Excellent video Dan, It is so important to constantly keep on top of your cash situation, an exercise I always do every week of the financial year is to monitor my average weekly revenue, I then deduct my average weekly expenses, then I deduct my average weekly drawings, the figure at the bottom is what I have to spend on fresh inventory , if this is figure is dropping I know I have to change the situation very quickly, this is quick to do and gives me a constant overview of the cash flow
Hi Dan, I have got a quick question, irrelevant to your video though. Just wondering if you could provide any guidance on the issue. A friend of mine got registered as Self-employed through an accountancy firm few years ago. The accountancy firm submitted his first Self-Assessment Tax Return and after that all his tax returns were submitted by him, through HMRC’s website, just to save accountancy fee. He had good knowledge of bookkeeping and was able to prepare and submit his tax return quite well. However, I happened to view his tax returns and tax calculations recently and saw that Class 2 NIC never got deducted on his tax calculations right from the beginning whereas, his profit was more than the threshold all these tax years. When he asked the firm, they confirmed that they registered him for Class 2 NIC when they registered him for Self-employment. Now the question is how can he check if he is actually registered for Class 2 NIC. Secondly, if he comes to know that he is not registered for Class 2 NIC then what he needs to do to rectify the whole situation in such a way that he doesn't have to face any penalties and moving forward he could pay his correct income tax liability. Thanks
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Excellent video Dan, It is so important to constantly keep on top of your cash situation, an exercise I always do every week of the financial year is to monitor my average weekly revenue, I then deduct my average weekly expenses, then I deduct my average weekly drawings, the figure at the bottom is what I have to spend on fresh inventory , if this is figure is dropping I know I have to change the situation very quickly, this is quick to do and gives me a constant overview of the cash flow
Sounds like a great habit to be in! Thanks for sharing Paul.
Hi Dan, I have got a quick question, irrelevant to your video though. Just wondering if you could provide any guidance on the issue. A friend of mine got registered as Self-employed through an accountancy firm few years ago. The accountancy firm submitted his first Self-Assessment Tax Return and after that all his tax returns were submitted by him, through HMRC’s website, just to save accountancy fee. He had good knowledge of bookkeeping and was able to prepare and submit his tax return quite well. However, I happened to view his tax returns and tax calculations recently and saw that Class 2 NIC never got deducted on his tax calculations right from the beginning whereas, his profit was more than the threshold all these tax years. When he asked the firm, they confirmed that they registered him for Class 2 NIC when they registered him for Self-employment. Now the question is how can he check if he is actually registered for Class 2 NIC. Secondly, if he comes to know that he is not registered for Class 2 NIC then what he needs to do to rectify the whole situation in such a way that he doesn't have to face any penalties and moving forward he could pay his correct income tax liability. Thanks
Another great video 👍
Glad you enjoyed it!
Good and very informative video. Thank you.
Glad it was helpful!