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Thank you Nischa for a very helpful video. Can you please also make a video about how you set up a Company to add TH-cam earnings? Which category your company has been registered?
I think apart of what has been making your channel grow so rapidly lately is not only because of your wonderful content but also I’ve noticed that TH-cam is lacking of European/ UK financial creators that know what they are talking about and make their content engaging at the same time. I am grateful because usually when searching on here it’s a lot of US based content which isn’t very helpful a lot of the time (personally)
Excellent video. Just a small point to clarify for anyone in the UK, you don't need to be a legal "Company" (e.g. Limited) to deduct business expenses before paying tax, you can absolutely do this as a "Sole Trader."
Sole traders are liable for 40 and 45% tax rate. Employees of ltd aka director can set up 1257L and dividends, bringing down rates to anything from 8 to 39.35%
Putting aside the whole content aspect of this video, your delivery of content is absolutely to perfection. Clear, straightforward and precise. The professionalism, politeness and with clear vocals, without any emotional bias towards your content is incredible. I believe these factors is what keeps viewers engaged in your videos through till the end. Keep up this method and your channel will grow rapidly for sure.
I’m hooked. Advice as to what you do when your ‘side hustle’ Ltd company business account starts accumulating money and it’s just sat there and growing when you’ve taken your tax free dividend. .
Totally agree very easy to follow but need more advice on how to save tax and investments like stocks I find are just abousivei invested in couple of companies and they sold there shares and I lost money in all of them and I was forced to sell
I wanted to watch the full video before commenting and I am seriously blown away. I recently paid for a course to learn this and this single video is so much better than that entire course! Nischa, very well done and thank you so much.
@@nischa Is an umbrella corporation a good thing to use as a consultant ? I am doing a CFA 1 test trying to get into Finance in the UK, would it help me get my foot into the back office ? Thanks.
Excellent video so much information explained clearly, many thanks. In the future I'm going to be selling a property that I currently let out which did cover the mortgage sadly it doesn't and I had to extend the term which wasn't ideal. Any videos on capital gains tax would be greatly appreciated. Many thanks
You’re Subs growth is super impressive. I think what people like is your honesty, transparency and helpful content. Too many on YT are trying too hard.
Yes I agree, I am currently self employed and I seem to remember another option was LTD company but as I don't earn very much as its part time work I chose self employed. Is that what you meant when you referred to 'individual' and 'company' in this video? I am in the UK
The quality of your content is amazing, thank you for this useful information! ❤ Could you dive deeper into taxes for small business owners: what can generally be written off as expenses, what to look out for in a tax advisor, when to start looking for an accountant (at what stage of the business) and maybe the average charge rate of tax advisors and long term accountants. Keep up the good work, Nischa ✨
Great informative video! Would love a Video on UK pension relief - and a breakdown of how the 20% / 40% / 45% income tax brackets impact tax relief please
Hi Nischa! Thank you for this video, it has been very helpful. I would love to see a video on 1) how to set up your company structure to save on tax & what is the best way to pay yourself through that structure 2) how to find a financial advisor, what to look out for and what the typical costs are. Again, love your video's. 😇
@@The_MoneyGuru pretty sure there are more tax benefits to setting up a limited company if done correctly though so do your research before making a decision - the money guru you sound like you work for hmrc rather than giving out good advice 😂
great overview. Taxes in this country are getting bad, thinking of moving to the isle of man, could you do a video on that? How to set up the new company, how long you have to stay there to get the tax benefit etc.
Why do Americans always think they can just move to another country? You can’t! You need a visa (thru spouse or high end investments). Emigration is a long and hard process.
@@Rapha187 Well... he's not American. The Isle of Man and the UK have good reciprocal agreements regarding living, visiting and working in the respective jurisdictions. It's much easier than moving from the UK to elsewhere, so I don't see the issue.
Nischa I’ve been so inspired and motivated by your content. I discovered your channel in the last month and there’s already been a marked improvement with my finances/attitude towards my spending/earning already. You’re a fantastic teacher. Keep up the great work! Xx
6:30 I think you should clarify that for S&S ISA accounts you can pull out your money at anytime and any profits are tax free also, not just when you retire incase people are confused versus a pension
Hi Nischa, I have recently come across your channel and I just want to say what great job you are doing. I love your style and your way of explaining financial concepts which is so easy to understand. And it's great that you are also in the U.K, as I am, as your information feels much more relevant. So glad I found your channel and thank you for the invaluable financial education :)
I originally started watching your videos cause i was interested in the content of your work, but honestly, more so in the attractiveness of your accent and the more obvious physical attraction... great smile!!! Anyway, I've seen about 5 videos now, back to back, and aside from the accent that makes me want to hear you talk all day and watch you smile in between every sentence i got to say you make absolute sense and are so helpful with the information you share i have learned a multitude of things on just the 5 videos ive watched thus far. Honestly ive shared 3 of the five videos and im binge watching every video i can from your channel. Cheers!
This is amazing. I love your practical advice and the fact that you are showing people in Europe/ the UK what they can do. Please cover more Tax content and I would LOVE to see videos on offshore accounts and how to set up a company online as you mentioned in the video. Thank you for all your videos!
As a UK Ltd company director is it still a good idea to take money out of the business account and put it into savings account? I want to build up an emergency savings fund but I realise that as soon as I take it out of the business account it attracts 8.5% dividend tax.
You are truly professional and very kind, intelligent, honest and I enjoy all your videos. The knowledge that you share with public is very concise, we need more videos from British Professionals, educating us lot on many aspects. Taxation code and method must be applied in a way that should benefit the working class, so thank you Nisha for sharing this information with us. Wish you all the best in your career and personal life.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Thank you for such informative, clear and accessible content Nisha! Id love to hear more about tax efficient ways of buying energy efficient cars. Thank you
I love your channel Nischa! So succint, relevant, and easy to understand. I've only been watching for a couple of weeks but I am really inspired! Forgive me if you have already covered these, but I would love to see videos on the following: - What to prioritise with respect to savings, investments, etc, when starting at an older age (e.g., 40+), would the priority list be different to when someone is, say, 25-30? Is there anything that should be avoided or prioritised? - Investing pre-IPO (e.g., crowdfunding for start-ups) vs buying shares in public entities. Thanks in advance and keep up the good work!
Really excellent content. I look forward to seeing more of your videos about the various things you mentioned at the end. All of it, lol.. Really well done, nicely spoken, thoroughly presented, super informative. Thank you for sharing this information! You've definitely earned my subscription! I'm sure this channel will hit the million subs club very quickly!
Hey Nischa.. please do dive into the other ways you briefly mentioned at the end of the video that can help save money on taxes. Can’t wait. Congratulations on the 200k plus subs. You’re the first finance channel that I’m legit following and watching. ✌🏼
Would love to hear about setting up offshore accounts/ companies in tax havens. And ways they can be used to minimise earned income in the UK and Canada. Cheers! 🙂🙂
Pension contributions are often taken after tax. In which case you automatically get 20% topped up. However, a lot of people don't realise that if you are a higher rate tax payer, you are entitled to receive a further 20% but you have to claim it back in your tax return or by writing to HMRC. You can back date it several years too.
In the US you can also put money into a HSA which is tax deductible and can be used to buy a large variety of medical products from band aids to medical bills.
Thanks Nischa. The first video of yours that I’ve watched was about the 9 habits keeping me poor and one advise you gave was to save 10% of my monthly salary as soon as I get my pay check. It made great sense. That way I have money saved right away before all expenses are deducted. I’ve started doing that. Thanks.
5:30 when you explain individual vs company, can’t you also claim items and expenses anyway because you’re registered as a sole trader? Because to be a company you have to have a lot more involvement in the tax process and fill more forms etc?
Thank you for sharing your knowledge- it's invaluable! As a single mum, I've always been afraid to invest but didn't know where to start mainly because of the financial jargon. Thank you for making the information not sound like a complete mystery- it's so freeing to finally know there are ways to keep more of my hard earned money!
I am so eternally grateful for your explanation on tax brackets. This is mind-blowing! I've been through an economics at uni in the UK but it's never been explained as flawlessly as you do. Thank you once again! I am a big fan of your channel now. Keep it up! I'll be looking out for your content.
Thank you for taking the time to make this video . Really Helpful crazy world " Because you have a passion for finance & accouting, we get free advice"
Having worked for a UK pension provider it is scary how many people don't know some of the basic things to do to better themselves. I am no expert and would love to know more. The offshore accounts, property tax and energy efficient car savings would be great to know more about.
Hi Nischa, recent subscriber and am starting a habit of watching your videos once per week. Your videos are always top notch and feels amazing to keep learning more ways to financial freedom :)
I know nothing about finance but happy to learn that I am already doing a few good things like salary sacrifice (although i just got laid off last week) & filling my ISA/LISA. This is really great content, super happy to have found your channel!
Nischa, great explanation on taxes. Here's my issue- I live in NY, USA and my wife and I contribute to a tax deductible 401K retirement account. We deduct property/school tax (max 10K allowed), deduct mortgage interest and deduct charity contributions. The Standard deduction is 25K for married couples filing jointly. So, we lower the taxable income by 35K (retirement contributions) & the federal tax bracket stays the same and the 35K pension contribution hardly made a beneficial difference. Plus, the standard deduction is 25K so we can't deduct the property taxes or mortgage interest. Charity contributions and my 2 children barely make a credit or deduction difference. Taxes are insane!
No frickin way! Nischa, are you really at 225k subs already? HUGE Congrats 🥳 ; it’s well deserved. Okay, lemme dive into this video now. Thank you for all the great info you share. I always learn something from your videos, it’s not always the same regurgitated stuff everyone talks about. Even if it’s not something new, you always manage to put your own spin to it. I appreciate you❤️
Thank you for sharing your thoughtful content…for putting it out there with the passion that many of us need and strive for. I'm starting to listen to you almost every morning. Your voice and words are calming, clarifying, uplifting and motivating. It feels real and genuine. I am grateful to have your channel as a source for having a better relationship with myself and the world around me
Just found your channel. As a Uk expat in the US, I realized when I came out here how financially illiterate we are in the Uk, we tend to give up our autonomy and expect our companies, HMRC and the Govt to make decisions for us, whereas here in the us, you are on your own. It is nice to hear a Brit TH-camr offering education, so thank you.
It is amazing to me how many people in the U.S. do NOT understand how to come up with the effective tax rate one pays. So many people think if they are in the 40% tax bracket they are paying 40% of their adjusted gross income. Thank you for explaining that concept, I hope more people will understand how tax brackets work. 👏
I’m pretty familiar with the whole ltd and expenses method, but 100% of my income is through PAYE. I earn just shy of 6 figures as a data engineer but I get taxed like a donkey, what are my options if my income is taxed before it even reaches my bank account? Will visiting a tax accountant be of any use? Thanks!
You are so very good at this. I am a Thai who is loving and living in the UK. I have just understood the UK tax ladder from your video. You have a new fan now. I hope I watch more of your useful videos xx
Nischa! That was so helpful! In California our taxes are so dang high, I’m looking to find avenues to keep more money in my pocket🤭 Would you be able to break down what you can wright off for small businesses? Even perhaps you tube side business?
Thanks for a great video, Nischa! Can you please make a video about the tax benefits of setting up a trust and what kind of income/assets you can add in the trust? Also more content around properties would be a plus! Thank you :)
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.
Some strategies could be put in place for solid gains regardless of the economic situation, but such execution is usually carried out by an investment specialist.
@@BettinaBischof I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@CharliesMcCormicks There are many independent advisors to choose from. But I work with MARGARET MOLLI ALVEY and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
Nischa, can you please make a video showing how to set up a company in the UK? I am clueless as to where to start - I want to start my own tutoring/consultancy business as a side hustle apart from being a teacher. You are honestly a God sent
Your way of explaining finance is easy to follow . Stumbled across your work other day , took ten percent of my wage and also wife’s with the theory - pay yourself 10% into savings . Have always thought about starting a website - food related but think I will set it up as a company , incase of sponsors . Thanks so much
This was so informative, thank you! I'd love to learn more strategies and information about offshore accounts. You make accounting so much fun, much love!
the thing that puts me off a pension is your money is locked away until youre like 60, for me thats 30 years away, and the government keeps raising the age of retirement,accessability rules and tax rates on it. for me it seems pointless to put money away like that when you may need it in say 10 years
Great video! Please do a video on how to setup an offshore account and the benefits. Also, a video on property tax and how to maximise profits from a limited company for property would be great. Thanks!
First time watcher and have to say really great and informative video. Currently stuck on a few tax/investment issues and this gave some food for thought!
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green. I'm 47, and earn nothing less $150k per year, but nothing to show for it yet
Hi Nischa, thank you so much for another great video. Do you think you could make a video is Ltd company vs self employment (tax implication, other differences, pros and cons for certain scenarios?) I would like to understand the benefits and implications on each in more detail for someone who wants to start their side business. Thank you!!!
I’m so pleased TH-cam put you in my algorithm. I look forward after this to watching your other videos. I have a property I rent out, am part time employed and self employed with my own business, so am really keen to look at taxes whilst I grow. Thanks so much 🙂
Niiiiissschaaaa! Thank you so much for this! I'm about to quit my job and "fly solo" professionally and tax-wise, so I need to learn as much as I can about registering as sole trader or maybe setting up a company. Doing it in the Uk or maybe somewhere abroad where the tax rate is lower (Bulgaria 10%). I've contacted a few people on Fiverr, but their advice was incredibly basic and not very helpful. Could you go more in depth with this topic or maybe recommend someone? 🙏🙏
Just opened a trading account 🎉I almost 100% of the time never sign up to software being promoted / sponsored on YT videos but you deserve the referral fee! So glad to have discovered your content today ❤
Another thing that you can do for reduce taxes as an expense is if you are the house owner from the currently house that you are running your business. You as a company should pay a rent and also, as an owner you need to create other management business. But remember : The Ranger Rover cannot be declared as a business vehicle ; )
Hey I have a question about reporting the value of a good in customs and paying tax on it. As far as I can tell, you normally have to include shipping costs when calculating the value of a good if you’re importing from another country into the UK. However, I was wondering whether in the specific scenario where you are paying a seller abroad for a good and then paying a separate company to ship it, if you could report the value of the good to be whatever you paid the seller and exclude the cost of shipping in calculating the goods value? In theory if this is possible, you would be able to avoid paying an extra 20% on shipping costs.
Hi Nischa! Just wondered if you’d be able to do a video on how footballers etc actually manage their finances? We always hear about the offshore companies in the Cayman Islands etc, but how are they actually set up? Are those companies paid by the clubs, then the player draws the funds from them in that company? I realise image rights etc might be easier for offshore companies, but I was wondering what they might do with their actual salaries in your opinion? Thanks!
In the US, the progressive tax is applicable only to federal income tax. You must pay other fixed-rate taxes (FICA, Medicare, and State) and additional Medicare tax based on the income bracket. This tax rate also dictates the rate on the supplementary allowances (e.g., performance bonus, living, lease, etc.). Income brackets also disqualify one from receiving affordable housing and discount on groceries. So, net income can significantly dip if we are near the intersection of two income brackets.
Great videos and nice to see advice coming from the UK. You make the dry content really easy to follow and interesting. I hope it continues and good luck with your career.
This is the first video of yours that I have seen, I must say you are doing great job and love the way you break the different elements down. Also its so refreshing NOT to hear "please like and subscribe, great content doesn't need this to be said..... goes without saying I Liked👍and Subscribed.
Excellent video! A couple of things: (1) in the US, in addition to 401K plans, there are also Health Savings Accounts (HSAs) - also great for squirreling away for future for funding healthcare expenses - and who does not have them with aging? :), (2) We are probably really underutilizing our ROTH IRA accounts .... will look into this more (Peter Thiel is a master of doing this, literally putting in billions!), and (3) yeah, I should incorporate my side hustle at some point ....
Thank you ,stumbled across your videos,being a sole director of a very small limited company ,been paying way far too much tax in my opinion,not ftom a finance background,give me a spanner or a welder ill have more of a clue lol ,but your videos seem very clear and easy to follow looking forward to watching more
@4:04 But as the government keeps increasing the retirement pension age you may never get your pension as you'll be dead. Even as a contractor you are forced into working under IR35 So get taxed under PAYE any way. How about offshoring ? We are really taxed at 70 pc anyway with high fuel prices and VAT @20pc
➡ Get a free share worth up to £100 by using NISCHA at checkout or visit: nischa.me/trading212
👉🏽 My Intentional Spending Tracker (free) - nischa.me/intentionalspendingtracker
Darn, country not supported(USA). What do you think of Stash?
Would be good to get a video to help increase confidence in investing...what approaches etc...
Thank you Nischa for a very helpful video. Can you please also make a video about how you set up a Company to add TH-cam earnings? Which category your company has been registered?
Thanks nischa
I used ur code ur welcome
I think apart of what has been making your channel grow so rapidly lately is not only because of your wonderful content but also I’ve noticed that TH-cam is lacking of European/ UK financial creators that know what they are talking about and make their content engaging at the same time. I am grateful because usually when searching on here it’s a lot of US based content which isn’t very helpful a lot of the time (personally)
Spot on couldn't have said it better!!
Correct, we need more switched on UK voices.
agreee!!!!
Spot on!!!
@@itspatriciajuane yes 100%
Excellent video. Just a small point to clarify for anyone in the UK, you don't need to be a legal "Company" (e.g. Limited) to deduct business expenses before paying tax, you can absolutely do this as a "Sole Trader."
Thank you Nick for clarifying, I was just wondering exactly that.
Sole traders are liable for 40 and 45% tax rate. Employees of ltd aka director can set up 1257L and dividends, bringing down rates to anything from 8 to 39.35%
@@unboxing4319do you have to pay 25% corporation tax before paying dividends?
But it FAR more limited
@@rlc2978 pun intended?
Putting aside the whole content aspect of this video, your delivery of content is absolutely to perfection. Clear, straightforward and precise. The professionalism, politeness and with clear vocals, without any emotional bias towards your content is incredible. I believe these factors is what keeps viewers engaged in your videos through till the end. Keep up this method and your channel will grow rapidly for sure.
I’m hooked. Advice as to what you do when your ‘side hustle’ Ltd company business account starts accumulating money and it’s just sat there and growing when you’ve taken your tax free dividend. .
Totally agree very easy to follow but need more advice on how to save tax and investments like stocks I find are just abousivei invested in couple of companies and they sold there shares and I lost money in all of them and I was forced to sell
This is so kind, thank you!
Totally Agree, there should be a Television or Film contract for someone as talented as yourself.
This is what we are taught to do as accountants
You speak so eloquently and have quickly become a finance role model. I'm looking forward to learning more! THANKS!
Please make a dedicated video for self-employed tax payment! Thank you 💕
Probably the best 8 min 41 secs I've spent on TH-cam. Thank you! 🙏
I wanted to watch the full video before commenting and I am seriously blown away. I recently paid for a course to learn this and this single video is so much better than that entire course! Nischa, very well done and thank you so much.
so so glad to read this, thank you
Totally agree and she is giving good advice to helping others. We should all have learned this lesson from schools
you paid for a course to learn basic tax information you can find on google? huh?
@@nischa Is an umbrella corporation a good thing to use as a consultant ? I am doing a CFA 1 test trying to get into Finance in the UK, would it help me get my foot into the back office ? Thanks.
Excellent video so much information explained clearly, many thanks. In the future I'm going to be selling a property that I currently let out which did cover the mortgage sadly it doesn't and I had to extend the term which wasn't ideal. Any videos on capital gains tax would be greatly appreciated. Many thanks
This explanation is way more easier to understand than the ones i've had with my accountant for 14 years. (Love the new graphics btw).
You’re Subs growth is super impressive.
I think what people like is your honesty, transparency and helpful content.
Too many on YT are trying too hard.
Hi Nischa,
Can you make a video around setting up a company and the benefits and drawbacks of each company structure (LTD, LLP, ect)
Yes I agree, I am currently self employed and I seem to remember another option was LTD company but as I don't earn very much as its part time work I chose self employed. Is that what you meant when you referred to 'individual' and 'company' in this video? I am in the UK
The quality of your content is amazing, thank you for this useful information! ❤ Could you dive deeper into taxes for small business owners: what can generally be written off as expenses, what to look out for in a tax advisor, when to start looking for an accountant (at what stage of the business) and maybe the average charge rate of tax advisors and long term accountants. Keep up the good work, Nischa ✨
Great informative video! Would love a Video on UK pension relief - and a breakdown of how the 20% / 40% / 45% income tax brackets impact tax relief please
Hi Nischa! Thank you for this video, it has been very helpful. I would love to see a video on 1) how to set up your company structure to save on tax & what is the best way to pay yourself through that structure 2) how to find a financial advisor, what to look out for and what the typical costs are. Again, love your video's. 😇
@@The_MoneyGuru pretty sure there are more tax benefits to setting up a limited company if done correctly though so do your research before making a decision - the money guru you sound like you work for hmrc rather than giving out good advice 😂
@@The_MoneyGuru Im sure you know 😂
great overview. Taxes in this country are getting bad, thinking of moving to the isle of man, could you do a video on that? How to set up the new company, how long you have to stay there to get the tax benefit etc.
Which country?
@@FaizanShaikh-pp1kg I'd confidently assume he is referring to the UK 🇬🇧
isle man dead, but yh moving if healthy good
Why do Americans always think they can just move to another country? You can’t! You need a visa (thru spouse or high end investments). Emigration is a long and hard process.
@@Rapha187 Well... he's not American. The Isle of Man and the UK have good reciprocal agreements regarding living, visiting and working in the respective jurisdictions. It's much easier than moving from the UK to elsewhere, so I don't see the issue.
Nischa I’ve been so inspired and motivated by your content. I discovered your channel in the last month and there’s already been a marked improvement with my finances/attitude towards my spending/earning already. You’re a fantastic teacher. Keep up the great work! Xx
I agree
Yes totally agree 😃Nischa is fantastic! So happy we’ve found her x
So happy to read this, thank you Lauren! Xx
6:30 I think you should clarify that for S&S ISA accounts you can pull out your money at anytime and any profits are tax free also, not just when you retire incase people are confused versus a pension
^correct, thanks for adding it here
Hi Nischa, I have recently come across your channel and I just want to say what great job you are doing. I love your style and your way of explaining financial concepts which is so easy to understand. And it's great that you are also in the U.K, as I am, as your information feels much more relevant. So glad I found your channel and thank you for the invaluable financial education :)
Thank you so much Anabella
I originally started watching your videos cause i was interested in the content of your work, but honestly, more so in the attractiveness of your accent and the more obvious physical attraction... great smile!!! Anyway, I've seen about 5 videos now, back to back, and aside from the accent that makes me want to hear you talk all day and watch you smile in between every sentence i got to say you make absolute sense and are so helpful with the information you share i have learned a multitude of things on just the 5 videos ive watched thus far. Honestly ive shared 3 of the five videos and im binge watching every video i can from your channel. Cheers!
This is amazing. I love your practical advice and the fact that you are showing people in Europe/ the UK what they can do. Please cover more Tax content and I would LOVE to see videos on offshore accounts and how to set up a company online as you mentioned in the video. Thank you for all your videos!
As a UK Ltd company director is it still a good idea to take money out of the business account and put it into savings account? I want to build up an emergency savings fund but I realise that as soon as I take it out of the business account it attracts 8.5% dividend tax.
You’re the hero we all need in this world. ❤️
Please talk about property tax and offshore accounts when you get the chance. 👏🏾
Think she needs to get Nadhim Zahawi as a guest speaker for that video. 🤔
I agree! Would love to learn about offshore accounts
I’d love to learn about offshore accounts too!
You are truly professional and very kind, intelligent, honest and I enjoy all your videos. The knowledge that you share with public is very concise, we need more videos from British Professionals, educating us lot on many aspects. Taxation code and method must be applied in a way that should benefit the working class, so thank you Nisha for sharing this information with us. Wish you all the best in your career and personal life.
Videos about offshore accounts and energy efficient cars will be great!! Loving the content so far, especially the fact that you're UK based.
Yo! Came across this video on my lunch break. What a blessing! Thanks for the knowledge, much appreciated! 🙌
Nischa, you've done it again. This is dope. You lil life saver. Make this a series 👌🏾🙌🏾
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Thank you for such informative, clear and accessible content Nisha! Id love to hear more about tax efficient ways of buying energy efficient cars. Thank you
Would definitely love to see a video on savings for energy efficient cars please. Such a comprehensive & approachable introduction to tax- thank you!
I love your channel Nischa! So succint, relevant, and easy to understand. I've only been watching for a couple of weeks but I am really inspired! Forgive me if you have already covered these, but I would love to see videos on the following:
- What to prioritise with respect to savings, investments, etc, when starting at an older age (e.g., 40+), would the priority list be different to when someone is, say, 25-30? Is there anything that should be avoided or prioritised?
- Investing pre-IPO (e.g., crowdfunding for start-ups) vs buying shares in public entities.
Thanks in advance and keep up the good work!
Really excellent content. I look forward to seeing more of your videos about the various things you mentioned at the end. All of it, lol.. Really well done, nicely spoken, thoroughly presented, super informative. Thank you for sharing this information! You've definitely earned my subscription! I'm sure this channel will hit the million subs club very quickly!
Your channel is flying :) everyone keeps telling me about you, amazing work Nischa
Good video! Looking forward to part 2. Also your views on thr property market given the higher rates will be really appreciated
Hey Nischa.. please do dive into the other ways you briefly mentioned at the end of the video that can help save money on taxes. Can’t wait. Congratulations on the 200k plus subs. You’re the first finance channel that I’m legit following and watching. ✌🏼
Would love to hear about setting up offshore accounts/ companies in tax havens. And ways they can be used to minimise earned income in the UK and Canada. Cheers! 🙂🙂
Pension contributions are often taken after tax. In which case you automatically get 20% topped up. However, a lot of people don't realise that if you are a higher rate tax payer, you are entitled to receive a further 20% but you have to claim it back in your tax return or by writing to HMRC. You can back date it several years too.
A video on setting up an offshore (tax free) account would be very useful and very interesting, Nischa.
In the US you can also put money into a HSA which is tax deductible and can be used to buy a large variety of medical products from band aids to medical bills.
More of your amazing wisdom in tax please! 🤩 especially legal and ethical offshore accounts X
Thanks Nischa. The first video of yours that I’ve watched was about the 9 habits keeping me poor and one advise you gave was to save 10% of my monthly salary as soon as I get my pay check. It made great sense. That way I have money saved right away before all expenses are deducted. I’ve started doing that. Thanks.
Yes...please make a video about how everyday working people can set up off shore accounts.
5:30 when you explain individual vs company, can’t you also claim items and expenses anyway because you’re registered as a sole trader? Because to be a company you have to have a lot more involvement in the tax process and fill more forms etc?
Thank you for sharing your knowledge- it's invaluable! As a single mum, I've always been afraid to invest but didn't know where to start mainly because of the financial jargon. Thank you for making the information not sound like a complete mystery- it's so freeing to finally know there are ways to keep more of my hard earned money!
I am so eternally grateful for your explanation on tax brackets. This is mind-blowing! I've been through an economics at uni in the UK but it's never been explained as flawlessly as you do. Thank you once again! I am a big fan of your channel now. Keep it up! I'll be looking out for your content.
Great overview of the basics, looking forward to part 2!
Thank you for taking the time to make this video . Really Helpful
crazy world " Because you have a passion for finance & accouting, we get free advice"
Having worked for a UK pension provider it is scary how many people don't know some of the basic things to do to better themselves. I am no expert and would love to know more. The offshore accounts, property tax and energy efficient car savings would be great to know more about.
More of this please. Much needed information especially in this day and age. Thank you
Hi Nischa, recent subscriber and am starting a habit of watching your videos once per week. Your videos are always top notch and feels amazing to keep learning more ways to financial freedom :)
I know nothing about finance but happy to learn that I am already doing a few good things like salary sacrifice (although i just got laid off last week) & filling my ISA/LISA. This is really great content, super happy to have found your channel!
Nischa, great explanation on taxes. Here's my issue- I live in NY, USA and my wife and I contribute to a tax deductible 401K retirement account. We deduct property/school tax (max 10K allowed), deduct mortgage interest and deduct charity contributions. The Standard deduction is 25K for married couples filing jointly. So, we lower the taxable income by 35K (retirement contributions) & the federal tax bracket stays the same and the 35K pension contribution hardly made a beneficial difference. Plus, the standard deduction is 25K so we can't deduct the property taxes or mortgage interest. Charity contributions and my 2 children barely make a credit or deduction difference. Taxes are insane!
No frickin way! Nischa, are you really at 225k subs already? HUGE Congrats 🥳 ; it’s well deserved.
Okay, lemme dive into this video now. Thank you for all the great info you share. I always learn something from your videos, it’s not always the same regurgitated stuff everyone talks about. Even if it’s not something new, you always manage to put your own spin to it. I appreciate you❤️
I appreciate you and comments like this!!
Thank you for sharing your thoughtful content…for
putting it out there with the passion that many of us need and strive for. I'm starting to listen to you
almost every morning. Your voice and words are
calming, clarifying, uplifting and motivating. It feels real and genuine. I am grateful to have your channel as a source for having a better relationship with myself and the world around me
Just found your channel. As a Uk expat in the US, I realized when I came out here how financially illiterate we are in the Uk, we tend to give up our autonomy and expect our companies, HMRC and the Govt to make decisions for us, whereas here in the us, you are on your own. It is nice to hear a Brit TH-camr offering education, so thank you.
It is amazing to me how many people in the U.S. do NOT understand how to come up with the effective tax rate one pays. So many people think if they are in the 40% tax bracket they are paying 40% of their adjusted gross income. Thank you for explaining that concept, I hope more people will understand how tax brackets work. 👏
I’m pretty familiar with the whole ltd and expenses method, but 100% of my income is through PAYE. I earn just shy of 6 figures as a data engineer but I get taxed like a donkey, what are my options if my income is taxed before it even reaches my bank account? Will visiting a tax accountant be of any use? Thanks!
Looking forward to the next videos on setting up offshore accounts, property tax and stamp duty…all 3 much needed
You are so very good at this. I am a Thai who is loving and living in the UK. I have just understood the UK tax ladder from your video. You have a new fan now. I hope I watch more of your useful videos xx
Can you do a video on setting up limited company in the UK & the ongoing compliance required once set up.
Nischa! That was so helpful! In California our taxes are so dang high, I’m looking to find avenues to keep more money in my pocket🤭
Would you be able to break down what you can wright off for small businesses? Even perhaps you tube side business?
Yes please, a vid on the offshore options would be great! I would love to understand the processes
I’d loved to learn about the offshore accounts.
I wish we had someone as knowledgeable as you for those of us in the U.S.
Thanks for a great video, Nischa! Can you please make a video about the tax benefits of setting up a trust and what kind of income/assets you can add in the trust? Also more content around properties would be a plus! Thank you :)
Great video Nischa - no messing around, straight to the point & you come across well. Thanks
Amazing video Nischa, would love to know about your career journey 😊
Thank you. Please do one on how to set up a coming, offshore accounts etc.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.
Some strategies could be put in place for solid gains regardless of the economic situation, but such execution is usually carried out by an investment specialist.
@@BettinaBischof I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@JacobReynolds-t7v This sounds considerable! Do you know any advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
@@CharliesMcCormicks There are many independent advisors to choose from. But I work with MARGARET MOLLI ALVEY and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
@@JacobReynolds-t7v Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.
Amazing video for beginners out there! Best finance-related content on TH-cam, all the youngins are watching you and are inspired😊
Nischa, can you please make a video showing how to set up a company in the UK? I am clueless as to where to start - I want to start my own tutoring/consultancy business as a side hustle apart from being a teacher. You are honestly a God sent
Your way of explaining finance is easy to follow .
Stumbled across your work other day , took ten percent of my wage and also wife’s with the theory - pay yourself 10% into savings .
Have always thought about starting a website - food related but think I will set it up as a company , incase of sponsors .
Thanks so much
This was so informative, thank you! I'd love to learn more strategies and information about offshore accounts. You make accounting so much fun, much love!
Watching your amazing videos has become a weekend habit for me!
I’d love to learn more about what I can use my pension towards.
the thing that puts me off a pension is your money is locked away until youre like 60, for me thats 30 years away, and the government keeps raising the age of retirement,accessability rules and tax rates on it. for me it seems pointless to put money away like that when you may need it in say 10 years
Yes invest money and make your own pension, by the time I get my pension the pension age will be 90!
Great video! Please do a video on how to setup an offshore account and the benefits. Also, a video on property tax and how to maximise profits from a limited company for property would be great. Thanks!
Off shore accounts video please!
Yes please here too.
Please could you go over setting up of offshore accounts for tax savings and also the tax savings for energy efficient cars! Thanks a lot
Off shore account video please :)
First time watcher and have to say really great and informative video.
Currently stuck on a few tax/investment issues and this gave some food for thought!
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green. I'm 47, and earn nothing less $150k per year, but nothing to show for it yet
Yes please a video on offshore, and what sort of expenses you can feasibly deduct if you have your own company
Hi Nischa, thank you so much for another great video. Do you think you could make a video is Ltd company vs self employment (tax implication, other differences, pros and cons for certain scenarios?) I would like to understand the benefits and implications on each in more detail for someone who wants to start their side business.
Thank you!!!
I’m so pleased TH-cam put you in my algorithm. I look forward after this to watching your other videos. I have a property I rent out, am part time employed and self employed with my own business, so am really keen to look at taxes whilst I grow. Thanks so much 🙂
Niiiiissschaaaa! Thank you so much for this! I'm about to quit my job and "fly solo" professionally and tax-wise, so I need to learn as much as I can about registering as sole trader or maybe setting up a company. Doing it in the Uk or maybe somewhere abroad where the tax rate is lower (Bulgaria 10%). I've contacted a few people on Fiverr, but their advice was incredibly basic and not very helpful. Could you go more in depth with this topic or maybe recommend someone? 🙏🙏
Just opened a trading account 🎉I almost 100% of the time never sign up to software being promoted / sponsored on YT videos but you deserve the referral fee! So glad to have discovered your content today ❤
I'd love to hear about offshore accounts. The tax hikes coming in the UK are ridiculous and unfair.
Off-shore accounts? YES PLEASE!! Your videos are awesome!! Thank you lovely Nischa!
Another thing that you can do for reduce taxes as an expense is if you are the house owner from the currently house that you are running your business. You as a company should pay a rent and also, as an owner you need to create other management business. But remember : The Ranger Rover cannot be declared as a business vehicle ; )
Nischa, very happy to meet you! Thank you for this video, it's a powerful teaching 🌹🙂
Hey I have a question about reporting the value of a good in customs and paying tax on it. As far as I can tell, you normally have to include shipping costs when calculating the value of a good if you’re importing from another country into the UK. However, I was wondering whether in the specific scenario where you are paying a seller abroad for a good and then paying a separate company to ship it, if you could report the value of the good to be whatever you paid the seller and exclude the cost of shipping in calculating the goods value? In theory if this is possible, you would be able to avoid paying an extra 20% on shipping costs.
Hi Nischa! Just wondered if you’d be able to do a video on how footballers etc actually manage their finances? We always hear about the offshore companies in the Cayman Islands etc, but how are they actually set up? Are those companies paid by the clubs, then the player draws the funds from them in that company? I realise image rights etc might be easier for offshore companies, but I was wondering what they might do with their actual salaries in your opinion? Thanks!
In the US, the progressive tax is applicable only to federal income tax. You must pay other fixed-rate taxes (FICA, Medicare, and State) and additional Medicare tax based on the income bracket. This tax rate also dictates the rate on the supplementary allowances (e.g., performance bonus, living, lease, etc.). Income brackets also disqualify one from receiving affordable housing and discount on groceries. So, net income can significantly dip if we are near the intersection of two income brackets.
Great videos and nice to see advice coming from the UK. You make the dry content really easy to follow and interesting. I hope it continues and good luck with your career.
This is the first video of yours that I have seen, I must say you are doing great job and love the way you break the different elements down. Also its so refreshing NOT to hear "please like and subscribe, great content doesn't need this to be said..... goes without saying I Liked👍and Subscribed.
Thanks for this, it's so good to see a video on taxes taking into account the UK tax system, so many on YT are targeted at the US.
Excellent video! A couple of things: (1) in the US, in addition to 401K plans, there are also Health Savings Accounts (HSAs) - also great for squirreling away for future for funding healthcare expenses - and who does not have them with aging? :), (2) We are probably really underutilizing our ROTH IRA accounts .... will look into this more (Peter Thiel is a master of doing this, literally putting in billions!), and (3) yeah, I should incorporate my side hustle at some point ....
Would love to see that video for energy efficient cars please Nischa. Great channel, great advice and now off to download 212.
Thank you ,stumbled across your videos,being a sole director of a very small limited company ,been paying way far too much tax in my opinion,not ftom a finance background,give me a spanner or a welder ill have more of a clue lol ,but your videos seem very clear and easy to follow looking forward to watching more
Hiya love the videos. Pls make a video with pros and cons of off shore acct and energy efficient cars. Keep up the good work
@4:04 But as the government keeps increasing the retirement pension age you may never get your pension as you'll be dead. Even as a contractor you are forced into working under IR35 So get taxed under PAYE any way. How about offshoring ? We are really taxed at 70 pc anyway with high fuel prices and VAT @20pc