WHEN DO YOU NEED TO DO YOUR SELF-ASSESSMENT TAX RETURN (SELF EMPLOYED)

Im just asking you a question if you dont mind. If i am doing crypto via itp quantifization, and let's say i want to draw out $50k, would that mean i would have to pay $10k as tax? Also when do i have to notify hmrc and how do i do that? Is it every time i withdraw money or annually how much i draw out?

Hello Dan, thanks for all your videos. They are being very helpful for understanding the accounting side of my business. Can I please ask where can you purchase the yellow books related to tax? Thank you.

Hi, if I started a business in April 2023 (this year). What date does that make the deadline for the self assessment? Jan 31st 2025???

Hi Dan, hopefully you’ll read this as I’m in bit of a panic mode considering we’re now nearly end of Feb 😅. I got my utr since May 2022 that means I don’t have to do anything right now ? Is that correct ? Thanks

Hi if I start my own drop shipping company on Shopify and make like than 9k a year from it do I have to issue any taxes to the government?

Thank you! I needed to hear this at 9pm on the 30th January to double check the dates of the tax year :D

Hi Dan,
I am currently in the middle of purchasing equipment, tools, insurances etc prior to starting my buisness. The business is cleaning the exterior of buildings and i will be a sole trader. This will involve me driving short distances to customers property/premises then using my own equipment to clean. I want to test my business in march 2023 but register the business on or just after the 6th of April 2023.
My first question is, will I be able to do the test trading as I've said above without doing one months tax return?
My second question is, will I be able to include the cost of purchasing the tools etc onto my first years tax return even though these are being purchased prior to registering the business.
My third and final question is what is the best way to include a vehicle into taxes for example on my mileage per the mile, what can you include on the tax return/claim back regarding the vehicle, it will be purchased not leased.

Thanks from Mark

Hi Dan , great video - just what I needed. If I didn't start my business officially until January but incurred setup costs - software subscriptions etc - within the taxable year before I registered as self employed, am I still eligiable to claim those costs as expenses for the startup year?

I would love to see a whiteboard in your videos, for a beginner trying to imagine everything you are saying its quite difficult, great content by the way, Thanks

Hi Dan. I'm new to business and I have set up a limited company but need a startup loan. My business credit score is very low (unsurprisingly) and being 21 I'm not sure a personal guarantee would satisfy lenders as my personal credit history is shallow. What do you advise?

Incredibly helpful, thank you!