In this video I’m filling in an actual UK self assessment tax return (online) for the 2016/17 tax year, deadline 31 Jan 2018. This is based on a single very simple self employed business with £30,000 turnover, £10,000 expenses and therefore a £20,000 profit. I’m also assuming you’re using the Cash Basis (see video link below). As per usual I’M NOT AN ACCOUNTANT! I’m just giving you information that any small business owner should now. I HIGHLY RECOMMEND you seek professional assistance from an accountant – especially for your first tax return.
Got any questions? Buy my a coffee and I’ll do my best to help:
A few other videos you might find handy:
How to Become Self Employed in the UK
What is Cash Basis Accounting?
Do I Pay Tax on YouTube Earnings?
Top 10 Self Employment Tips!
HMRC’s ‘1st Tax Return’ Video:
Soul Groove by Audionautix is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/)
Jellyfish in Space by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/)