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We created The Accounting & Tax Academy to empower small business owners, entrepreneurs and other tax minded individuals with free, helpful content. We noticed a growing trend of unqualified YouTubers circulating incorrect accounting advice, potentially creating serious problems for new business owners. We decided the best way to combat this was to create a channel of our own to share ACCA backed advice from qualified accountants you can trust.

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Recent Videos

🔴 What is VAT? When do you register for VAT, when must you starting charging VAT? VAT Value Added Tax tends to throw out alot of questions. It is simple in principle but can get quite complex in practice. In this VAT explained video we’re taking a look at the basics of VAT, the stuff you need to know to get started. We’ll go over some special VAT schemes as well as the points in your business journey where you must start paying VAT, and in turn, must start charging VAT value added tax to your clients/customers. View Our VAT Value Added Tax Page for Tables & Additional Resources Mentioned in This Video: 🔴 www.aidhanfinancial.com/VAT Time Stamps: What Is VAT? - 0:41 When Must You Register For VAT? - 3:00 When Must You Start Charging VAT? - 6:06 Special VAT Schemes 7:07 How To Report and File VAT Returns 9:45 The current VAT Threshold is £85,000 for the UK as of the date of this video. This means that if your annual VAT taxable turnover exceeds this amount on what is known as a 12 month rolling basis then you are legally required to register for and start charging VAT. You are also able to register for VAT voluntarily, before hitting the VAT threshold if this works out for your business in terms of the numbers. In our professional experience, it's well worth getting a VAT evaluation from an accountant you trust to see if you could be saving money by voluntarily registering for VAT. Remember as a business, every time you make a purchase of goods or services, the chances are you will be or have paid up to 20% of VAT (in the UK) on that purchase. Being VAT registered allows your business to claim back the 20% of VAT it has incurred. And in the early days or even along your business journey, this can accumulate into a sizeable amount of cash. Knowing when to register for VAT can be tricky. You need to know your numbers, because if your business exceeds the current VAT Value Added Tax threshold and you don't register in time, you can be fined by HMRC. Once your business has registered for VAT, it must start charging VAT to clients and customers. Not all vatable supplies are charged at 20% in the UK. This VAT explained video will highlight the other rates and for what group of goods and services they are applied. There are some special VAT schemes in the UK. The most popular and common scheme is the standard rated VAT scheme. There is also the flat rate scheme, cash accounting scheme, annual accounting scheme and VAT Moss (VAT mini one stop shop). Finally, reporting and submitting VAT returns is covered in the final section of this VAT explained video. It is imperative that VAT returns and submitted on time, and accurately as HMRC impose various penalties, fines and surcharges for improper VAT calculations and submissions. Are you VAT registered? Let us know in the comments your experience with paying & charging Value Added Tax! #VAT #ValueAddedTax #VATExplained
VAT Value Added Tax Explained - The Basics
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLkFGMkM4OTlEQzQ2OTMxQjI=
🔴 If you're a small business owner, contractor or freelancer then getting a company car tax efficiently can reap benefits for your business and you personally. There are several ways to gain company car tax relief, including methods such as getting a pool car or buying/leasing a fully electric or hybrid PHEV vehicle with a long electric range. HMRC Company Car Tax Calculator: http://cccfcalculator.hmrc.gov.uk/CCF0.aspx Comcar Company Car Tax Calculator: https://comcar.co.uk/companycar/tax/calculation/?CapCon=0&AnnCon=0&vehicle_id=0000162701 Time Stamps 1:32 - Should you lease or buy a company car through your limited company? 2:30 - The limited company tax implications of a company car. 3:22 - The personal benefit in kind (BIK) implications of a company car. 4:17 - A useful company car benefit (BIK) calculator. 09:23 - What About VAT? 10:00 - How to Pay 0% Tax On Your Company Car 11:10 - What's The Alternative To Buying or Leasing A Company Car? 11:30 - Recap If you are operating through a Limited Company then the tax efficient way of getting a company car is simply to get one with very low or 0 Co2 emissions per g/km. The higher the Co2 emissions per g/km, the more onerous company car tax becomes for both the company and particularly you the user personally. A benefit in kind charge is essentially a tax levied on you personally, for using a business asset like your company car for personal use. HMRC's stance is that most business assets used personally by the owner or employees should be taxed as a benefit in kind. The benefit in kind charge is computed as follows: P11D Value (list price + optional extras, VAT & delivery) x BIK rates x Co2 g/km emissions A key consideration aside from company car tax is cashflow, whether to buy a car outright or to lease it through what is known as an operating lease. There are different tax implications for each route explained in the video. As a business owner, if buying or leasing a company car does not add up for you, then you can use your personal vehicle for business usage and claim Mileage Allowance Payments. For the first 10,000 business miles, you can claim 45p per mile, and 25p per mile for any miles over and above. You can physically withdraw this money from your company tax free, there is no BIK charge and your company can offset this for corporation tax relief. We've done a video on the Mileage Allowance Payments as follows: 🔴 https://youtu.be/xQeuU_lXbWA At present, in the 2020-21 tax year, in order to pay 0% company car tax (and no benefit in kind) is to get a fully electric vehicle that naturally has Co2 emissions of 0 g/km or a low emissions (less than 50 g/km) plug-in hybrid vehicle that has a range in excess of 130 miles on a single charge. From the 2021-22 tax year the BIK rates will increase but still remain very low. VAT differs between cars bought outright and leased through an operating lease. In general, if you use your car for 100% business use then 100% of the VAT is reclaimable. For lease plan cars, if there is any personal use then only 50% of the VAT on monthly lease rentals can be legitamatly reclaimed. * As mentioned in the video, PHEV vehicles registered before the 6th April 2020 do not qualify for 0% BIK tax. #companycartax #companycar #mileageallowancepayments
Company Car Tax Explained UK - April 2020 & Beyond
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjRBMDc1NTZGQzVDOUIzNjE=
If you're a limited company director, employee, or sole trader, and you use a personal vehicle for business use, then claiming back your Mileage Allowance Expenses is a no brainer. Check out our comprehensive blog post on Mileage Allowance Payments: https://aidhanfinancial.com/mileage-allowance-payment-how-it-works/ The business mileage rates are as follows: Car / Van - £0.45 per mile for the first 10,000 miles, £0.25 thereafter. Motorcycle - £0.25 per mile. Bike* - £0.20 per mile. *Only limited companies can claim mileage allowances for bikes. Sole traders are unable to. Now this is important for sole traders and limited companies of a small amount of employees. You can only claim back the mileage allowance if your trips are solely for business use. This means any personal trips or your daily commute cannot be claimed back. We'll be a doing a more comprehensive video about buying/leasing a company car in the very near future, so make sure you click the subscribe icon and the notification bell to have access to this as soon as it's uploaded! #mileage allowance #company car tax
How To Claim Mileage Allowance Expenses - Explained In Under 60 Seconds
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjU2QjQ0RjZEMTA1NTdDQzY=
With an estimated 2.4 million couples qualifying for unclaimed tax refunds, the marriage allowance is easily one of the most underused tax allowances. Put simply, it allows one of a married couple to pass on 10% of their annual UK personal allowance to their partner, resulting in a £250 tax rebate per full tax year. You can even backdate these claims up to 5 tax years meaning, if eligible, you could be receiving a total of £1,188 in tax refunds! Are you eligible for the Marriage Tax Allowance? https://aidhanfinancial.com/marriage-allowance-calculator/ To qualify, you have to be legally married or in a civil partnership. One of the couple must have earned less than £12,500 in the tax year, while the other partner must have earned between £12,500 - £50,000 in the same tax year. The lower earner is then able to transfer 10% of their national allowance to the higher earner. If you want to check you eligibility for the marriage allowance, we've prepared a handy, free calculator to use. Head over to https://aidhanfinancial.com/marriage-allowance-calculator/ to see if you could qualify for the marriage allowance! Unlike many other allowances that are automatic, the marriage tax allowance has to be applied for. And this is where so many married couples miss out, as HMRC don't make too much noise about it! The good news is it's fairly simple to make an application and well worth any effort. #marriagetaxallowance #taxrefund #hmrctaxrefund
Marriage Tax Allowance in 2020 - Get a Tax Refund of Up To £1,188
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjI4OUY0QTQ2REYwQTMwRDI=
In April 2020 the National Insurance Allowance was increased to £4,000, meaning that provided your employers national insurance bill is less than this number, you could potentially reduce your employers national insurance bill to 0! National Insurance can sometimes be seen as a bit of a stealth tax. As a limited company director shareholder you can often be lumbered with the double tax whammy of paying both employers national insurance as well as employees national insurance. It's worth noting this is only available to business owners who are NOT sole employees and thus directors AND for employers who’s national insurance bill in total was less than £100,000 in the previous tax year. For more information head to this link: https://www.gov.uk/claim-employment-allowance If you're a small business owner and would like specific tax advice and services for your individual business needs, head to our website to see how we can help you. www.aidhanfinancial.com CLASS 1 Employees National Insurance Lower Earnings Limit - £6,240 per annum Primary Threshold - £9,500 per annum Upper Earnings Limit - £50,000 per annum Rate (NI category A) - 12% between PT and UEL and 2% above UEL CLASS 1 Employers National Insurance Secondary Threshold - £8,788 per annum Upper Earnings Limit - £50,000 per annum Rate (NI category A) - 13.8% between ST and UEL and 13.8% above UEL #nationalinsuranceallowance #knowyournumbers #nationalinsurance
National Insurance Allowance Explained in Under 60 Seconds ⏱
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjAxNzIwOEZBQTg1MjMzRjk=
On the 1st April 2021, the new private sector off-payroll rules for IR35 come into force. In this video we're taking a closer look at if and how you can continue to operate through your Limited Company if some or all of your contracts are deemed inside IR35. Time Stamps: 1:35 - Can You Operate Your Ltd Company Inside IR35 2:02 - Inside IR35 Example Tax Calculation 3:47 - Why Use Your Ltd Company Inside IR35? 5:32- Using An Umbrella Company 6:02 - The Outlook for Contractors and Freelancers in 2021 and Beyond. 7:78 - Recap Book a free discovery call today: https://aidhanfinancial.com/ The broad strokes are: The new IR35 private sector rules are coming into force on 1st April 2021. You can still use your existing personal services limited company inside IR35 or even create a new one. You can also use your personal services limited company as a stepping stone to being a full small trading business. We also talk about Umbrella Companies and why, although a viable option for inside IR35 contracts, are often a short term solution unless required by your agency or client. Initially the IR35 private sector 2020 rules were just that, to be implemented in 2020. Due to the coronavirus pandemic, the UK government decided in all their wisdom to defer the new IR35 private sector rules until April 2021. In fact, many contractors and freelancers were already in discussions with their agencies and end clients, and using tools like QDOS IR35 to help get a status determination. Roll on 2020 and the question of whether the new IR35 private sector rules could potentially be deferred again, or better still completely canned, crops up time and time again. The one thing we are sure about is that this will not be death of contracting and freelancing, and in our opinion, it will give rise to a new chapter in how contractors and freelancers operate. We have provided a simplified example of what your accounting and tax calculation could look like operating inside IR35 through your Limited Company. If you'd like more specific information relating to your business needs and IR35, don't hesitate to head to our website and book a free discovery call, where one of our specialist qualified accountants will be more than happy to assist you. We have specialist accountants for limited company directors and contractors. DISCLAIMER Our videos are intended to be a guide into accounting and tax services only. We cannot be held responsible for any outcomes that arise due to the advice in videos. #ir35 private sector 2020
Inside IR35 for Limited Company Contractors | How it Works
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjUyMTUyQjQ5NDZDMkY3M0Y=

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All content on our website is intended for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances.

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