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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

With the recent resurgence of the popular crypto currency Bitcoin, there is a growing army of you wanting to get into investing in crypto assets. Understanding the way that cryptocurrencies are taxed and defined by HMRC and UK tax laws is essential if you want to maximise your chances of success when dealing with this popular digital asset. Capital Gains Tax Explained: https://www.youtube.com/watch?v=PoSjNaq61f0 Self Assessment Return Explained: https://www.youtube.com/watch?v=jcHIhlwQ-1s The Accounting & Tax Academy Free Membership Site: https://www.aidhanfinancial.com/accounting-tax-academy-membership Time Stamps: 0:48 - What is a crypto-asset according to UK tax laws? 2:25 - How are crypto currencies taxed for individuals in the UK? 5:55 - How are crypto currencies taxed for non-UK individuals? 7:20 - Record keeping and reporting There are three different types of crypto asset, these are: Exchange Tokens, Utility Tokens and finally, Security Tokens. In this video we are focusing on exchange tokens. This is the most popular form of crypto currency and the category which the popular cryptocurrency Bitcoin belongs to. If you are a UK tax resident and you make a gain from a crypto-asset then you will be subject to Capital Gains Tax. In rare occasions you could be charged income tax, namely if your business was trading cryptocurrencies. If you are a non-UK resident then you will generally not be subject to UK taxes, CGT and Income Tax included. What's particularly important to note about cryptocurrencies is that HMRC are adopting to tax the individual instead of the asset due to its non-tangible status. This means that it does not matter where you hold your crypto-wallet. You cannot simply hold your crypto-wallet in a tax haven country to avoid paying UK tax. If you, the individual, are a UK tax resident then you will be liable for all associated taxes. This goes the other way too; if you are a non-UK resident then you can still hold your crypto-wallet in the UK and not be liable for CGT and other associated taxes. It is your responsibility to keep detailed records of your transactions and other information that we have covered in this video. Since gains and losses will have to be declared on your self assessment tax return you must keep this information on file for a minimum of 5 years after the 31st January deadline pertaining to that tax year. Although many trading sites and companies do keep records of transactions, ultimately the responsibility lies with you and it is in your best interest to keep as detailed accounts as possible. We hope this video has given you a better understanding of how the taxes work for crypto-currencies and taken you one step closer to knowing your numbers. Please make sure you like and subscribe as this really helps us to create more free content for you. Finally, let us know what you think in the comments sections, are you considering investing in Bitcoin or a similar cryptocurrency?
How are Cryptocurrencies taxed (UK) Bitcoin +
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLmYxSGVzLUMtb1ZN
The Confirmation Statement or CS01 is an important document that needs to be filed with Companies House at least annually if you are a director, company secretary or member of your company. In today's video we're taking a look at what needs to be included as well as the deadlines and possible penalties for non or late filing of the CS01. Accounting & Tax Academy Free Membership & Resources: https://aidhanfinancial.com/accounting-tax-academy-membership/ Need help completing your CS01? https://aidhanfinancial.com/confirmation-statement Time Stamps: 0:42 - What is a confirmation statement CS01? 2:35 - When does your confirmation statement need to be filed? 3:48 - What needs to be included in the confirmation statement? 5:23 - What happens if you don't file your CS01? 6:16 - How to file your CS01 The confirmation statement is a filing requirement if you a running your business through a Limited Company or Limited Liability Partnership. Sole Traders and partnerships do not need to complete and file one. The purpose of the CS01 is essentially to give Companies House a 'snapshot' of your company and to verify the information they hold on the company is correct and up to date. It's important to note that even if there have been no changes to your company throughout the review period you will still need to file a CS01. Repeated failure to do so can result in your company being stricken off and even in directors facing legal action and fines of up to £5000. The sections of the CS01 form are: • Principal business activities or what is known as standard industrial classification (SIC) • A statement of capital • Trading status of shares and exemption from keeping a register of people with significant control (PSC) • Shareholder information and shareholders with significant control Although many business owners will choose to use an accounting service to file their CS01, you can definitely do this yourself. You can either use the companies house portal and pay a fee of £13 to file it digitally, or send it in the post for a fee of £40. In our professional experience we would definitely recommend avoiding sending this in the post; it will cost you more and you run the risk of the form being lost, or simply not arriving in time. Your Confirmation Statement must be received by Companies House no more than 2 weeks after the review period for your company. So for example, if your limited company was created on the 1st April 2020, your review period would be from this date until the 31st March 2021. In this case your CS01 would need to be filed before 14th April 2021, 2 weeks after the end of the review period for your limited company. We hope this video has given you a better understanding of the CS01 Confirmation Statement. Drop us a comment if you now plan to file this yourself and let us know any content you'd like to see us cover in the future. #CS01 #ConfirmationStatement
The Confirmation Statement (CS01) Explained 2021
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjRMYXdaNDI4dXNR
You’ve probably heard or read how some of the bigger organisations, such as facebook and google are structured with and use holding companies to their advantage, and perhaps you are wondering, can I do this for my business here in the UK? In this video we'll explain what is a holding company, how it works in a simplistic sense and how you could use one to your advantage regardless of the size of your business. The Accounting & Tax Academy Free Membership Site: https://aidhanfinancial.com/accounting-tax-academy-membership/ Interested in using a holding company for your business? https://calendly.com/aidhan/discovery-call?month=2021-01 Time Stamps: 0:44 - What is a holding company / parent company? 3:10 - 3 ways using a holding company could benefit your business 4:34 - The tax position of a holding company Now, we've included the official definition of a holding company in our video but, spoiler alert, it's rather technical and wordy. In simple English, a holding company (also known as a parent company) is a separate legal entity that becomes a majority shareholder (hence exercises control) of your limited company, so it becomes a subsidiary of the parent/holding company. The benefits of using a holding company include: 1) The safeguarding of assets, whether tangible, intangible or even surplus cash. Now this is a big one, and whilst its not directly a tax benefit, it could prove crucial if your trading limited company business falls into difficulty and perhaps becomes insolvent. 2) Acquisition and disposal of shares of other companies/businesses. If part of your business growth strategy is to acquire, whether in whole or part, existing businesses that align with your target market, products, services or overall strategy, then using a holding company structure can yield benefits 3) A holding company structure has certain tax breaks and advantages. For example, if you were to dispose of all of the assets of a subsidiary for say, £1M, you could take advantage of the substantial shareholder exemption, meaning your parent company would not pay any corporation tax (the equivalent of capital gains tax) on this amount. In comparison, if you were to personally make this capital gain, you could be subject to capital gains tax, as much as 20%. as of capital gains tax rates in 2021. We hope this video has given you a better understanding of a parent company and taken you one step closer to knowing your numbers. Be sure to like and subscribe for more real quality advice from real qualified accountants! #holdingcompany
What is a Holding Company?
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjRCSUNYbHFiTWxR
We're kicking off the New Year with another video for our self-assessment series, it's not long now until Self Assessment Day, the 31st January, and there's still time to get prepared. If you have received any benefits in kind (non-cash benefits) then these need to be declared to HMRC using the P11D form. In today's video we're going into exactly what this form is, how to fill it out, and when you have to get it in to HMRC. The Accounting & Tax Academy Membership Site: https://aidhanfinancial.com/accounting-tax-academy-membership/ File your P11D Form: https://www.gov.uk/guidance/report-end-of-year-expenses-and-benefits-online Self Assessment full playlist: https://www.youtube.com/playlist?list=PLd5lsoC3T-pZq8yupscg6826YenkPm5Mh Time Stamps: 0:48 - What is a P11d form? 1:50 - What needs to be included on the P11D form? 2:36 - When does the P11D need to be filed? 3:00 - What taxes are applicable? 3:50 - How to complete the P11D section on your self-assessment tax return. If you've received non-cash benefits that have a monetary value, these are known as a benefit-in-kind and need to be detailed on the P11D form. Some examples of benefits which would need to be detailed on the P11D form are as follows: company cars, loans to employees, healthcare, dental insurance, gym memberships, non-business travel and company assets used for significant personal use. Your employer is responsible for issuing the P11D form to you, however, if you are the director of a company then it is your responsibility to issue this to yourself. The P11D form must be filed by the 6th July following the tax year in question, so for tax year ending on the 6th April January 2021, you will have until the 6th July 2021 to complete and file your P11D form. If you're looking for more information on completing your self assessment tax return this year then check out our full playlist, we've covered every aspect of the process to ensure our subscribers are as prepared as they can be for their self-assessment returns.
Self-Assessment Tax Return UK 2021 – P11D Form
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLmpwdzloUEJmWUJr
Operating your business as Limited Liability Partnership, also known as a LLP, can bring many benefits including greater privacy, agility and protection of your personal assets. In this video we'll go over the key elements of a LLP as well as the 5 key attractions to operating as one. We've also included a free download to help you decide if your business is better suited as a Limited Company or a Limited Liability Partnership. The Accounting & Tax Academy Free Membership Site - https://aidhanfinancial.com/accounting-tax-academy-membership/ FREE LLP DECISION TOOL DOWNLOAD - https://aidhanfinancial.com/limited-liability-partnerships/ Time Stamps: 0:49 - What is a limited liability partnership? 3:10 - How is a LLP taxed? 4:10 - 5 key attractions to using a LLP over a LTD company 5:47 - Which is right for your business, LLP or LTD? Put simply, a Limited Liability Partnership is a hybrid between a limited company and a traditional partnership. It's proven very popular among accountancy firms, legal firms and other businesses where there are a small amount of partners, however, as long as there are at least 2 partners and you meet the required conditions, any business is able to operate as a LLP. The 5 key attractions of a LLP are: 1) Protection from negligence and misconduct from other partners. 2) Another corporate entity can become a partner of a LLP, for example an existing limited company. If done correctly this can provide some attractive tax benefits. 3) Unlike a limited company, members can easily be added to an LLP, allowing you more agility than the traditional shareholder route. 4) There is no taxable benefit in kind charge on members of a LLP, the profits from the LLP are split between the members and then declared on their self assessment tax returns. 5) The list of members of a LLP are not held on public domain in the same way a limited companies' are at companies house, granting members of a limited liability partnership greater privacy. If you're considering becoming a LLP but can't decide whether your business would be better suited as a limited company, head to our website and download our free decision tool to help you make a more informed decision. We hope this video has helped you understand some of the basics of LLPs and taken you one step closer to knowing your numbers. Happy New Year from all of us here at The Accounting & Tax Academy. #LLP #limitedliabilitypartnership
What Is A Limited Liability Partnership / LLP?
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjJJWFNlN0RHVVAw
Turning your sole trader business or partnership isn't as easy as filling out a form and filing it. There are many aspects to consider; in this video we're going into the basics of incorporating your sole trader business into a new limited company vehicle. The Accounting & Tax Academy Free Membership Site: https://aidhanfinancial.com/accounting-tax-academy-membership/ If you're weighing up becoming a limited company then watch out video comparing the two in order to make an informed decision. https://youtu.be/0jRbPyV8v6s Time stamps: 0:43 - What is incorporation? 2:07 - Why would you want to incorporate? 3:16 - A brief overview of the incorporation process 7:13 - Capital Gains Tax and incorporation Operating through a limited company vehicle can bring many advantages including being more tax efficient, having limited liability protection as well as being viewed as more prestigious in the business world. The main 4 ways in which sole trader businesses are incorporated into limited companies are: in exchange for shares, in exchange for cash or loan account, for an outright gift or for a combination of the three. When you incorporate into a limited company the first thing you need to do is get your business valued. We can't state just how important this step is as over or undervaluing your business can have a large impact on the incorporation process. Once you have had your business valued by an accountant or similar professional you can proceed with incorporation, taking into account your company's net assets against the value of the company. If the assets are worth more than the company then the difference will be put into your company as what is known as goodwill. We hope this video helps you further your understanding of the process of incorporating your sole trader business or partnership into a limited company vehicle and takes you one step closer to knowing you numbers. Let us know in the comments what you'd like to see from our future videos. Make sure you're subscribed as we'll be tackling self assessment tax returns, bounce back loans, the director loan account and many other top topics to empower business owners and tax-minded individuals.
Sole Trader To Limited Company - Incorporating Your Existing Business
YouTube Video VVVJMnJRamlrd0JTVkdnMmxHY2YtUXdBLjdsRlNWMFRYLUNF

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