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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?

We have to file CT61 forms for a loan the company pays interest payments on. If the company year end aligns with a the end of quarter then you only have to file 4 identical CT61 forms a year, otherwise it gets a bit complicated with having to file 5 a year (Quarter ends and company year end), 2 of which are different to the other 3. For this reason alone we’re thinking of changing our company year end to align with a quarter end.

Sorry I'm not sure I got you. So before the end of the tax year I want to bugger off to Bali. I took 10 grand out of my company as a director loan. In that case the company will not pay income tax on that 10 grand as it is not in my company .... so don't I will pay tax as I got it in the form of a loan. .... In the next tax year I will just simply use my dividends to pay the 10 grand back to my company ... Is that correct ?

Can you use a limited company on shopify if your under 18 instead of your parents information because of their unwillingness because it might impact their taxes? Any help appreciated

I don’t suppose anyone has made a calculator to work out what is better. Self employed sole trader vat registered £23k income used 100% electric car. 40k miles a year just for business. £900 insurance and approx £1000 maintenance. Will purchase the car through HP over 4 years but expect to keep only a year or two due to the mileage. Any advise would be appreciated.

I'm in the British Army I got told about Rift got a tax return through them back in 2017 it is now 2024 I rang up the taxman because my tax code was wrong and apparently it has been wrong since 2020 that as far as they can go back £4,000 tax due the taxman says it's Rift Rift says it's tax man for changing my tax code what do I do sincerely yours Jordan Norris

So a LTD company is the same as a LLC? Please answer, thanks

If I hold a meeting in a cafe to talk about work with a client, it's not entertaining, it is 100% focused on discussing work for profit to the business. It's also significantly cheaper than hiring a meeting room (that would have coffee laid on). So is the cost of the coffee a business expense? Asking because I have to do this a bit to build the business.

In my experience one of the two Limited Company Directors wont pull their weight and the resentment grows like a cancer. Seen some great businesses folded because of this unfortunately.

Should I loan my company money about £10,000/-) from my personal account to buy a VAN for business as I can’t access business finance at the moment ? Is it a good idea ?

Can all the money in Business account be withdrawn AS DIVIDENDS when closing down a Ltd company providing the company has ZERO debts ?

Don’t forget sole traders get £1000 allowance so you don’t pay tax on your 1st £1000 revenue

Really good video. No one ever explained this to me so it's great advice. Thanks v much.

Interesting

Interesting

I just open my LLC and I want to know the next step to take after opening a bank account and how I can pay taxes

How do you pay the dividend tax if you're over the allowance and you're working for someone else ?

Phew, am looking at buying a 'monster truck' in the next few months 🙌

Greta stuff, yes please do keep them coming 👍

Came across your videos quite by accident the other week. I think it's fair to say I've been binge watching the channel at this point. Great info that is in plain English and very much appreciated. Thank you.