I didn’t know anything a week ago. Then I found your channel and have pretty much watched all the videos. As a young architect looking to set up imminently I now have a pretty good idea of what I am going to do, so thank you for spending the time to make these videos. 👊
Thanks for sharing another interesting and informative post, at the moment many are feeling insecure in their employment and are considering starting on their own, very supportive sound advice, thanks
@@HeelanAssociates thanks for sharing some amazing informative posts so freely and with a genuine professional good will to all gesture, throughout the tromatic pandemic period and other times of common sense concerning issues, I live in North Wales and certainly wish my accountants were as proactive as yourselves, I've been self-employed since 1985 and with 60 on the horizon, many of others of a similar age are to be honest considering finishing early with the new government tax goes digital, and the very lack of understandable informative information, please could you post some guidance when yourselves become more informed of the situation. I feel quite cheeky and selfish asking, but your simple free from over professional wording is so understandable and informative. Many thanks for your posts. Mike Jones
Hi, i just came across your video/channel, at a spookily uncanny time, and have to say, you spoke concisely and direct, clear and precise, bit i was wondering if you have a way to connect directly and if there was a way to find help from You personally?
Hi you can reach out to my team at info@heelanassociates.co.uk Whether it’s something I’d advise directly on depends on the need/budget as my team are awesome.
Hi Dan just wanted to say thanks for sharing such great content, I’ve learned so much from watching you and the videos you share. May I ask some follow up questions off the back of this video? 1) do you have a video on partnerships ? 2) can you tell me about your background? I’m looking at signing up to an AAT level 2 alongside my current job just to get a better understanding of basic accounting tax etc. Many thanks!
Hi Stefan, We don't have a vid on partnerships actually, should probably do one.... These days they are pretty rare as often people end up forming LTD instead. Still have uses though. AAT is a great, as a qualification (by the time you've reached level 4) gives a great overall look at accounting and tax. Like all accounting qualifications though, they main type of stuff we talk about here isn't really taught outside the principles. Like what expenses can be deducted maybe taught in principle, but the detail is gained through attending courses and read read read and more reading! It's similar with the practical side of book-keeping - you will get taught the core principles of double entry book-keeping and trial balances, but actually how to book-keep using Xero/quickbooks etc and combo with tax rules is something picked up elsewhere! Good luck :- )
@@HeelanAssociates thanks for the reply. How to value a company, best ways of due diligence, how much cash deposit needed in different situations / what to do to lower your own cash needed. Examples of how you could look to structure a deal, and generally how an accountant can help in the process and include at what point you may need other professionals and what they'll offer.
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?)
It’s been moved to 2026 www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords
Currently yes there are no quarterly returns for the 'direct' tax for a small business, like corporation tax and or the accounts. VAT is the most common quarterly return if you are registered.
Thank you, this video was so helpful. Quick question, I am starting my own coffee shop business on the 1st January 2025, can I pre register as a sole trader to start on that date even if I am currrently employed by someone else?
Hi Dan, If I transfer personal funds into my business account to purchase products. Is there anything specific I need to put the reference as? Kind Regards, Lauren
Only just found your channel and I love it! Great information on your videos. Am I correct in saying you can make £1k profit a year from an extra income (side hustle) tax free before you have to declare it? (I am also employed full time) Do I still need to register my small business if I am not yet making much money/nowhere near a profit yet? My small business is product based so I am spending a lot of my own money on products/inventory so nowhere near even breaking even. Thank you.
Hello Dan, I was was having a problem lately and phone to HMRC didn't help (I was defeated by 40 minutes wait and guy who answered was Scottish). So basically I can't access my Gateaway ID account, because I can't prove that I am indeed myself. Guy told me that I can't do anything about it apparently, other than proving it with methods that don't work. So can is this inability of loging into my gateaway ID (I can still apply for self assesment with my data, just can't log into the account) going to hamper my self assesment at the end of the year? (I mean am I going to not be able to give my tax records online). Cheers and sorry for a long describtion.
@@HeelanAssociates Yes. The way HMRC handles this and gives no information about any possible changes is even more frustrating. I really would appreciate some videos on doing tax through the paper. It's hard to find any good guide for 2020+ year
Dan, I’m a sole trader currently, however I read somewhere that if selling online (Big Cartel, Squarespace etc) you have to be VAT registered? Is this true?
Can you comment on the HMRC cutting off hundreds of people from digital self assessment? Can we expect any video about paper tax returns? Me myself, I am forced to fill by post. I feel so anxious about it and hopeless, fucking HMRC
It’s a real problem for many. Sadly we can’t really do a vid on the paper process because we’d effectively have to show you box by box and it’s too wide a topic to cover 🥲
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I didn’t know anything a week ago. Then I found your channel and have pretty much watched all the videos. As a young architect looking to set up imminently I now have a pretty good idea of what I am going to do, so thank you for spending the time to make these videos. 👊
Really glad to be of help Tom, it’s sad there isn’t more of this in our school systems.
That's great step by step
Glad it helped!
Ooo! Love a new video on a Sunday evening! Cheers Dan!
Glad you enjoy Anthony!
So pleased I've found you. I'm about to open a wedding planning business and am grateful for all the info.
Glad the videos helped Jody!
Thanks for sharing another interesting and informative post, at the moment many are feeling insecure in their employment and are considering starting on their own, very supportive sound advice, thanks
Glad it was useful Mike!
@@HeelanAssociates thanks for sharing some amazing informative posts so freely and with a genuine professional good will to all gesture, throughout the tromatic pandemic period and other times of common sense concerning issues, I live in North Wales and certainly wish my accountants were as proactive as yourselves, I've been self-employed since 1985 and with 60 on the horizon, many of others of a similar age are to be honest considering finishing early with the new government tax goes digital, and the very lack of understandable informative information, please could you post some guidance when yourselves become more informed of the situation. I feel quite cheeky and selfish asking, but your simple free from over professional wording is so understandable and informative.
Many thanks for your posts.
Mike Jones
This has been so helpful…..thank you
Glad it helped!
Fabulous video.
Thank you for posting 👍👍👍👍🥂🎉🥳
Glad you enjoyed Lawrence!
Hi, i just came across your video/channel, at a spookily uncanny time, and have to say, you spoke concisely and direct, clear and precise, bit i was wondering if you have a way to connect directly and if there was a way to find help from
You personally?
Hi you can reach out to my team at info@heelanassociates.co.uk
Whether it’s something I’d advise directly on depends on the need/budget as my team are awesome.
@@HeelanAssociates Thank you for your response, I will be in touch shortly with the team 👍
These videos are great thanks!
Glad you enjoyed James!
Hi Dan just wanted to say thanks for sharing such great content, I’ve learned so much from watching you and the videos you share. May I ask some follow up questions off the back of this video?
1) do you have a video on partnerships ?
2) can you tell me about your background? I’m looking at signing up to an AAT level 2 alongside my current job just to get a better understanding of basic accounting tax etc.
Many thanks!
Hi Stefan,
We don't have a vid on partnerships actually, should probably do one.... These days they are pretty rare as often people end up forming LTD instead. Still have uses though.
AAT is a great, as a qualification (by the time you've reached level 4) gives a great overall look at accounting and tax.
Like all accounting qualifications though, they main type of stuff we talk about here isn't really taught outside the principles. Like what expenses can be deducted maybe taught in principle, but the detail is gained through attending courses and read read read and more reading!
It's similar with the practical side of book-keeping - you will get taught the core principles of double entry book-keeping and trial balances, but actually how to book-keep using Xero/quickbooks etc and combo with tax rules is something picked up elsewhere!
Good luck :- )
Have you got a video on buying existing businesses?
We don’t at the mo, it’s quite a wide topic. Will add to the list maybe some top tips - anything particular you like to know?
@@HeelanAssociates thanks for the reply.
How to value a company, best ways of due diligence, how much cash deposit needed in different situations / what to do to lower your own cash needed. Examples of how you could look to structure a deal, and generally how an accountant can help in the process and include at what point you may need other professionals and what they'll offer.
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?)
It’s been moved to 2026 www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords
Hi, is the quarterly tax return only for VAT? As I'm slightly confused about the 9-month deadline and quarterly deceleration...
Currently yes there are no quarterly returns for the 'direct' tax for a small business, like corporation tax and or the accounts. VAT is the most common quarterly return if you are registered.
Thank you, this video was so helpful. Quick question, I am starting my own coffee shop business on the 1st January 2025, can I pre register as a sole trader to start on that date even if I am currrently employed by someone else?
Yes these days its actually quite normally to have both employment and a sole trade together, so not a problem.
Hi Dan,
If I transfer personal funds into my business account to purchase products. Is there anything specific I need to put the reference as?
Kind Regards,
Lauren
ACCOUNTING FOR START UP MONEY (LTD)
ruclips.net/video/OdPuE4Fx9ZA/видео.html for a limited ; if sole trade use ‘capital introduced’ is a good one
Only just found your channel and I love it! Great information on your videos. Am I correct in saying you can make £1k profit a year from an extra income (side hustle) tax free before you have to declare it? (I am also employed full time) Do I still need to register my small business if I am not yet making much money/nowhere near a profit yet? My small business is product based so I am spending a lot of my own money on products/inventory so nowhere near even breaking even. Thank you.
Check this one out SELF EMPLOYED - YOUR FIRST £1000 IS TAX FREE!
ruclips.net/video/J8j1GAZRAT0/видео.html
Great video, very helpful 👍
Glad it helped Gemma!
Hello Dan, I was was having a problem lately and phone to HMRC didn't help (I was defeated by 40 minutes wait and guy who answered was Scottish). So basically I can't access my Gateaway ID account, because I can't prove that I am indeed myself. Guy told me that I can't do anything about it apparently, other than proving it with methods that don't work.
So can is this inability of loging into my gateaway ID (I can still apply for self assesment with my data, just can't log into the account) going to hamper my self assesment at the end of the year? (I mean am I going to not be able to give my tax records online).
Cheers and sorry for a long describtion.
Nevermind, HMRC just digitaly excluded me
Yes it would of been an issue but I see they ‘paper’d’ you 🥲
It’s a real problem for some of Uk this.
@@HeelanAssociates Yes. The way HMRC handles this and gives no information about any possible changes is even more frustrating.
I really would appreciate some videos on doing tax through the paper. It's hard to find any good guide for 2020+ year
Dan, I’m a sole trader currently, however I read somewhere that if selling online (Big Cartel, Squarespace etc) you have to be VAT registered? Is this true?
Normally you have the same registration threshold as anyone else in UK, presuming we are talking UK issues (£85,000).
I’d like to start a part time business to start with before making it full time
Thats a super common strat! Good luck
Can you comment on the HMRC cutting off hundreds of people from digital self assessment? Can we expect any video about paper tax returns?
Me myself, I am forced to fill by post. I feel so anxious about it and hopeless, fucking HMRC
It’s a real problem for many. Sadly we can’t really do a vid on the paper process because we’d effectively have to show you box by box and it’s too wide a topic to cover 🥲
👌🏾
Glad you enjoyed