UK tax thresholds you need to know - from £1,000 to £1,000,000

Let's take a look at some key tax thresholds in the UK for the 2020/21 tax year! All the thresholds you need to know about as a self employed person from £1,000 to £1,000,000.

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At a glance figures for 2020/21 Tax Year:

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[LurgsHowToGuides]

Came here via Zulf Talks. Cheers. I've subscribed.

[johnwhite]

Nice video can you make a video about explaining a T accounts

[kenwinpenny]

Always useful to get an update on the various thresholds. 👍💷

[gregoryrovira]

Awesome data, tks! question: when filing your tax return, where do you enter the personal allowance amount? or do you just add it to your expenses, or deduct it from your earnings? where do you enter the 12, 570.00

[diyandmetaldetecting]

Hi Andy ... quick question just looking at my tax return as a sole trader for last year I also work employed for a school full time ..
My question is if my income was £1217 before any expenses... After I take of out goings my total profit is £709 do I still need to complete a return as I was over £1000 before expenses were taken off ... expenses are for parts bought for plumbing and public liability insurance... I hope this makes sense thanks for your great videos...

[shaunclarke]

Thanks! Great video again. I have a question, how do these numbers work if you work in full time employment as PAYE but then set up a small business on the side. Is your regular income and business turnover combined? And do you need to do a tax return?

[KarenHyndReiki]

Hi there! 😃 I already work for the NHS working 34.5 hours a week. I have also started to work self employed as a sole trader as a Reiki practitioner in my own time. I am assuming that because I already work with the NHS (my personal allowance of £12, 500 is with this job), minus expenses, I put aside 20% tax from all profit each month from my Reiki business. Am I correct?
Also...does that mean I am not entitled to earn upto £1000 tax free as self employed because I am already an employee for the NHS?
I only started my reiki business in April 2021...so far I have earned roughly £500....should I register my business before Oct 2021?
I apologise for all my questions. I cannot find any help regards those of us that are already employed by someone but wish to also have their own small business as self employed. I would appreciate any help you can offer. Thank you.

[TheLiner]

Do I/How do I tell hmrc that I don't need to do a self assessment for last year? I registered as self emplyed in september 2020 after going past the £1000 threshold but earned around £700 april 19 to april 20. Hmrc have sent me letters saying I need to do last years self assessment by January 31 so I how do I tell them this isn't needed? Will i get a penalty if I do nothing? Thanks

[diyandmetaldetecting]

Just a quick question what happens if you have a full time job which you get payed monthly for and your registered as a sole trader does the £1000 limit still count or do they count both incomes together...As I earned under £1000 last year as a sole trader and most likely will do for the 2020-2021 tax year aswell. I that makes sense.... thanks inadvance if you can help answer my question ...

[peacepuffz]

Hey mate got any info for investments?

[BlessedByAlMighty]

Nice I was thinking you stop doing videos.