Small Business Toolbox
Small Business Toolbox
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How to be self employed - UK BUSINESS STARTUP CHECKLIST!
Do you want to know how to become self employed in the UK? I’ve written a business start-up checklist to point you in the right direction. This may not be comprehensive but it’s what I’d be looking at if I was setting up a new business.
Free business startup checklist:
smallbusinesstoolbox.uk/starting-business/business-startup-checklist/
Need a small business bank account? Use code BUSINESSTOOLBOX to make use of their offer. This is an affiliate code - more information and full terms on this review article:
smallbusinesstoolbox.uk/tide-bank-review/
Help support this channel by joining as a member: smallbusinesstoolbox.uk
Follow me on X / Twitter: gosforthandy
Support me on Patreon: www.patreon.com/smallbusinesstoolbox
Here's some affiliate links to more products I use or would consider using - read more about affiliate links at the bottom of this description:
Tide for business banking: rebrand.ly/sbt-tide
SiteGround for web hosting: rebrand.ly/sbt-siteground
123-Reg for domain names: rebrand.ly/sbt-123reg
Disclaimer:
I'm not in any way qualified to give you accountancy, tax or legal advice. Always use a good accountant. My opinions are my own and don't necessarily reflect the views of the companies I deal with. I sometimes use affiliate links - these don’t cost you a penny and help to keep this channel running. Read more about affiliate links here - the fairest way of funding the internet: smallbusinesstoolbox.uk/affiliate-links/ - thanks so much for your awesome support!
All content on this channel is exclusively owned by MacLellan Creative Limited. Copyright (c) 2024. All rights reserved.
Переглядів: 1 071

Відео

What are purchase orders ACTUALLY used for?
Переглядів 6443 місяці тому
What is a purchase order? A purchase order, also known as a PO, is a fundamental business concept you need to understand. Most definitions of what a purchase order is are either a bit out of date or simply wrong. In this video I’ll explain how purchase orders are used in the real world. Join my website and download the sample purchase order logging spreadsheet from here (Business Management sec...
Tide business account review - how does it all work in 2024?
Переглядів 6 тис.5 місяців тому
It’s time to take another look at opening a Tide business bank account. What’s involved in opening an account, how long does it take and what does a Tide business account look like? In this video I’ll give you a full guided tour of everything you can do with an account in 2024. If you think a Tide business account is right for you please could you do me a massive favour and use my link? As a th...
Company car tax in the UK? How the P11D process actually works for electric cars
Переглядів 2,8 тис.7 місяців тому
There can be some serious tax benefits of owning an electric car through your business. Benefit in Kind rates are only 2% at the moment and the entire value of the vehicle can potentially be off-set against corporation tax. The P11D process is a bit weird though. This is how it worked for me! Information on this subject from HMRC is sketchy at best. Here's one of the only official resources I c...
How I do my self assessment tax return in 2023
Переглядів 23 тис.7 місяців тому
It’s that time of year again! Let’s take a look at a UK Self Assessment tax return for the 2022/23 tax year, due Jan 2024. Something has actually changed too! What is cash basis? ua-cam.com/video/2YzqhJtG7yY/v-deo.html What is turnover? ua-cam.com/video/gJeOUW_C_YQ/v-deo.html Help support this channel: smallbusinesstoolbox.uk Follow me on X / Twitter: gosforthandy Support on Patreon...
Wincher review - easy search engine SEO RANK TRACKING!
Переглядів 9318 місяців тому
Wincher is a search engine rank tracking tool. It’s really useful to see how your website is ranking over time for particular pages and how it ranks compared to your competitors. It integrates with Yoast and WordPress and is a great tool as part of your SEO search engine optimisation strategy. Please use this affiliate link if you want to give Wincher a try: www.wincher.com?via=businesstoolbox ...
Developing a data backup strategy for your business
Переглядів 9459 місяців тому
How is your business data backed up? Do you have a proper backup strategy for your business-critical data? Are you storing everything on the cloud and hoping for the best? Today we’re looking at data backup strategies. Download the spreadsheet I’m using here: smallbusinesstoolbox.uk/all-downloads/ Want to give Acronis cloud backup a try? (affiliate link, see below) www.tkqlhce.com/click-1007647...
The YouTube Invalid Traffic 'bug'
Переглядів 32 тис.9 місяців тому
So I’ve been hit with the UA-cam invalid traffic bug and my channel is decimated. Channel revenue has dropped by 70% and my entire AdSense account is at risk. This bug seems to be hitting thousands of great content creators and UA-cam don’t seem to care. Also send some love to these creators who have the same problems: Tasia Custode: ua-cam.com/video/_t2ZGmOsfaI/v-deo.html Homestead Horsemanshi...
How to use Acronis Cyber Protect Home Office
Переглядів 7 тис.10 місяців тому
Today I’m going to show you how I backup my business critical data using Acronis cloud backup software - Acronis Cyber Protect Home Office. This is NOT a complete backup strategy for your business but it’s a good start for home office users and sole traders. If you’d like to try Acronis for yourself please could you use this affiliate link - thank you! rebrand.ly/sbt-acronis-home-office How to ...
What is a CASHFLOW forecast?
Переглядів 1 тис.10 місяців тому
By using a cashflow forecast template you can work out if your UK small business idea has legs. We’ve had a lot of small business ideas over the years. Some have been good, some have been bad. Knowing when to walk away is key to developing a successful small business. It’s absolutely essential that you do your homework and know your numbers! One way of doing this is by using a cashflow forecast...
What is a business EXIT PLAN??
Переглядів 1,9 тис.Рік тому
A long time ago, when I set up one of my first limited companies, a good friend of mine gave me a piece of advice that has always stood by me. Always have an exit plan! In today’s video I’ll explain why this is so important, the implications of not having one and a few thoughts as to how you can put the wheels in motion to sort this out. Full article with more links and help here: smallbusiness...
How do you add extra sections to your UK tax return?
Переглядів 1,5 тис.Рік тому
How do you add extra sections to your UK self assessment tax return? In this video I’ll explain how it works and what the codes are for the different tax return sections. Found my videos useful? Your direct support is really appreciated! Join as a member: smallbusinesstoolbox.uk/member/ Patreon: www.patreon.com/smallbusinesstoolbox Here's some affiliate links to more products I use or would con...
Making Tax Digital for Income Tax - bad news for small business!
Переглядів 3,3 тис.Рік тому
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will be hitting the UK in 2026. In this video we’ll look at what MTD ITSA is all about and the potential catastrophic impact on the small business community. Please share this article: smallbusinesstoolbox.uk/making-tax-digital-income-tax/ Why does the tax year run from 6th April? ua-cam.com/video/d1yBHdLPwyg/v-deo.html What is Turnov...
Basic TAX RECORD KEEPING when you’re self employed
Переглядів 16 тис.Рік тому
When you’re self employed in the UK you’re obliged to keep business accounting records. Today we’re looking at what information I log to record income, business expenses, running a vehicle through the business and using our home as an office. As per usual, I am not an accountant. Always use a good accountant. Join as a member and download the spreadsheet from this video here: smallbusinesstoolb...
How do you pay your self assessment tax bill?
Переглядів 4,3 тис.Рік тому
How do you pay your self assessment tax bill?
How do you fill in a self assessment tax return as a Company Director?
Переглядів 4,5 тис.Рік тому
How do you fill in a self assessment tax return as a Company Director?
How I fill in a UK tax return for the 2021/22 tax year
Переглядів 38 тис.Рік тому
How I fill in a UK tax return for the 2021/22 tax year
What is RECONCILIATION and why is it important?
Переглядів 4,7 тис.Рік тому
What is RECONCILIATION and why is it important?
YouTube AdSense - New Tax Requirements!
Переглядів 12 тис.3 роки тому
UA-cam AdSense - New Tax Requirements!
Budget 2021 - How does it impact the self employed?
Переглядів 2,4 тис.3 роки тому
Budget 2021 - How does it impact the self employed?
12 TIPS for Working from Home!
Переглядів 2,5 тис.3 роки тому
12 TIPS for Working from Home!
My business goals for 2021... and how did I do in 2020??
Переглядів 2,9 тис.3 роки тому
My business goals for 2021... and how did I do in 2020??
My home office desk set-up in 2020 - a few tips if you're working from home!
Переглядів 3,7 тис.3 роки тому
My home office desk set-up in 2020 - a few tips if you're working from home!
My experience of Starling Bank - full overview for small business
Переглядів 34 тис.3 роки тому
My experience of Starling Bank - full overview for small business
UK lockdown - 3rd SEISS self employment grant!
Переглядів 11 тис.3 роки тому
UK lockdown - 3rd SEISS self employment grant!
UK tax thresholds you need to know - from £1,000 to £1,000,000
Переглядів 9 тис.3 роки тому
UK tax thresholds you need to know - from £1,000 to £1,000,000
What is Profit and EBITDA?
Переглядів 3,9 тис.3 роки тому
What is Profit and EBITDA?
Should we raise the UK VAT threshold from £85k?
Переглядів 1,8 тис.3 роки тому
Should we raise the UK VAT threshold from £85k?
Deleting Google Analytics - How do I archive my data?
Переглядів 1,3 тис.3 роки тому
Deleting Google Analytics - How do I archive my data?
Self Employed Income Support Grant - 2nd application! (part 2)
Переглядів 2,4 тис.3 роки тому
Self Employed Income Support Grant - 2nd application! (part 2)

КОМЕНТАРІ

  • @joseperezdelacruz2388
    @joseperezdelacruz2388 День тому

    Simply ignore them, they can’t do shit!

  • @user-pw8mp6pn5r
    @user-pw8mp6pn5r 3 дні тому

    Worst company worst service boycott tide bank

  • @RofedaH679
    @RofedaH679 3 дні тому

    Fake worst service this company will shutdown one day because it's a fake poor service and fake products

  • @yantmartin-keyte6525
    @yantmartin-keyte6525 4 дні тому

    Receently been made redundent and your videos have been a great help!

  • @princessofproductivity
    @princessofproductivity 5 днів тому

    10/10 !

  • @user-pw8mp6pn5r
    @user-pw8mp6pn5r 9 днів тому

    Revolut 🎉🎉

  • @Craigo5000
    @Craigo5000 12 днів тому

    For paper receipts you could scan them in as pdf and on Google drive have a 2024/25 tax year folder for them named sequentially as per your Expenses column BUT ALSO then add a "link" to that Google drive directory and past the link into the cell so it's immediately referenced if needed. Same for e-receipts but without the faff of needed them to be scanned in :)

  • @Isaac-gh5ku
    @Isaac-gh5ku 16 днів тому

    Is it possible to buy one, even if you are not in to business?

  • @ify1234
    @ify1234 19 днів тому

    This is an excellent video. Thank you so much for this. Great presentation and eye opener. 👍🏾👍🏾

  • @BigMattRob
    @BigMattRob 24 дні тому

    I watched this over a year ago at first and now I went self employed start of the year I’ve come back to it and gone ‘what the fuck am I doing’🤣 as a gas engineer I can pretty easily get a job for 40k a year with cards in, but always wanted to work for myself since I was a kid, and this make me realise I don’t charge enough and sometimes I feel like I over charge! Very useful! Thanks

  • @HouseFairyDIY
    @HouseFairyDIY Місяць тому

    4.33% on savings?! Wow, that is good!

  • @HouseFairyDIY
    @HouseFairyDIY Місяць тому

    What if you have multiple revenue streams? Should you have multiple bank accounts? Or do you use tags?

  • @HouseFairyDIY
    @HouseFairyDIY Місяць тому

    What do you recommend for a sole trader with an online shop plus a holiday property rental? I've just been using Nationwide for now but have been told that if they find out you've used your personal account for business, they close your account and charge you for the business fees you would have paid.

  • @pmmtb699
    @pmmtb699 Місяць тому

    Hi I’m a cis site joiner and my 20% tax is taken from my contractor is my turnover before tax or after Thanks

  • @edoardosabatini1920
    @edoardosabatini1920 Місяць тому

    Would it be possible to reduce mntly spending limits?

  • @PathsOfReason
    @PathsOfReason Місяць тому

    Thank you for the video. I didn't get the difference between domain and business name? Please

  • @PathsOfReason
    @PathsOfReason Місяць тому

    So website first or domain first? Please

  • @PathsOfReason
    @PathsOfReason Місяць тому

    Yes im having a headache how to register my new business: domain first or website first? 😢

  • @andrewwhite3793
    @andrewwhite3793 Місяць тому

    I have 5 spreadsheets Bank Purchases Mileage Sales Totals. They get filled in every day and any receipts are placed in a ring binder folder. At the end of the month all figures get transferred to a totals spreadsheet. Materials bought online where the PDF invoice is downloaded. Then finally at the end of the month all files and folders are backed up using FreeFileSync twice on USB sticks and put in a safe place. (just incase your computer fails or is stolen) Seeing someone with a carrier bag of invoices is funny to see so 10 minutes a day and it's done. PS I staple my small receipts on to a sheet of paper

  • @eyobabraham6921
    @eyobabraham6921 Місяць тому

    Thanks ❤❤❤

  • @FindingGod365
    @FindingGod365 Місяць тому

    I cannot even break 100 views. YT keeps knocking me down removing views. They have taken away over a hundred now. I am a very very small channel. I have done nothing wrong and there is no way any bots even know I exist. I will never make it to 1000. Never. This is deliberate so they do not have to pay people. You can bet YT is profiting off this.

  • @patriciaduarte2392
    @patriciaduarte2392 Місяць тому

    How can you do a refund?

  • @Connie-Abby
    @Connie-Abby Місяць тому

    So helpful thank u

  • @8BallEyes
    @8BallEyes Місяць тому

    Can you help me? When you're on the Tide app after you've created your account, it says "Business details required" @6:05 it then guides you through steps filling out details and it asks you for your UTR number. I can't find mine? Do I have to register for Self Assessment to get one? Or do I wait for my LTD company UTR to arrive (if it does) and use that? Or Self Assessment? 🤷🏻‍♂

    • @patriciaduarte2392
      @patriciaduarte2392 Місяць тому

      For the UTR number you have to register for self assessment.

  • @DSN262
    @DSN262 Місяць тому

    Yabba dabba dolike

  • @thegioiphang2024
    @thegioiphang2024 2 місяці тому

    Did You solved the problem?

  • @vanessasheppard5270
    @vanessasheppard5270 2 місяці тому

    Very helpful. Very informative! Thank you.

  • @Nebelung8
    @Nebelung8 2 місяці тому

    1,95% now

  • @balarajuc5048
    @balarajuc5048 2 місяці тому

    Thanks a lot , very nicely explained .

  • @stevenruddick9934
    @stevenruddick9934 2 місяці тому

    I am confused, is that final figure at the end the amount of money you will get back from your tax return or how much they expect you to pay? I work self employed and my tax is paid for me however I was under assumption I received money back at the end of the tax year? Is that due to overpaid tax?

  • @shaunbishop1416
    @shaunbishop1416 2 місяці тому

    Very helpful. I'll be going back through this video as step by step! Many many thanks 😊 from sterling shutters and blinds in Harrogate! Thank you SBT ❤

  • @lawrencehenson8409
    @lawrencehenson8409 2 місяці тому

    Great video, very helpful, thanks

  • @FHO23
    @FHO23 2 місяці тому

    Very helpful video

  • @sadafahmed9563
    @sadafahmed9563 2 місяці тому

    Can you pay the tax owed all at once - the £4765.55 rather then 1st payment 2nd payment? So you don't have ot bother for the whole year it's all done and dusted? Also how do you pay it - do they deduct via your bank account or buy your debit card??

  • @stevejohnson48
    @stevejohnson48 2 місяці тому

    If self employed does the personal allowance get taken off automatically ?thanks

  • @robertdavison2650
    @robertdavison2650 2 місяці тому

    another year another £ ..... any chance you can do a new video for 23-24 CIS as they have changed the site and if i do almost the same as this it doesnt let me add my money

  • @patrickodonnell9669
    @patrickodonnell9669 2 місяці тому

    I have been saying this for years this should be made mandatory in the curriculum for all schools we have been neglected for far to long by the education system get this sorted now people should have a vote on this and have it herd in parliament

  • @agee7777
    @agee7777 2 місяці тому

    Why does the return say that you owe money once completed?

  • @KellieatLarge
    @KellieatLarge 2 місяці тому

    Hello. I've been binging your videos ahead of starting freelance work on the side of my regular job. Thank you for all the information! Could you please do a video about handling tax when you are both self-employed and an employee? Do I carry on paying tax through my PAYE number for my regular employment and just self-assess on my self-employed income? Or do I have to declare both incomes when I do the self-assessment? If so, do I run the risk of being taxed on the regular employee income twice? Would I need a new tax code for my regular job? Also, you've mentioned in more than one video not setting up as self-employed until earnings start in that capacity, but what about if I have an initial set-up cost I hope to be able to claim back eventually, but which would occur before I start earning? When HMRC asks when the business started, I read mixed information on whether this means when I start getting paid, when I commence the work for the client or simply when I commence any kind of activities related to the business. I'm sorry that got a bit long!

    • @SmallBusinessToolbox
      @SmallBusinessToolbox 2 місяці тому

      Hi Kellie! It should all balance out when you do your SA return. Figures from employment should automatically appear on the employment section of the tax return, but double check against your P60. Tax should then get calculated on your overall totals. The <£1,000 registration thing is more aimed at side hustles who never plan on making over £1,000pa. But defo for more serious businesses it's worth getting registered ASAP to get the losses set in stone. Number of ways this can be handled so generally best checking with an accountant as you may be able to introduce other items to the business that were pre-owned well before the business started. Effectively selling personally owned items to the business at a fair market value etc. As I say, accountants can be invaluable here. 👍

  • @Tjomi4007
    @Tjomi4007 2 місяці тому

    Can you show again but whith over 50K how and what need tick in pages? Thanks

  • @Azza._.
    @Azza._. 2 місяці тому

    What if you don’t actually have a business and your self employed still what would I put

  • @otterhandmade1216
    @otterhandmade1216 2 місяці тому

    Agree with everything you say, but in addition to registering for self assessment I found I also needed to tell specifically tell HMRC that I was self-employed as registering just for self assessment doesn’t allow you to get credits / pay class 2 NI.

  • @hasisul
    @hasisul 2 місяці тому

    this time really worked. thank you!

  • @BRIYONCE1
    @BRIYONCE1 2 місяці тому

    I really like your videos as you explain everything well. Wish you had time to make more but I suppose you have businesses to run.

  • @kevinbroughton540
    @kevinbroughton540 2 місяці тому

    Hello, I'm thinking of going self employed with hobbies and part time jobs I have. I'm confused about why your spreadsheet is January to December when the tax year is April to April. Why isn't your spreadsheet April to April to match to tax year?

    • @SmallBusinessToolbox
      @SmallBusinessToolbox 2 місяці тому

      It's just a never endling list of transactions so the start date doesn't really matter. The tax year is indicated by the final column. 👍

  • @evanhewitt2331
    @evanhewitt2331 2 місяці тому

    Is that 30,000 before or after tax for total income

  • @ArtursBondars
    @ArtursBondars 2 місяці тому

    Thanks for video!

  • @jimymeditation5014
    @jimymeditation5014 2 місяці тому

    ❤thanks

  • @AttatlawNakornDivarangkoon
    @AttatlawNakornDivarangkoon 2 місяці тому

    Easy to understanding

  • @FootballTalkYT
    @FootballTalkYT 2 місяці тому

    Hello, I am sorry this is so sporadic but it relates to and old video you did with the youtube us tax form. My address changed over a year ago and I forgot to change it on this form. I went and updated the form today. What do I need to do in the affidavit section? Do I tick it or leave it unclicked. I am really worried they may think I am lying to them? Appreciate any help