Are you employed on PAYE and running a side business/hustle? Let us know in the comments below if you're in this situation. Time Stamps: 0:47 - How are you taxed as a PAYE employee? 2:13 - What tax options do you have for your side business? 4:06 - How does the tax work for a side business? 7:10 - Some non-tax considerations to take into account
Thank you for all your efforts and support. I am self employed, from June become employer part time and recently I have open my own company. Very confusing at the moment, I don't know how and from where to start. Warm regard
Many thanks for the video! May I ask when you should do the self-assessment and if is there a threshold to start the self-assessment - say if the side business is only generating a tiny amount of money?
I am employed on PAYE and also have a TH-cam channel that has started to make me some money from ad revenue. I'm really struggling to find information on how to deal with the business and taxation side of things as I've never had to think about it before now. Am I classed as a trader, and what would my earnings be classed as? I feel totally unprepared for this, is there any help regarding this type of scenario? Thanks
When completing the self assessment, what are you supposed to put for business start date if you have many tiny income sources (e.g. selling on eBay, TH-cam), that have only this year generated enough income combined to need to do self assessment? Do you put a date of this year, or the date the first account was created? Seems weird to put a business start date of, say, 2009 for an ebay account that's been mostly dormant.
Hi Fatina, appointing an accountant is a choice, you don't necessarily have to. It depends upon your ability and confidence in accounting & tax procedures. The same question could apply, should you hire a mechanic to fix your car or do it yourself? We hope this helps.
@@tonydCFO Many thanks for your quick response, that's kind of you, will see its just a hobby that I get paid for through my personal account on which I need to declare. Thanks again
Hi Ashley, thank you for your comment. We do state in the video it's a simplified example and not a tutorial. The aim is get across the principle first and foremost.
Are you employed on PAYE and running a side business/hustle? Let us know in the comments below if you're in this situation.
Time Stamps:
0:47 - How are you taxed as a PAYE employee?
2:13 - What tax options do you have for your side business?
4:06 - How does the tax work for a side business?
7:10 - Some non-tax considerations to take into account
Thank you for all your efforts and support.
I am self employed, from June become employer part time and recently I have open my own company.
Very confusing at the moment, I don't know how and from where to start.
Warm regard
Many thanks for the video! May I ask when you should do the self-assessment and if is there a threshold to start the self-assessment - say if the side business is only generating a tiny amount of money?
Good content 👍 good job 👏
Thank you 🙌 Galen
I am employed on PAYE and also have a TH-cam channel that has started to make me some money from ad revenue. I'm really struggling to find information on how to deal with the business and taxation side of things as I've never had to think about it before now. Am I classed as a trader, and what would my earnings be classed as? I feel totally unprepared for this, is there any help regarding this type of scenario? Thanks
When completing the self assessment, what are you supposed to put for business start date if you have many tiny income sources (e.g. selling on eBay, TH-cam), that have only this year generated enough income combined to need to do self assessment? Do you put a date of this year, or the date the first account was created? Seems weird to put a business start date of, say, 2009 for an ebay account that's been mostly dormant.
Hi, How about the dividend allowance of £2000? is that not considered in this example?
Hi Harrison - we do note it is a simplified example and not a tutorial. The aim is to explain the principle without too many moving parts/factors.
I was thinking the same.....good observation
Hi total tax liability is £15625 or £15725
What about money from a hobby? do we need an accountant for this? Thanks
Hi Fatina, appointing an accountant is a choice, you don't necessarily have to. It depends upon your ability and confidence in accounting & tax procedures. The same question could apply, should you hire a mechanic to fix your car or do it yourself? We hope this helps.
@@tonydCFO
Many thanks for your quick response, that's kind of you, will see its just a hobby that I get paid for through my personal account on which I need to declare. Thanks again
Is it possible or not ? self employed person run limited company side business.
Hi Azhar, if you are referring to sole trader self employed and running a Ltd Co, then yes you can do/be both so long as they are seperate trades.
Did I miss something on the worked example...the nil band rated dividend allowance of £2,000 was unused...how comes?
Hi Ashley, thank you for your comment. We do state in the video it's a simplified example and not a tutorial. The aim is get across the principle first and foremost.
Doesn't mate sense