SELF EMPLOYED? How does a self assessment tax return work in the UK?

It’s that time of year again! Let’s take a look at a UK Self Assessment tax return. This is for the 2022/23 tax year, due Jan 2024 but it's very similar from year to year. Here's some other videos that you might find useful if you're self employed:

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#smallbusiness #selfemployed #tax

[gazgough]

Honestly why nothing like this is taught in school is just beyond me! As always informative and helpful video👍

[Xofttam]

I finished my 4th tax return about 2 weeks ago. I used your videos back when I started and they helped me to no end! I spend about 45 mins each day keeping good records of purchases and sales and thing so when it came to the tax return it was a breeze.

[PrinceAgbigha]

This man is an answering machine, thank you.

[SHINBAXTER]

THANKS AGAIN FOR ANOTHER YEAR DUDE. YOU GOT A NEW SUB👍
=)

[guillaumemaurice]

Thank you for the video that was very helpful. I have been self-employed for 2 years now but, I do the tax form myself as I cannot afford an accountant at this time. I did the online form recently (2022/23 tax year) but have yet to submit it as there were some confusing questions to answer; just need to double-check before I do anything else. Great video.

[rubywhite]

Great video, thank you very much for your help! ❤

[mpsw]

Thank you so much, I really appreciate your help😊

[raygrimes]

Just about to do my first as a sole trader. This video has taken some of the apprehension away!

[WendyWindows]

Ive tried to do 3 years of self assesment but there seems to be no way on hmrc.

[Bongwi]

Thank you Mr. Man, it sounds close to easy.

[Tjomi]

Can you show again but whith over 50K how and what need tick in pages? Thanks

[agee]

Why does the return say that you owe money once completed?

[georgef]

Hi, I'm a self-employed full-time e-commerce seller. All my earnings go straight into my personal bank account. It is best to keep it this way or operate under a limited company. I'm nowhere near the VAT threshold by the way as well.

Anything going in to the limited company will come straight to me anyway as it's my main source of income.

Thanks.

[patrickodonnell]

I have been saying this for years this should be made mandatory in the curriculum for all schools we have been neglected for far to long by the education system get this sorted now people should have a vote on this and have it herd in parliament

[stevejohnson]

If self employed does the personal allowance get taken off automatically ?thanks

[Azza._.]

What if you don’t actually have a business and your self employed still what would I put

[evanhewitt]

Is that 30, 000 before or after tax for total income

[stephyclaws]

Does anyone have any idea where to declare the £500 self isolation payment? I am both self employed and an employee. I have no idea if it needs to be declared but I am guessing yes because it wasn't taxed... just landed in my bank.

[LeonHermanns-xh]

Great video. I make and sell racing simulator components mainly, but if I use the same tools and materials to make say homeware products, furniture etc.. do these class as a separate business and I have to tick the little box and add them separately. I can’t seem to find out what classes as a separate enterprise or as I am a creative can I always mash everything together providing I am not a construction worker or a doctor or something specialised? I am really a designer and maker and make all types of things in my workshop. Thanks Leon

[campcop]

Confused a lirtle about some of the expenses that apply to most. Like working from home allowance, how is this calculated? Same for say internet expense, how do you calculate that? 50% business, 50% personal? So claim for half or what.

Other than the obvious stuff like packing supplies, , mileage what else is claimable?