Do I need an accountant to do my Self Assessment tax return?

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Do I need an accountant to do my Self Assessment tax return?

Рет қаралды 4,914

1st Formations

Күн бұрын

Пікірлер: 122

@polly5273 2 жыл бұрын

Have been waiting for this for so long!!! Answered all if my questions, so thank you

@1stformations 2 жыл бұрын

Glad we were finally able to deliver for you Polly! If you don't mind us asking, what were you confused with?

@scarlettbrough-mylod7409 2 жыл бұрын

This is fantastic! Love the new format, and SO nice to have the tax return explained so clearly. Thank you Nicholas and 1st Formations.

@1stformations 2 жыл бұрын

We're glad you like it Scarlett. What do you like about the new format compared to the old format?

@kreisitsela2874 2 жыл бұрын

Lovely to have these videos back 🙂 amazing video and very informative and comprehensive. Looking forward to the next one guys!

@1stformations 2 жыл бұрын

It's good to be back Kreisi! Are there any topics you would like to cover in future?

@davidhoxha6618 2 жыл бұрын

Extremely helpful and helps shed a lot of confusion on this area for me! Great videos as always, looking forward to the next one.

@1stformations 2 жыл бұрын

Glad we were able to clear up your confusion David. What areas were you confused with, regarding the Self Assessment?

@bryanlopez8067 2 жыл бұрын

Wow, great to see you guys are back! I love the new video format.

@1stformations 2 жыл бұрын

We're glad you enjoyed our new video format. What do you think is better about this format than the old one?

@G-Cam1 2 жыл бұрын

Thank you... Very encouraging. And a well timed reminder with a wet weekend ahead what better time to sit down and do it👍

@1stformations 2 жыл бұрын

Thank you for your kind words. Have you ever used an accountant to file your Self Assessment return, or have you always filed them yourself?

@ameliafrench9459 2 жыл бұрын

Great video :) The timestamps make it super easy to jump back to a section I'll need in the future - thank you 1st Formations!

@1stformations 2 жыл бұрын

Great to read you find our timestamps useful Amelia. Are you now planning to file your own tax return?

@latifazy1393 2 жыл бұрын

This series important and the information you provide is very valuable hanks for this channel. I wish you a good continuation.

@1stformations 2 жыл бұрын

Thanks Latifa. Have you checked out our other videos?

@hawkdene123 2 жыл бұрын

Amazing video! Absolutely loving the new layout so high tech 😍

@1stformations 2 жыл бұрын

Many thanks for your high praise, James. What do you think is better about the new layout compared to the old layout?

@pauladonnelly382 2 жыл бұрын

This is brilliant! Very informative, useful and easy to follow on a subject that I would ordinarily find confusing. Thank-you!

@1stformations 2 жыл бұрын

Thanks for your kind words Paula. Do you presently file your own tax returns or do you use an accountant?

@darkdancer1983 2 жыл бұрын

Superb video, thank you for sharing the knowledge. Absolutely love the production value btw 💎

@1stformations 2 жыл бұрын

Thank you for your kind words Peter. We try our best! Have you checked out any of our other videos?

@loucollinsauthor 2 жыл бұрын

Good to know I can do this myself. I’ll be watching the rest of these!

@1stformations 2 жыл бұрын

We're glad we have given you the confidence to file this yourself. Were you previously using an accountant to file your tax returns, or is this your first time?

@zafirahchoudhry6646 2 жыл бұрын

A very helpful video, thanks for sharing. Also, the new layout looks great!

@1stformations 2 жыл бұрын

Thank you for your gracious words, Zafirah. What do you prefer about the new layout to the old layout?

@aminebahir1159 2 жыл бұрын

as always valuable value. Thanks, 1st Formations

@1stformations 2 жыл бұрын

Thanks Amine - we're glad you continue to find our videos useful. Are there any other topics you would like us to cover in one of our videos?

@littlemasterchefs5006 2 жыл бұрын

Glad to know it's possible to do the tax return myself and why/why not. Very well structured & logically presented. 100%. Thanks!

@1stformations 2 жыл бұрын

No problem at all! We're glad you liked it. Is there anything that you would like us to cover in a future video?

@shahenab2643 2 жыл бұрын

Such an informative and helpful video, thanks so much! Great work as always :)

@1stformations 2 жыл бұрын

Cheers for the comment, Shahena! It looks like you have checked out some of our other videos - are there any other topics you would like us to cover in future?

@orsolyalukacs9400 2 жыл бұрын

Very easy to follow, clarified many of my questions. Thank you!

@1stformations 2 жыл бұрын

Thank you for your kind words. Do you file your own Self Assessment tax returns, or do you use an accountant at present?

@annalisemaguire9630 2 жыл бұрын

Very informative and answered all my questions - thanks 1st Formations!!

@1stformations 2 жыл бұрын

Glad you continue to enjoy our content, Annalise. Are you planning on filing your own Self Assessment or are you going to use an accountant?

@annalisemaguire9630 2 жыл бұрын

@@1stformations now I've seen it can be pretty straight forward I think I will attempt this myself!

@1stformations 2 жыл бұрын

@@annalisemaguire9630 Fantastic! If you don't mind us asking, what do you do for a living?

@samb3151 2 жыл бұрын

Seeing this video tempted to give it a go myself. Especially as filing's will be required on a quarterly basis in the future.... thanks so much.

@1stformations 2 жыл бұрын

We're glad we gave you the confidence to file your own tax return. Do you have any recommendations for future videos you would like us to make?

@jupitiuswild 2 жыл бұрын

Excellent! Thank you for these clarifications.

@1stformations 2 жыл бұрын

Great to read you found our video useful. Do you have any other tax related questions we may be able to help clear up for you?

@davemorgan2637 2 жыл бұрын

Good clarification and advice to prepare for quarterly filing

@1stformations 2 жыл бұрын

Thanks for the positive feedback! Do you run your own business?

@danniihinds1275 2 жыл бұрын

very informative and helpful - thank you

@1stformations 2 жыл бұрын

We're pleased you found our video informative. Are you planning to file your next tax return yourself, or use an accountant?

@keziahcowan648 2 жыл бұрын

very helpful video - i never thought it was possible to do my own tax return before!!

@1stformations 2 жыл бұрын

Many thanks for your high praise, Keziah. Have you checked out of other videos, as there may be other information you can use to improve your company's administration?

@TailoredSpirit 2 жыл бұрын

Very informative video and a nice early prompt to do the tax return. Thank you.

@1stformations 2 жыл бұрын

Many thanks for your comment. When are you planning to file your tax return?

@lauram4848 2 жыл бұрын

Thank you so much for this video, it was very informative!

@1stformations 2 жыл бұрын

Great to read you found our video informative, Laura. Have you checked our any of our other tax-related videos?

@ninawaller615 Жыл бұрын

Love these videos!

@1stformations Жыл бұрын

We're glad you like them Nina. Are you registered for Self Assessment?

@chahidstore7806 2 жыл бұрын

Very helpful video, thank you

@1stformations 2 жыл бұрын

Thanks for your coment Chahid. Do you think this will sway you towards filing your Self Assessment tax return yourself?

@rakheepatel9815 2 жыл бұрын

Very useful video, thank you

@1stformations 2 жыл бұрын

Many thanks for your kind words, Rakhee. Did you like our new style of video?

@nourelhouda-ft2zh 2 жыл бұрын

Very helpful information, Thank you 🧡

@1stformations 2 жыл бұрын

Glad you found this video informative. Do you use an accountant to file your Self Assessment tax return, or do you give them a go yourself at present?

@carolschobs1183 2 жыл бұрын

Very good advice thank you

@1stformations 2 жыл бұрын

We're glad you found it helpful Carol. Are there any topics that you'd like us to touch on in future videos?

@PriscilaDexheimer 2 жыл бұрын

What a brilliant video! Not a bad time to be saving up to £500, this is so helpful!

@1stformations 2 жыл бұрын

We're glad you found it useful Priscila. Are you going to be filing your own tax return?

@johncarpenter8651 2 жыл бұрын

Thanks for the video. This has given me the confidence to file my own tax return.

@1stformations 2 жыл бұрын

Thanks for your kind words John. Were you using an accountant before to file your tax return?

@abbieoneill9133 2 жыл бұрын

So helpful, thank you!!!! :)

@1stformations 2 жыл бұрын

Thank you for your kind words, Abbie. We're glad the video was of help. Have you checked out any of our other videos on similar subjects?

@saaduddinsony 6 ай бұрын

Do I need to pay Tax on Salary I get as a UK Company Director like Income Tax in the UK if I am not a resident or citizen of UK?

@alignthebar5983 2 жыл бұрын

Thank you for such useful information. I think it's the confidence of having a qualified accountant do it the first time which works for me. Still some time to decide and this was very helpful xx

@1stformations 2 жыл бұрын

Many thanks for your kind words. Are you leaning towards using an accountant or doing it yourself at present?

@alignthebar5983 2 жыл бұрын

@@1stformations I have not decided but your video has been very useful, thank you.

@1stformations 2 жыл бұрын

@@alignthebar5983 Brilliant. If you don't mind us asking, what does your company do for a living?

@alignthebar5983 2 жыл бұрын

@@1stformations of course, thank you so much for asking. We make work experience recommendations to aspiring barristers based on their past experience, background, aspirations, availability, needs; tailored advice.

@1stformations 2 жыл бұрын

@@alignthebar5983 Sounds like a worthwhile endeavour! It is very difficult to become a barrister to any assistance will be very useful. Do you do this all over the UK or in a certain location?

@seaw1989 2 жыл бұрын

Very useful video 🙏

@1stformations 2 жыл бұрын

Thanks for your comment, Abdou. Are you planning to file a Self Assessment yourself, or use an accountant?

@CarloCacciari 2 жыл бұрын

Very interesting for my job

@1stformations 2 жыл бұрын

That's great! What do you do?

@graemedonnelly2039 2 жыл бұрын

Well done 1st Formations. This is an excellent video, providing practical and easy-to-understand information on the Self Assessment tax return. One question! I note you give a mention to Quickbooks and FreeAgent bookkeeping software. What are your thoughts on Xero?

@1stformations 2 жыл бұрын

Thanks for your kind words Graeme. Xero are one of the market leaders in bookkeeping software, and we partner with Xero to ensure our customers can access this type of software when forming their company. Their software is very easy to use and we highly recommend them. However, for the basis of Self Assessment, at present Xero only allows partner accountancy firms to use the Personal Tax part of the software, and therefore Xero cannot presently help you compile your own tax return. Are you intending to use an accountant or file your own tax return?

@1stformations 2 жыл бұрын

Thank you for your kind response. This is very useful to know that Xero has limitations with regard to personal tax. With regards to your question, before I watched your video I was going to use an accountant - now I am definitely going to tackle it myself and see far I get. Thanks again!

@benmarsay-smith1551 2 жыл бұрын

Very helpful!

@1stformations 2 жыл бұрын

Thank you for your kind words Ben. Have you checked out any of our other videos?

@benmarsay-smith1551 2 жыл бұрын

12 Self Assessment expenses you didn’t know you could claim was a lifesaver!

@FRIFELD1 2 жыл бұрын

Useful information !

@1stformations 2 жыл бұрын

Thanks Tanvir. Are you planning to file a Self Assessment using an accountant, or do it yourself?

@FRIFELD1 2 жыл бұрын

@@1stformations I just register the company and there is no activity on they business yet. So I might need to do myself as there is no point to invest money if there is no activity on the business.

@1stformations 2 жыл бұрын

@@FRIFELD1 That makes sense. If you don't mind us asking, what is your company going to specialise in?

@FRIFELD1 2 жыл бұрын

@@1stformations This mainly for Amazon Marketplace. Due to slow paperwork and extended delivery time I am taking time to go live.

@jordanmcdermott6596 2 жыл бұрын

Can you claim Business Expenses and Capital Allowences from a previous year? For example; I want to claim Business Expenses and Capital Allowences (up to 3 years prior) in the 22/23 tax year.. So in my 20/21 & 21/22 self-assesement I do not have to input Expenses or Allowences purchased in that year? As if there were non? Context; New small business not earning enough to pay tax but have spent good money on equipment and resources to make business run. I am now full-time employed and will earn over the tax threshold but continue the self-employed business. I"m wondering if and how I can claim on the previous years self-employed costs. Thanks for your help!

@1stformations 2 жыл бұрын

Thanks for your question Jordan. You have 4 years to make a self assessment claim for a previous tax year; however, you cannot bundle together expenses and capital expenses into one tax year if they do not relate to that specific tax year - that is, if the expenditure took place prior to the tax year. Does this make sense?

@liamrogan5289 2 жыл бұрын

Hey Nick, fantastic video (as are all of the others), I was wondering if there was any way to get a hold of you directly via as there is something I would like to propose to you directly. Let me know!

@1stformations 2 жыл бұрын

Hi Liam - you can get hold of Nicholas by sending him an email to nicholas@1stformations.co.uk. Are there any other topics you think we could cover in a new video?

@abdulrmoodambail857 2 жыл бұрын

very useful

@1stformations 2 жыл бұрын

Thank you for your kind comment Abdul. Are you planning to file your own tax return or use an accountant to do so?

@bgnikstov 2 жыл бұрын

Very useful and well explained video, may i ask - i made investment at the end of this january in stock market, but heard that i have to declare the purchased dividents if i dont want to pay tax on the whole amount and instead only to pay tax on the made profit when some day i decide to sell/close. Btw i dont have company, i just have UTR number but never had activated it becouse my plans failed.Thank you !

@1stformations 2 жыл бұрын

Thanks for the positive feedback, it's much appreciated! That's not something that we can really advise on, sorry. It sounds like you're operating as a sole trader - how's that going for you?

@bgnikstov 2 жыл бұрын

@1st Formations i've registered as Self-Employd in july 2021 and have UTR number, but never had activated it becouse my plans to become private hire driver get frozen.

@1stformations 2 жыл бұрын

@@bgnikstov We hope everything works out!

@abdelilah882 2 жыл бұрын

Great content

@1stformations 2 жыл бұрын

Thanks Alariene! Have you checked out our other videos?

@mohamedmlayah6426 2 жыл бұрын

Thank you so much for these clarifications, it was very informative!

@1stformations 2 жыл бұрын

Many thanks for your kind words, Mohamed. Have you checked out any of our other tax-related videos, which may also be of use?

@jabjabgrab123 2 жыл бұрын

Do you provide a service of giving accounting advice??

@1stformations 2 жыл бұрын

We do not directly provide accounting services but we currently refer our customers to Haines Watts accountancy firm!

@foodpirate24 2 жыл бұрын

If we could make a French version, especially for LTD companies, it would help us a lot, there are a lot of French people who use your services.thanks

@1stformations 2 жыл бұрын

Thank you for your kind suggestion, Luckyhead. We will definitely take it under consideration - watch this space! Do you recommend any of our other videos being translated into French because they will be particularly helpful to French speakers?

@alomo3814 Жыл бұрын

I'm still confused about some things. Isn't the annual tax return different for every company? I'm still unsure what sheets or exact documents we need to submit to hmrc. Getting them ready wouldn't be an issue,if we know wxactly what documents they are looking for. Maybe this could be addressed next time. I also assume startup companies are much easier regarding tax than new ones.

@1stformations Жыл бұрын

Thank you for your enquiry. The annual tax return here is in relation to a self-employed individual or an individual that earns income outside of PAYE. It is not related to companies per se. So it is more about how much income your new start up receives which you then take out of the business somehow. Does your start up make money yet?

@alomo3814 Жыл бұрын

@@1stformations No not yet. I'm still setting things up.

@1stformations Жыл бұрын

@@alomo3814 OK - what will your company be doing?

@CW-Design Жыл бұрын

Hello, in January of 2023 I started as a freelance designer. Do I need to do a tax return by the end of January? How far back can I claim expenses? I did buy some things last year whilst in full time employment in preparation for becoming self employed. Any advice, much appreciated.

@1stformations Жыл бұрын

Hi Calum, your Self Assessment will be due in January 2025 if this is the case. You can claim back expenses for four years as long as you have not claimed them back before. What type of things are you designing?

@CW-Design Жыл бұрын

@@1stformations oh really that far away then? I mainly design motion graphics and for video edits. What I will do is set aside an amount using an online calculator for tax and NI then pay it eventually. Thanks for the advice.

@1stformations Жыл бұрын

@@CW-Design Good idea Calum. Do you have a website?