How to claim pre-trading expenses

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  • Опубликовано: 14 дек 2024

Комментарии • 57

  • @TheRSGarage
    @TheRSGarage Год назад +3

    These are really valuable

    • @1stformations
      @1stformations  Год назад

      We're glad you think they are useful. Do you have a limited company?

  • @bitesizebookkeeping
    @bitesizebookkeeping Год назад +1

    Thanks for sharing this useful information

    • @1stformations
      @1stformations  Год назад

      No problem. Do you have a limited company?

  • @blackreaper9047
    @blackreaper9047 Год назад +2

    It was really a very useful video, I got the answers to my questions thanks to this video, thank you, you are loved.

    • @1stformations
      @1stformations  Год назад

      Great - did you know about this topic before?

  • @sammyosw
    @sammyosw Год назад +1

    Useful info. Thanks.

    • @1stformations
      @1stformations  Год назад

      No problem. Are you going to claim pre-trading expenses?

  • @hyggefinance
    @hyggefinance Год назад

    Very useful info, thanks for sharing!

    • @1stformations
      @1stformations  Год назад

      Thank you! Do you have a limited company?

  • @Zamana-Yolculuk-1571
    @Zamana-Yolculuk-1571 Год назад +1

    Thanks for letting me know about this.

    • @1stformations
      @1stformations  Год назад

      Our pleasure. Do you have a limited company?

  • @abdouelbidawi
    @abdouelbidawi Год назад +3

    Thank

  • @MalcolmKershaw-x3l
    @MalcolmKershaw-x3l Год назад +1

    Thanks, very useful.

    • @1stformations
      @1stformations  Год назад

      Many thanks. Have you checked out any of our other videos?

  • @johncarpenter8651
    @johncarpenter8651 Год назад

    Great video, thanks

  • @Millionaire-Mindset-HQ0
    @Millionaire-Mindset-HQ0 Год назад +2

    Thank you very much

    • @1stformations
      @1stformations  Год назад

      Thank you for your kind words. Have you checked out any of our other videos?

  • @MohamedZellouf-n8m
    @MohamedZellouf-n8m Год назад +1

    bonsoir , vous n'avez pas la traduction de cette vidéo en français .👍

    • @1stformations
      @1stformations  Год назад

      Bonjour - si vous allez dans les paramètres de la vidéo, cliquez sur "Subtitles" et sélectionnez "Auto-translate", ceci traduira la vidéo en Français

  • @bqass
    @bqass Год назад +1

    Than kyou so much for this useful video

    • @1stformations
      @1stformations  Год назад

      No worries. Do you have a limited company?

  • @erkindalkilic
    @erkindalkilic Год назад +2

    Thanks for sharing.

    • @1stformations
      @1stformations  Год назад +1

      Our pleasure. Do you have a limited company?

    • @erkindalkilic
      @erkindalkilic Год назад +1

      @@1stformations yes my company name DALKILIC INTERNATIONAL LTD

    • @1stformations
      @1stformations  Год назад +1

      @@erkindalkilic Great - what does the company do for a living?

  • @saramedhatofficial
    @saramedhatofficial Год назад +1

    this is very helpfull Thank you

    • @1stformations
      @1stformations  Год назад

      Thank you. Have you got your own limited company?

  • @mehmetalitoprak6554
    @mehmetalitoprak6554 Год назад +1

    These are really valuablee

    • @1stformations
      @1stformations  Год назад

      Thank you. Do you have your own limited company?

  • @abdouelbidawi
    @abdouelbidawi Год назад +2

  • @Darelislt
    @Darelislt 9 месяцев назад +1

    Hi,
    Many thanks for informative video.
    Would you mind to answer one question please?
    I’m starting self employment along with my full time employment.
    Have spent £28k for self employment business to start.
    Does that means that I’m no longer will be paying tax from full time employment until the money spent for self employment business start up returned?
    I’m talking about pre-trade expenses?
    Thanks in advance

    • @1stformations
      @1stformations  9 месяцев назад +1

      Hi Darius,
      Thanks for getting in touch.
      No, your employer will continue to deduct Income Tax and National Insurance through PAYE from your wages.
      You mention that you are self-employed, so we assume that you are a sole trader. As such, you will claim tax relief on your pre-trading expenses through Self Assessment when you file your tax return with HMRC.
      We would recommend appointing an accountant to help you with this and ensure that everything is carried out properly.
      All the very best with your new business venture.

    • @Darelislt
      @Darelislt 9 месяцев назад +1

      @@1stformations Hi,
      Many thanks for reply.
      To be honest it’s now sounds very confusing when you mentioned that tax and national insurance still will be deducted from my wages.
      So how the tax relief for pre trade expenses will work then if government will keep deducting tax as normal?

    • @1stformations
      @1stformations  8 месяцев назад +1

      @@Darelislt Hi Darius,
      Tax requirements can be very confusing when running your own business. This is why we always urge people to seek expert help and advice from an accountant.
      You will deduct your pre-trade expenses from your self-employed income on a Self Assessment tax return, which you must file with HMRC at the end of the tax year. By filing this tax return, you are telling HMRC how much money you earned through your business, what expenses you are claiming, and how much tax and National Insurance you owe (if any) on your self-employed income after the deduction of expenses. If you do owe anything, you are responsible for paying your self-employed tax bill directly to HMRC.
      So, the first thing you need to do (if you've not already done this) is register for Self Assessment to tell HMRC that you are running a business. We have a blog post that explains how to register for Self Assessment.
      www.1stformations.co.uk/blog/do-i-need-to-register-for-self-assessment/
      www.gov.uk/register-for-self-assessment
      We hope this helps.

    • @Darelislt
      @Darelislt 8 месяцев назад +1

      Hi,
      Thanks for reply.
      Yes I was planning to use the service you providing to sort my taxes out.
      But from your latest response I’ve realised that you are not competent and sorry if this offended you in any way.
      If you read my initial question you would understand that I’m full time employee and also self employed.
      So from what you are saying is that if I earn on my full time let say 40k and from self employed 2k a year then this means that I can only claim pre-trade expenses from 2k.
      Unfortunately this is not a case as tax returns must be calculated from both full time and self employment.
      If that would be true what you are saying then to get my pre-trade expenses while earning only about 2k a year would need around 30 years 😂

    • @1stformations
      @1stformations  8 месяцев назад

      Hi Darius,
      Please be aware that we do not provide a service to assist with taxes. You would need to speak to an accountant to receive further advice.
      Best of luck!@@Darelislt

  • @user-xl6lp8cz6i
    @user-xl6lp8cz6i Год назад +1

    thanks for this.

    • @1stformations
      @1stformations  Год назад

      Our pleasure. Have you checked out any of our other videos?

  • @khalidtazi8744
    @khalidtazi8744 Год назад

    Thank you😊

  • @andyandrea5968
    @andyandrea5968 Год назад +1

    does this mean I cannot claim the 7k I spent getting my kitchen ready? electrical, gas and water installation plus repairs to the kitchen roof, safety lighting, extractors and fire suppression? 😱

    • @1stformations
      @1stformations  Год назад

      Is your kitchen for your business?

    • @andyandrea5968
      @andyandrea5968 Год назад +1

      @@1stformations yes 100% for my business. Without spending on bringing water services, gas, electric and conforming to fire and safety standards we won't be able to operate

    • @1stformations
      @1stformations  Год назад

      @@andyandrea5968 OK. Is the kitchen in your residential address? If so, do you use if for personal reasons?

  • @msSIMO
    @msSIMO Год назад

    Thanks

  • @basimashehadeh3122
    @basimashehadeh3122 Год назад +1

    Thank you

    • @1stformations
      @1stformations  Год назад +1

      Thanks. Have you checked out any of our other videos?

    • @basimashehadeh3122
      @basimashehadeh3122 Год назад +1

      @@1stformations yes I did

    • @1stformations
      @1stformations  Год назад

      @@basimashehadeh3122 Great! Are there any topics we have not yet covered which you would like us to cover?

  • @تقنيةالارباح-د2ل
    @تقنيةالارباح-د2ل Год назад +1

    thank u 1st

    • @1stformations
      @1stformations  Год назад

      Thank you. Have you checked out any of our other videos?