What is TURNOVER? Self employed and small business basics

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  • čas přidán 14. 10. 2018
  • In this video I'm explaining what is meant by turnover in business. Sometimes referred to as total sales, gross sales, total income, gross income, revenue, gross revenue, top line and even net sales to really confuse things, turnover is one of the most basic metrics used to assess business performance. I'm speaking mostly from a UK self employed basis here - there are different rules for companies and terminology can very from country to country and even from accountant to accountant. As us usual, my aim is to give you the basics to help you get your small business off the ground. GET A GOOD ACCOUNTANT!
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    #SmallBusiness #BusinessTips #SelfEmployed

Komentáře • 60

  • @thomasslattery3520
    @thomasslattery3520 Před 2 lety +2

    Excellent video. Explained more in 9 minutes of video than I got from hours reading articles. Thanks!

  • @darrensenior7487
    @darrensenior7487 Před 4 lety +28

    actually that was a pretty good drawing of a cash register lol

  • @sameerasmr6217
    @sameerasmr6217 Před rokem

    What a teaching character.
    I subscribed in 1st sense.
    I'm working in a product factory and I want to learn through these account videos more to bright my future.
    I'm 25 years old.
    Thank you...!

  • @crestonvaz6190
    @crestonvaz6190 Před 2 lety +1

    Love it super simple and to the point.worth every minute

  • @y.swedi748
    @y.swedi748 Před rokem

    The best business video I've ever watched. Thank you

  • @ShoppingwithRina
    @ShoppingwithRina Před 2 lety

    I’m watching all ur videos. I will start my business this year

  • @metalmonster1666
    @metalmonster1666 Před 5 lety +7

    Love your videos mate, gonna be teaching guitar in the coming new year and watching your videos really helps! Thanks for all the advice. Was wondering if you'd do a video that really focuses on tracking expenses using excel as well as mileage logs.

  • @shahfibre
    @shahfibre Před 2 lety

    excellent easy explanation and demonstration. wish i was landed at this page without wasting time on other videos on youtube.

  • @ralfsdiezins1161
    @ralfsdiezins1161 Před 3 lety

    Love you mate, no homo. 8 min vid gave me more insight than reading official government pages or what Microsoft provided. Subbed.

  • @Onkarr
    @Onkarr Před 3 lety +1

    Hella confusion but makes sense alittle more than before, Topman!

  • @k1ortia
    @k1ortia Před 2 lety

    Thank you very much for breaking that down so easily...

  • @deddywirata3719
    @deddywirata3719 Před 3 lety

    Thanks for this explanation!

  • @rovino924
    @rovino924 Před 4 lety +1

    Thanks, I understand it clearly

  • @raulands
    @raulands Před 4 lety +1

    Great video, thanks!

  • @sl1ckspurs
    @sl1ckspurs Před 4 lety

    Mate - that was just BRILLIANT!! Subscribed.

  • @azizazhar
    @azizazhar Před 3 lety

    Great video mate!

  • @casablancasj2570
    @casablancasj2570 Před 4 lety

    Fantastic video, thank you!

  • @adebolasamuel4363
    @adebolasamuel4363 Před 4 lety +1

    So easy to understand. You have my attention now. I am about to start my business and I am just on my Business Plan now. God's blessings always.

  • @solaymanbhuiyan3993
    @solaymanbhuiyan3993 Před 4 lety

    thanks that was really usefull

  • @robertiebert
    @robertiebert Před 2 lety

    Sorry I didn't watch all of your video Andy, had to dash out and start a sweet shop 💷💷💷💷👍

  • @lucasteixeiranl4473
    @lucasteixeiranl4473 Před 4 lety

    Amazing!

  • @hansdegroot8549
    @hansdegroot8549 Před 5 lety +2

    Money in business 101.
    Very well explained. (nothing new to me, as to the last words about Amazone)
    I didn't buy any shares either. :-(

  • @janvrto4822
    @janvrto4822 Před 4 lety

    Well explained ;)

  • @deutschersyrer
    @deutschersyrer Před 5 lety +1

    THANK YOU VERY MUCH!

  • @freddiekustaa2633
    @freddiekustaa2633 Před 3 lety

    Perfect 👌, 🙇🏽‍♂️... you just earned a Sub..

  • @emmanuelnoel7447
    @emmanuelnoel7447 Před 3 lety

    Great thanks man

  • @aashpreetkaur1803
    @aashpreetkaur1803 Před 5 lety +2

    Great. Make more videos on topics you touched in this video.

  • @ZozaAljubouri
    @ZozaAljubouri Před rokem +1

    What the answer of this because I don’t understand the turn over???????
    Calculate the turnover rate of 2022 for a company ( No of employee= 1530 - No of left employees = 240 )

  • @650GSF
    @650GSF Před 5 lety +1

    interesting stuff, I am a school caretaker, and was sent to train to do PAT testing to save the about a grand a year, so now I am thinking go self employed as a side line to make maybe just an extra 3 or 4K a year towards my retirement as I about about to turn 54, just trying to workout if it is worth giving it a go.

    • @SmallBusinessToolbox
      @SmallBusinessToolbox  Před 5 lety

      Great stuff - charge a decent rate, do a good job and you'll do just fine! 👍

  • @violeryn
    @violeryn Před 2 lety

    I hope in the end you did invest in amazon shares... :)) Thanks for the video!

  • @a000ab
    @a000ab Před 9 měsíci

    If turnover and revenue are the same, then what are all these articles and video about the difference between turnover and revenue?

  • @shaolin6
    @shaolin6 Před 4 lety

    hey bud, thanks for the video.
    i was gonna ask, what the heck is a PHYSICAL CASH TURNOVER? cs i get what turnover is, but what is physical cash turnover?

  • @classicalbum
    @classicalbum Před 8 měsíci

    Hi, if I fill in my tax return at the end of January I provide actual eanings from April to January. But as the tax year is April to April do I estimate the months from January to April that I don't have data for?

    • @SmallBusinessToolbox
      @SmallBusinessToolbox  Před 8 měsíci

      The tax return due Jan 2024 is for April 2022 to April 2023. For the current tax year that return isn't due until Jan 2025. 👍

  • @emporia5148
    @emporia5148 Před 2 lety

    Hi there! i am looking at my bank statements and need to determine my turnover. Can i use the same concept?

  • @CartooonTHAT
    @CartooonTHAT Před 5 lety +1

    i think i've seen this video before. anyway. question. when do, do youtube as a business. do you have to reveal your youtube channel. or do you just show them the adsense transactions of different months. you do keep records right?

    • @SmallBusinessToolbox
      @SmallBusinessToolbox  Před 5 lety +1

      Welcome over to this new channel! The only thing HMRC want to know is how much money you've made over the course of the tax year. They'd only ask for specifics if you got audited and very unlikely they'd want details on individual channels. You should still keep your own records for reference. 👍

  • @pepesilvia620
    @pepesilvia620 Před 4 lety +1

    Great videos! Do wages count as expenses? For example if I had £25,000 turnover per year, had £2,000 expenses and then paid myself £20,000. Would my profit be £23,000 or £3,000? Class 4 N.I would be very pricey if the profit were £23,000, having only £3000 left to pay this and income tax after paying myself £20,000 to live per year.

    • @SmallBusinessToolbox
      @SmallBusinessToolbox  Před 4 lety

      That would be nice! 😀 No, wages to yourself aren't an expense but they are if they're wages to an employee. So you've made £23,000 profit - you should still find that's less NI than if you earned £23,000 as an employee. 👍

    • @pepesilvia620
      @pepesilvia620 Před 4 lety

      @@SmallBusinessToolbox Thanks for the help!

  • @dirtybumjuice5883
    @dirtybumjuice5883 Před rokem

    Do you include tax in your turnover? For example say I received 22,000 into my bank account would I include my 22% tax ?

  • @nukapuka
    @nukapuka Před 2 lety

    Hei. So turnerover doesn't include taking out expenses as a self - employed?

  • @lukemarsden5872
    @lukemarsden5872 Před 2 lety

    great video and great lesson - but loose the music, its distracting and dreadful

  • @abcdefghpe420
    @abcdefghpe420 Před 4 lety +1

    What is pay out ratio

  • @aashpreetkaur1803
    @aashpreetkaur1803 Před 5 lety

    How does Amazon manage with such little profit then? Are they NOT able to live the "rich" lifestyle with this?

    • @SmallBusinessToolbox
      @SmallBusinessToolbox  Před 5 lety +4

      Profits are worked out *after* you've taken giant salaries out. 👍😀

  • @Canigetanawwwwyyyyeeeah

    a didn't need all the different names that's just confused me now.....next video...all I wanted was a laymen explanation...seems so hard rot find. I hate my adhd for this crap....people