How I fill in a UK tax return for the 2017/18 tax year
ฝัง
- เผยแพร่เมื่อ 2 ส.ค. 2024
- Welcome back to another UK tax return video! I'm taking you through another UK Self Assessment Tax Return for the 2017/18 Tax Year, tax payments due by 31 January 2019. For the first time in a LOT of years, the UK online self assessment tax return system has changed so I thought I'd give you a quick look at it. Mostly cosmetic changes but a couple of extra items to reflect the changes brought in with the new £1000 trading allowance etc. More info below:
Read the full article here: smallbusinesstoolbox.uk/tax-r...
What is Cash Basis? • What is CASH BASIS acc...
£1000 Trading Allowance explained: • Do you pay tax on SMAL...
Help to 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!
Jellyfish in Space by Kevin MacLeod is licensed under a Creative Commons Attribution license (creativecommons.org/licenses/...)
Source: incompetech.com/music/royalty-...
Artist: incompetech.com/
#TaxReturn #Accounts #SelfEmployed
![เกิดใหม่ทั้งทีก็เป็นสไลม์ไปซะแล้ว ซีซั่น 3 - ตอนที่ 65 [ซับไทย]](http://i.ytimg.com/vi/4EsinscQCfs/mqdefault.jpg)
If you've found these videos useful you can now support my channel directly (i.e. not Patreon). You get access to spreadsheet template downloads, comment on articles and more. A small investment for your growing business - join here: smallbusinesstoolbox.uk/member/ 👍
hi do you know something about utr tax refundements? how can you do it?
@@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.
@@SmallBusinessToolbox Hello Boss
Help my please
Small Business Toolbox is this for tax refund paid tax to much!
Thank you! This is the second year I have you to thank for getting me through this!
Watched this as I'm using a quiet January to sort records and tax ready for April 19. Truly brilliant video. Thank you.
Very helpful and much-appreciated clarity while I was lost doing my first ever tax return! No unnecessary rambling Thank you.
Thank you so much, the thought of all this scares me, but you've made it so easy going to watch :)
I hope you will do a future post...corona 2020-2021!I used your actual post everything is fine!
Absolutely brilliant - thank you. The voice of calm and reason!!
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.
What does it mean if you have to request a payment
So glad Ive stumbled across your channel! So goddamn helpful, thank you so much for making these videos!
Thank you so much. This is my first tax return and I didn't have a clue. You made it so simple.
Thankyou so much for this! Have been stressing about this and your tutorial was a massive help.
Thank you so much. Your thorough yet uncomplicated explanation saved me a giant headache completing my first self assessment return. Absolute legend.
No worries! 👍👊
THANK YOU SO MUCH. THIS WILL HELPS A LOT OF PEOPLE. IT DID CHANGE FROM LAST YEAR THATS WHY I WAS LOOKING FOR THIS NEW WAY. WELL DONE. THANKS AGAIN.
No worries! 👍
great video which made filling the tax return so easy thanks for giving your time and effort
Your a God Send Andy. I always like to come on here & give myself a wee refresher course...... So appreciated, Thank you.
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 :)
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
Honestly You Deserve a Million Subscribers! Thank You Sir.
Really good and informative video. watched it through from start to finish twice. Big thumbs up
👍👊
Thanks for this. Its an oldie, but a goodie! Big help mate.
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.
This has been very helpful in refreshing my knowledge 😁
This was very much needed and appreciated.
I have saved so much time with your help!! thanks a lot! I will keep this video saved for the Next time.
Hello
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;
Thank you! Happy being self employed. 😀👍
Help me please
Thanks once again Andy for for helping fill in my tax returns .
I find your videos very clear and easy to follow . its grate having you by my side !
Dude this video was so helpful thank you so much.
Many thanks, it aint rocket science but its nice to be talked through it sometimes. Thanks again!
thankyou so much this has been a huge help
You are an absolute star young man, thank you!👍😁⭐
Thanks for your time, helpful.
That helped me a lot. Thanks mate!
Great video! Helped a lot!
Great Video, Thank you so much.
Thanx sir it was very use full guidenc appriciate for your effort
Omg this has been sooooo damn helpful!!!!!
Thanks mate, really helped me out.
thanks my friend this was very helpful.. God Bless!
You are sir are super awesome, I have just completed my first tax return without an accountant. Thanks to the free advise you give. Thanks a trillion.
No worries. You should always get an accountant to check things over, especially if it's your first ever return. 😀👍
@@SmallBusinessToolbox Thank you .
great video thank you, subscribed
Thanks for this!
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, that's very helpful :-)@@SmallBusinessToolbox
what a big help!! thannk you
Many thanks for the video
Great video! Thanks
Thanks for the help !
Really interesting and clearly explained. HMRC should pay you to make 'how to' videos!
Ha ha - I'd just have to pay them even more tax! 😂👍
Thank youuuuuu so much, less scared now xx👍💪💪💪😍😍😍💝💝💝💝💝
Thanks for the motivation.....
Great video and I really like your channel name! keep up the good work for SMB :)
Wonderfully helpful! I felt clever for once. :D
No worries! 👍👊
Honestly, thank you!
thanks this video is very helpful. would be useful in the future. unless something changes again.
So concise! Thankyou!!
No worries Wayne! 👍
very useful, very easy to understand, so so clear, you should be there in HMRC, you know what to do better....they don't
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
Have a watch of this vid - might be useful. There's a £1000 trading allowance now: th-cam.com/video/t-PHFmpf31A/w-d-xo.html 👍
Top man helped me out👍
Hi sorry just popped up. Hope u might be able to help me. I done my self assessment on my own for the first time. I'm a bit lost where it says total amount due for 2019 20 that's what I gna get back?
I'd shake your hand sir over the internet if I was able. Thanks loads 👍🏼
Thank you very helpful!
No worries!
BRILLIANT ! :)
"do we still have a government"? Well worth a like just for that comment. :-)
:)
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. 👍
@@SmallBusinessToolbox Thanks for the reply Andy. I've got an accountant to sort this out for me. Many thanks again.
Thanks. This helped.
thank you man!
i like that video its very helpfull
Ur very helpful
Hi thanks for your efforts. If it possible can you add a video about self assessment tax return with commercial rent income for 2019-2020 please
Thank You sir.
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
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!
thank you for you help
Thank you for this
I've done it !
Took me 4hrs , mostly just logging in ! X
very helpful, thank you
No worries! 👊
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.
Nice Videos
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.
Thanks a lot.
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
love it. keep going mate. is usefull for me as Romanian living in UK :)
We are going to need Andy to do the SBT guide to the over complicated "settled status" after Brexit otherwise I'm going to loose all my brilliant Romanian Electrician mates.
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
No worries Wayne - glad you got sorted! 👊
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.
Just add the 'employment' section, add figures from P60 - done. Generally. Always speak to an accountant. 😀👍
Great video! Thanks for your help. Do you know how long takes for the HMRC to process the self assessment?
Normally a couple of weeks. 👍
Thanks a lot
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... 😀👍
Great video. Thanks. Quick couple of yes/no questions. 1. On the 'did you receive any state benefits for the year' section, do you still have to include non-taxable benefits such as Housing Benefit? 2. I work a Zero hour contract job as well as self employed and that, and the amount I've been paid, shows up in the other work section. When it also asks do you have 'any other income' does that mean income APART from the zero hour and self employed income or should I repeat the zero hour contract work there as well? Ie repeat the info? Thanks!
Benefits - you'll need to read HMRC's help on that one, benefits can get quite involved. Zero hours - if it's an employment and you get a P60 you should add an employment section and the figures should automatically come across. Don't normally need to use the 'any other income' box. Check on the calculation at the end that it's all there. 👍
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! :)
Great video. How or where can I put my mileage claim as expense. Also I only worked for 6 months and business didn't work out, shall I contact hmrc or just wait till tax is due.
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.
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
Do you mean off-set losses against tax paid through PAYE? Is this on-going or are you done with self employment?
Hi just filling in my first self assessment form, just wondering if there is a easy to follow video on capital allowance ? Thanks in advance.
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
Thank you
Thank you for the video :) Is that for a sole trader?
No worries! Yes, sole trader. 👍
Thanks
Thank you for your video. Can you please advice how to tax return for overseas investors that recive incomes out of UK property
For overseas I think you really need some specialist help from an accountant. 👍
Do we submit all the receipts /expenses to the attachment section as shown in 22:50?
HRMC site is still in beta and there are lot of bugs. I might need an accountant for my first year as self employed... Good video though.
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!
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. 👍
Hello
Hey Andy, any depth on the construction sub contractors section? Cheers
I'm afraid not. CIS is a funny one. I've steered clear of it since there's been rumours of it going away for a long time... but it still persists!