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Thanks for the good tips and brilliant advice

Hi Dan, I am looking to buy a used van which will be used solely for my carpentry business with no personal use. However, I can't find a van with all of the features I want so plan to add them at a later date. Are improvements such as a reversing camera and different alloy wheels tax deductible? Thanks Andy

My case is a bit unusual, i work an hour and a halfs drive from where i live, i work 6 days a week and long hours so i prefer to stay overnight next to the place i work and only go home the night before my day off. I would buy a van to make into a bit of a camper, but also it would be for my work gear and hauling around the odd bits and bobs for work. I would keep the van/camper for at least 3 years and look to change it with the same kind of thing. Do you think i could still claim for the cost of the van, which would be around 15k. Thank you, i really found this video informative, but i cant find any details on my scenario anywhere. Thanks!!

Hi im self employed courier driver, but i lease the van from the company i work for at a cost of £250 per week. Can i claim that against my taxes for the year?

Im self employed but i lease the van i use from the courier company i work for. At a weekly cost of £250 per week. Can i claim the cost of leasing it?

From my self assessment can I declare investment in Isa as expenses ? I want to declare 20.000£ of expenses in ISA to avoid to pay extra taxes. Is it possible? Let me know please ! ❤

Can I claim mileage if I run a motorcycle tour business and the bike I’m using is my own personal bike ?

Thanks for the video, very informative. Someone told me you can use the advisory fuel rates if you’re an employee that uses a company car (they’re much lower than the £0.45/mile allowance), but the benefit of that is you can deduct actual cost for vehicle maintenance, insurance etc. Is that how it works?

Great stuff, I always get a bit confused when doing my self-assessment as I'm never sure to include the mileage claims as income and then class them as an expense (so I don't pay personal tax on them). I actually leave them off completely and have done for a few years. I wonder if they'd pull me up on it?

Very useful video. I’m a director of my LTD company, I’m looking to get a 48K PHEV business lease. BIK is 8%. Currently I have my personal diesel vehicle on lease and claim 45p a mile. This vehicle is due to go back soon. If I get a company car, I know I have BIK & Class 1A NI. How do I claim mileage? It’s not 45p a mile I assume? I’m not VAT registered. Essentially what running costs can I claim? Wanted to do some figures myself and see if I’m better off. Would appreciate some advice.

Amazing content. As usual. Can. You do a video on investing excess profits into stocks? Is the best to open a separate company and loan the company cash from the original?

Hi, I've got a question For example, If a company makes £20,000 a year with £5000 worth of expenses, And I have lets say ~100 invoices a month generated to customers by WHMCS, and I save them all + invoices of the expenses. Can I fill taxes and do all that by myself? Do I need a book-keeping service or an accountant? Thanks for the video.

I have a question, I trade indices and FX it's currently a self employed role and I have a big payout coming after 3 years of trial and error. My question is that after I file for self assessment as a sole trader due to it being above the £1000 allowance should I report money lost to brokers and prop firm fee expenses from previous years, is there any purpose in this? Or is it only relevant for the current tax year what my expenses were?

Hi Dan, I hope you are well? I really hope you pick up this message and reply. I have been working on a business that I am launching very soon since January 2024, I set up a new ltd company in May 2024 and I am hoping to be trading by July/August however I am working every day to get to that point. I am going to have a director salary to my self and I will have 1 employee starting in JulyAug. The company already owes me a substantial amount of money due to the set up costs and this will also increase by July/Aug. I activated my FreeAgent software today and got everything in order, I want to set up payroll my self but theres a few things I don’t understand and I was hoping you would kindly help? When can I start my directors salary from May? Or would it be June? Also the company has no funds coming in so there are no funds to pay out however I wanted my director salary to be logged from as early as I am allowed to do so, would I be able to register for PAYE, then set up Pay role for my self from either May or June, submit everything to PAYE and send the RTI as the salary has been paid but never actually transfer the money out of the business account? So basically be paid on paper but only withdraw the funds when the company is in a better position. I am getting mixed information about this and I can’t find a definitive answer! Also have you any idea how this would work on freeagent, this is all new territory to me, if the PAYE RTI is submitted but the company does not have the funds to pay me, will this automatically be moved to the director loan account as money the company owes me?? One last thing I wanted to ask you, if I am paid £12,500 a director salary annually and I have 1 employee at £12,500, I am right in my understanding that the company would be entitled to employment allowance which would effectively give the company a zero national insurance bill? Sorry for the long message 🫣 and many questions! I would really appreciate it if you could respond. Thank you in advance

Please tell me. I'm a carer and I travel to the same clients every day is that a commute or tax deductible Please. Thank you.

Great video, Is there an updated version of this? Has anything changed since this was created in 2020?

Hi, i am about to register as a sole trader. What is the amount that is taxable? Over 12k for the year. Is the 12k profits or inclusive of drawings. Thank you, your videos are very helpful. I tried to see if someone asked the question.

What about a bigger view of the examples and a voice over. The aim is to explain a balance sheet, after all.

Mostly stupid allowance is vehicle mileage. Motorcycle and moped on the same 24p. Per mile. Maintenance of motorcycle same or greater than car or van. Yes moped 24p. Readable. But my BMW motorcycle, are in tax office morons only allowed?

If your employed by someone and they tell you your still self employed. Can they tax you immediately or is it just when you hit the £1250 limit?

Can I claim a holiday break as team building?

Hi. Can I choose a fixed percentage of the van's costs (including initial purchase of the van) and deduct against tax? And if I do, can I ammend it each year if required? Thanks, I love your videos!

I thought a Directors Loan Account was a seperate account with the bank 🤣 thanks for sharing, very useful information.

Do you legally have to have a Company Bank account?? For example if your a Market trader operating as a corporation and you only dealt in Cash transactions, do you have to put the money in a bank account??

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This UA-cam channel is very informative and effective.

Thank you for all the useful information, they're insightful and helpful for building confidence and understanding what I need to do when registering and starting a coy.

I did a self assessment first time tonight...didn't have all payslips so had to give just gross total on every job I did with 4 companies over a period of January 20th - June 10th.. them payslips need to be collected so you can put in the tax deductions... Hopefully mine is accepted and the late penalty I have to pay..will they ring me if they see discrepancies ?? When will they ask for my receipts for my allowable expenditure aswell ? I hope I get an advisor ring me from HMRC..wil they do this ? Thank you

Hi i am in the process of purchasing a ltd company for a holiday let, basically the company owns the apartment (asset) and owes 120k on an existing bank loan. The current director loaned the company 150k 7 years ago to purchase the asset and furnish it. This still shows on the micro accounts. My question is, if i become director would he have any legal claim to request the 150k loan? He assures me he/ we will have a board meeting and record minutes to confirm the company is no longer liable to repay and this can be removed from the next set of accounts. Does this sound correct?

Can u make video for Uber and just eat self employed people in details plz

That is weird, thats non of my employer's business. I do whatever I want out of my working hours. My current manager even knew of my business in an interview and wasn't bothered by it at all. No one should as long as that doesn't affect other job

Is an investment property in micro company operating FRS105 depreciated?

How about those who live in a van off the grid 😅😅 but working self employed??? What they going to take from you.. or find your location and stuff

Thank you very much for this information. Mike

Bookkeeping and tax preparations should be done by different people. Business owners who do not have a background in accounting, please stay OUT of the record keeping.

What is this classified as on Xero? Employee gift?

Thank you Dan, once again clear and helpful. I just need to remember why I didn't go flat rate as it seems I have to rewatch to remember why 😂

Is there any update on this? can you make an update video?

It's been 45p per mile for over 20 years, fuel and insurance costs have risen exponentially in that time. Why has this not been increased to reflect actual current costs?

Im paye full time. I did a one off job for 16k. I want to put 16k into my sipp. Can i put all this into a sipp without any tax? I

I withdrew £400 from my business account as a loan. I Created the account as you demonstrated under liabilities in the software. Now my balance sheet shows MINUS £400 under liabilities labelled as director loan. Have I done it correctly?

Can I get a personal loan to buy a van as a sole trader, the bank says I cannot

Can you get a personal loan for a work van ?

lolol... no. of course not. That's why they hate it so much. But only bitcoin. use it like cash.

as a computing student thats about to enter this business as a it technician what tasks should be expecting to take as someone who is seting a payroll business up what tasks am i supposed to do im abit confused and usure

Sole trader about to trade my 2020 PCP car in for a van, any tips?

Great advice. Thank you.

Hi Dan On a profit and loss account for abridged accounts or on total exemption of full accounts Does the profit and loss/retained earnings account show the amount before or after dividends are taken?

Thank you for the video. From April 2024 sole traders need to submit digital tax returns in software every quarter? Is this an HMRC requirement? (And if so, link?)

Hiya. Your vids are so great. i started a company with my friends on the 12th april 2023. They were super unhelpful and ignored me for months. I resigned on 15th April 2024. Ive still got 1/3 shares. I completed the confirmation statement before i resigned. The other directors informed companies house that i left. Do i have to inform hmrc i resigned. If the other directors dont do their filing for corporation tax or companies house will i get in trouble even though i resigned. How would they even contact me because my correspondence address was the other directors house and ive resigned now. Also i didnt earn a penny from this, do i need to register for self assessment as a director? THANKS SO MUCH!!!

Can I not set up a charity Donate crypto to charity Use charity to loan to individual (me) Set up loan agreement to pay 1% interest per year then bulk or write off loan Right?