MULTIPLE INCOMES – HOW DOES THE TAX WORK?

Got multiple incomes and wondering how the tax is going to work?

In this video Dan runs through the basics of how tax on your extra income will work.

Topics include:

How tax works on multiple income streams
Tax on a second job
Completing a tax return
Rental income
Air BnB Income
Personal allowances
Dividend allowance
Rent a room relief
Trading allowance
Tax rates

..... and more!


You can see more about what we get up to on the following:




Author: Dan Heelan of Heelan Associates

#accounting​ #tax​ #sidehustle

[harryashton]

Amazing, that was genuinely really helpful Dan! Thank you 🙏

[nc]

Very well explained, great content as always

[AlexTML]

Government making a profit on us to party in the parliament... honestly is so sad how it all works. Another thing. The service we get provided by the system is very poor for what we actually pay for. So sad how it all works....

[ashagray]

If you have properties is there a tax free allowance for the £1000, no the tax return it said if you claim expenses then you can’t claim the allowance is this right?

[noahriding]

Does having multiple income streams with both having their ownb business expenses trigger more audits or more attention from the IRS (especially if one isn't positive cash flow)? Thank you.

[isthatdavidp]

Really good Information in this video, thanks for posting 🙂

[Al_]

I havent been able to find a video regarding tax for more than 1 Ltd. Please could you write a quick sentence to outline the differences if any? Thank you

[meenalimbu]

Hello I have a question regarding dependent income. If I have million ppund dividend stock portfolio . Will I be able to withdraw £ 80k and put 40k into sipp directly and only pay dividend tax on remaining 40k minus personal allowance.

[katemiller]

Thanks for the video. Hope you don't mind a question.

I work as a masseuse (sole trader/self employed), but also starting to make income as an artist.
I use a personal bank account as my masseuse job funds my art.

Is it a legal requirement for me to use separate bank accounts for my masseuse business and my art business?

My art business doesn't make enough money to cover its outgoings so a separate bank account seems impossible for me. Can I not just keep the paper book-keeping separate, and still use my personal account for incomings and outgoings?

[garethlewis]

Some advise please. 2022/23 I was paid £26k PAYE. I am trying to file a self assessment (SA) for £6k earnt on a 2nd part time consultancy job and my SA calculation is showing that no tax is owed due to my £12, 570 PA. but my full personal allowance has already been used on my main PAYE job.
I should be paying tax on the full £6k of my 2nd job but SA does not recognise this?

[steyshaw]

Hi Dan,

In my full time job I earn 35, 000 annually and i pay the normal 20% tax.

If I wanted to do Uber on the side, would I pay 20% on earnings that take me upto to the 50, 000 mark and then both jobs I would pay the 40% tax rate on any future earnings from both jobs ?

[manlikesmith]

Thanks a lot! I want to sell my own designed electronic boards in the uk as a sole trader but while working full time employment. It’ll take me a few years to finalise and UKCA mark the product. Can there be an issue with me claiming tax back against the business even though it won’t sell anything till say 2025? (But I could prove it’s progressing).

[Stewwwwww]

Hi when filling out the self assessment for my job is there an option to say what my p60 earnings are? I work in a supermarket and also am a tennis coach as the self assessment difficult to fill out as I have just been given my p60 from my employer so I would like to fill the self assessment out online now

Thanks

[elliemayze]

I'm in the process of going self-employed with multiple income streams. Do I need to have multiple business names for HMRC or just one when I do the form? All sole trader. Thanks for any help!

[enochvkhandagle]

Bro You speak very fast, nice video though! Thanks