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Being Self Employed and Employed at the Same Time
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- čas přidán 14. 08. 2024
- Are you thinking of setting up a business at the same time as you are employed?
In this video, I talk you through being Self Employed and Employed at the Same Time, how the tax and national insurance works and what you can and cannot claim
If you’re struggling to understand the accounting for your business I’d love to help! Reach out to me at yt@annetteandco.co.uk and let me know how I can help!
If you want me & my team's expert accounting and tax help, you can book a fitting call through our website → 🌏 annetteandco.c...
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Our missing at Annette & Co is to support you to take more money home from your business for you and your family to enjoy.
If you want me & my team's expert accounting and tax help, you can book a fitting call through our website → 🌏 annetteandco.c...
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* GENERAL DISCLAIMER
Our videos are for general guidance, support and education in helping you understand accounting, tax, profit first and the numbers in your business. They in no way constitute specific advice to your specific circumstances. My team & I would be delighted to help you with your specific queries, accounting or profit first requirements through a formal engagement - you can book a call to discuss annetteandco.c...
#selfemployed #soletrader #sidehustle
TIMESTAMPS
00:00 Introduction of the topic
00:25 First CTA and introduction of self
00:46 Difference of the tax implication on being an employed and a side hustler or sole trade
1:51 Why keeping records is important in submitting your personal tax return?
02:58 What is Trading Allowance?
03:42 The need to declare income and associated cost when you are a Sole Trader or Self Employed
06:19 Which expenses are allowed or disallowed for business tax purposes?
10:41 Mid CTA
10:56 How to calculate the business profits and how much tax to pay?
12:17 How do you register as a self employed with HMRC and how to submit your tax return?
14:52 End CTA and Closing
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Yes and I am your ❤
Thank you Annette. This is the clearest video on the topic that I watched.
Great - so pleased it helped you
@@annetteferguson-accountant6:27
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Amazing video answered my questions I've been having to a tee. Many thanks
Many thanks, Annette. Very helpful.
You are welcome
Very straightforward explanation. One thing I’d like clarity on in terms of income is things like “Buy me a Coffee”. This is a service I use as a growing CZcamsr for people to send me a cash reward if they like my content. What I’d like to know is what kind of income this is: paid or gift? Would be helpful to get your view.
Many thanks.
Very informative and clear
What is one of the best banks to join in the UK when living outside the UK if you have a company
If you have a UK business and non-UK home address banking can be much harder, particularly with the new checks that are in place. I recommend you try Wise.
Hello Annette, so lucky to your video which is very good!
In 2021 - 2022, my sole trade biz's profit was less than 1000 pounds. I went through the questions provided on HMRC which told me no need to file a self-assessment tax. This year, I applied for the UTR number and then HMRC sent me a letter saying that I was late in reporting my tax of 2021-2022. May I know why? Many thanks, Annette
did you get a response?
Hi,
Many thanks for informative video.
Would you mind to answer one question please?
I’m starting self employment along with my full time employment.
Have spent £28k for self employment business to start.
Does that means that I’m no longer will be paying tax from full time employment until the money spent for self employment business start up returned?
I’m talking about pre-trade expenses?
Thanks in advance
That depends on the level of tax you pay for your salary.
On your personal tax return, you will put your self employed losses and then you can offset those against your salary.
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@@AustinJarita What????
Great explanation. I have a question. Lets say I invest some money from my side hustle to a ISA stocks and shares account. Are those investment gonna be taxed or i can include them in my tax return as a deduction so i wont be taxed on them? thanks
Neither.
The investment is not taxed
And you cannot claim as a deduction either.
If you invest money in to your business, what will happen is that you will take the money out the business (at this point it will be taxed in some way - depending on the business structure), and then you personally put the money in to your ISA. Putting the money in to the ISA is not a taxable event. You also do not include ISA investments on your personal tax return
What about buying a new electric car?
If you purchase as a sole trader, you are purchasing personally as you and the business are the same legal entity.
Very informative and clear
I am glad it was helpful