UK Self Assessment Tax Return - DEEP DIVE!

It’s that time of year again! Time to fill in my Self Assessment tax return in the UK. In this video I’m going to take a bit of a deeper dive including things asked for in the past such as bank interest, dividends, capital gains tax etc. Remember I’m not an accountant - always get an accountant to help with your first couple of returns until you know what you’re doing.

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Tax return chapters:
00:00 - Introduction
02:50 - Log in to Government Gateway
03:55 - Personal information
04:15 - Tailor the tax return
07:40 - Employment section
10:00 - Taxable benefits
10:39 - Self employment section
17:50 - Class 2 NI
20:00 - Capital Gains Tax section
22:35 - Savings interest section
24:25 - Dividends section
24:55 - PAYE coding and final info
27:20 - Calculation overview
29:40 - Detailed tax calculation overview
35:04 - Payments on account
36:55 - Deleting your tax return

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#smallbusiness #tax #selfemployed

[bigbozza]

I've been following yourself now for over 4 years and you have been a huge help. Just want to say thanks Andy👍

[mrartist.studio]

Thanks, deeply, for all the work and videos you do for all of us, not just this channel, but also your handyman one. I look forward to, and appreciate, every single 'episode'. I'm jealous of your mastery, ability and explanations of so much. I appreciate the logic, the skill, the hard graft/work and that you are able to catalogue and record each step of your (our/the) way as you find it, and want and are able to pass it on. Again, I thank you so much.

[Rabbitunderground]

Yes - also seeing zero for voluntary NI payment! Really helpful video. Thanks

[Jules_Pew]

Yeah, the form isn't that scary if you spend the time making sure you understand every question. The questions are not there to catch you out and are pretty clear. One thing I do have a problem with is that some boxes are blank while others require a £0 entry - drives me nuts.

On the employer expenses it could be that they pay 35p a mile for your mileage, but you're allowed 45p (23/24), so you can claim the difference. If you do a lot of mileage, it can mount up pretty fast. Plus the subsistence allowance I commented on a previous video. The general public is paying for stingy employers.
Be careful about reducing the tax on account for the next year as any underpayment can attract interest.
That capital gains warning was because it wanted you to put something in the cost of it box. Were you given that share for nothing?
Marriage allowance is useful if your partner earns well below tax allowance or nothing in year under review. It's not huge, but better than kick up the rear.
IR35 is a serious problem, even in the building trade. If you are a subbie, used all year, supplied tools used, told how to do the job, you are actually an employee. It's more of a headache for the 'employer' though. It was set up to catch software engineers sitting all year at 'their' desk. To get out of it, you have to ensure that all jobs are quoted beforehand, use your own tools, and make sure to have other clients (big one) and turn down jobs you don't want to do (hard to do if you want to continue the relationship - that's where over quoting comes in handy -win/win).
Class 2 NI is shown on the calculation at the end.

[rgkh]

Thanks for the video, very insightful. However you did not show the step where you can claim split year treatment, did you skip it?

[patelparth]

Make on cfd gain please and fulltime CFD trading self assessment

[RitaBobrovnik]

What could be the reason for me not to have the SELF ASSESSMENT section at the account home page ?

[housegulagaccount]

Love the way they just chuck in threats at every possible opportunity. Aren't we paying their salaries? Shouldn't they be a bit nicer to us?!

[scottdickins]

Why do you owe money how you do it so you get paid money