in and I phoned the HM... they advised me to print the form as they could not help me with it! Any idea? Many thanks!
Thanks
Thank you. Just lost our accountant and now want to do it myself after over 30 yrs in business. I was in a partnership which has ended but have just one partnership form to submit for the last year of business together. Do you have any videos on filling out a partnership form (which I know has to be posted). I am now a sole trader so should be easier from next tax return.
Hi, is any way to not pay that additional account on 2022/2023 tax, but wait with that until right time?
If you want to pay the £2400 in monthly installments, how do you set up the direct debit? Can you pay £200 every month? A video will be useful. Thank you
will use next year A1
Hi. im currently doing my tax return for the year and im having a small issue. I have filled out all the pages but the one im having issues with is the gross payment and expenses page. Ive put all the appropriate calculations and CIS for the year, at the end total its not adding the total expenses onto the final total for some reason. Is this something i may have clicked wrong on a page or something im not sure, its my first time doing a tax return for myself. Any help please?
Why is the payment on account from last year not taken off?
i don't have the self assesment tab....any help please? i logged in with the app check and everything
Hi, why my summary shows zero?
another year another £ ..... any chance you can do a new video for 23-24 CIS as they have changed the site and if i do almost the same as this it doesnt let me add my money
Very useful video! Just wondering what happen if you are employed and sole trader at the same time. Is the 12570 pounds of personal allowance calculated independently? Or in the case I'm working full-time for a company all the money I earn from my sole trader activity will be taxed because I'm already earning more than 12570 pounds working as an employed? I hope I explained myself well! Thank you!
The 12570 covers all income so will not be calculated independently. Your full-time income will be taxed straight away as shown on your payslip but your sole trader income is only taxed at the end of the year. However, this is just your profits you are taxed on so yes, you are correct, if your full-time income is over the personal allowance then the additional tax you pay will be calculated based on your sole trader profits at the end of the tax year
hello, please help me to close my financial year on 2020 2021 and get my taxes back
I’ve done my tax return, but it has put it into tax credits, is this normal ?
It’s my first year doing it
I would like to cancel my self assessment because i dont have work this time.
Hi! On my Gov UK tax account, the "Self Assessment" button next to National Insurance is missing - do you have any idea how I can resolve this? Trying not to panic. Thanks!
I have the same problem
@@bognagrzech2058 I had to find the right form to apply for self assessment and it got added a few days later!
Can someone clarify for me! If I started a side hustle in Sep 2023, will I need to do my tax return by end of Jan 2024?
Always check with an accountant, but no you shouldn't need to. You're in the 2023/24 tax year and that doesn't end until 5th April 2024, tax return due Jan 2025. 👍
is tcost of buying stock be a allowable expenese
Absolutely! Should be anyway. Double check with your accountant. 👍
Super helpful mate.
I'm confused by the CIS part.
I'm self employed and taxed at source "the company I work for" so would I leave that part blank or put in the 20% I've been taxed? Any information would be wicked.
I enter the tax that was taken at source as you have already been taxed 20% and the company should send this to HMRC on a monthly basis. Keep any CIS statements that should accompany your payment (some companies are very lax about supplying these, but it is your proof that they have deducted tax from you).
is it possible to fill tax return after the deadline ?
Yes but you get fined
with you putting 10k have you ever been asked for any recipts
A very basic rule of thumb tends to be- keep your expenses to a third or less of income and you should sail through fine. Not a guarantee, but above this you tend to get 'flagged' up!
It is not as comprehensive as previous years