VIEW Videos created by Her Majesty's Revenue and Customs (HMRC)
to help those who need to: 
​file a self-assessment tax return | claim expenses and tax allowances | pay tax and NI
Picture
This what the HMRC Home Page look like on YouTube
HMRC has a very useful YouTube Channel.
It's called HMRCgovuk. You can find lots of useful videos about tax there.. They use plain English and good graphics to make tax and tax returns a lot less frightening. 

If you have a query about tax this is an excellent place to start to learn more about tax works for artists.

BELOW I've included links to some of the videos - in the order you'll probably want to consult them if completing a self-assessment tax return. 
​I GUARANTEE that the HMRC Channel will update before I do - so please also check out what they've got online.
​​CONTENTS:  Videos are all OFFICIAL by HMRC and those included are:
INTRODUCTION TO REGISTRATION & SELF-ASSESSMENT
  • How to register for Self-Assessment​​
  • Your First Self-Assessment Tax Return
  • How to tailor your tax return to your circumstances and income types

HMRC: PERSONAL TAX & EMPLOYMENT
  • Self-Assessment - The Personal Account
  • How do I show Student Loan and Postgraduate Loan repayments on my tax return?
  • State benefits and your online tax return
​
SELF-ASSESSMENT TAX BILL: PAYMENT & PENALTIES
  • Viewing your Self Assessment tax return calculation
  • How do I budget for my Self Assessment tax bill?
  • How do I pay my Self Assessment tax bill?
  • How do I use the HMRC app to make a Self Assessment payment?
  • Self Assessment penalties
BUSINESS TAX
  • The Self-Employed Tax Return
  • I'm registering my business - which structure should I choose?
  • I can't access Self Assessment online using my business tax account
  • How do I add a tax to my Business Tax Account?
  • Basic record keeping for the self-employed
  • ESSENTIAL - What expenses can I include in my Self Assessment tax return?
    • Cash basis and simplified expenses 
    • Claiming motoring expenses if you're self-employed
    • Calculating your business expenses for rent, rates power and insurance costs
    • Calculating your other allowable business expenses
  • ​Class 2 National Insurance: Self Assessment

INTRODUCTION TO REGISTRATION, SELF-ASSESSMENT
​& FILLING IN YOUR TAX RETURN
​

How to register for Self-Assessment
​

Find out about how to register for self-assessment.

You get a login - and a Unique Tax Reference (UTR) for HM Revenue and Customs (HMRC) online services when you register for tax online.
You register when you tell HMRC that you:
You need to register for a self-assessment tax return ASAP if you are:
  • self-employed
  • and/or when you start trading
  • and/or generating more than £1,000 untaxed income​​​

This video explains how to register your new business online with HM Revenue & Customs so that you can complete a Self-Assessment tax return.
REMEMBER! You cannot access the Self-Assessment Tax Return system UNTIL you have
  • registered for the Government Gateway and
  • got a UTR - your UNIQUE TAXPAYER REFERENCE​

I RECOMMEND that you do this well before the end of the tax year.
​You MUST do it before 5th October after the end of your first tax year of trading or you may be fined.

Your First Self-Assessment Tax Return
​

This video looks at
  • completing your first tax return,
  • who can use the online service,
  • how to input your personal details and
  • submitting your return.
It also gives guidance on
  • ​completing your first tax return,
  • inputting your personal details 
  • records you need and 
  • checking & filing your tax return.​
REFERENCE:

How to tailor your tax return to your circumstances and income types
​

This video is about how to select the right pages on your online Self Assessment tax return.

​The self-assessment tax return comprises two sections
  • the personal account
  • the business account
However it is very long and GENERIC i.e. it includes a lot of pages and most of these are not applicable to you.

So at the beginning you need to answer a lot of questions so that you reduce the the tax return to just those pages you need to complete

​(Running time: 2.39mins)

REFERENCE

HMRC: PERSONAL TAX & EMPLOYMENT

Self-Assessment - The Personal Account
​

Your name is used for NON-BUSINESS taxes and benefits (e.g. employment income / PAYE tax paid / National Insurance / pensions / investment income)

You can:
  • manage your personal details
  • view your Income Tax estimate 
  • find out more about your tax code
  • check how much Income Tax you paid last year
  • claim a tax refund
  • view your National Insurance record and State Pension forecast
  • manage your tax credits
REFERENCE: 
​Visit https://www.gov.uk/personal-tax-account to find out more about the Personal Tax Account

How do I confirm my employment details on the HMRC app?
​

How do I show Student Loan and Postgraduate Loan repayments on my tax return?
​

Watch this video to find out how to show Student Loan and Postgraduate Loan repayments deducted by your employer on your tax return.

REFERENCE:

State benefits and your online tax return
​

Find out how to show state benefits and pensions on your online Self Assessment tax return. ​

BUSINESS TAX
​

The Self-Employed Tax Return
​​

This video is about
  • the Self-Employed section of the Self-Assessment Tax Return
  • How to tell HMRC about your income if you're self-employed.

​​(Running time: 3.47 mins.)

REFERENCE:
  • Business Income Manual Supplementary guidance on how to check tax calculations or work out the trading profits of a business for Self Assessment tax return.

I'm registering my business - which structure should I choose?
​

Watch this video to find out more about help to choose the right legal structure when registering a business.

​​(Running time: 2.20 mins.)

How do I add a tax to my Business Tax Account?
​

​Watch this video to find out more about how to add the four main taxes to your Business Tax Account
  • Self Assessment,
  • Corporation Tax,
  • PAYE for employers and
  • VAT to your business tax account.

​The same process applied to adding 'Making Tax Digital'.

Note: There are more than 40 Taxes you can add to your Business Tax Account

I can't access Self Assessment online using my business tax account
​

Watch this video to find out more about what to do if you have problems accessing the Self Assessment service using your business tax account. ​

Basic record keeping for the self-employed
​

Watch this video to find out more about effective record keeping if you are self-employed.

You need to keep records of:
  • all money going in or out of the business
  • however you make the transaction
You can keep records on paper or digitally

ALL RECORDS MUST BE ACCURATE, CLEAR AND COMPLETE - and the HMRC can ask to see them to check your compliance with the rules

ESSENTIAL - What expenses can I include in my Self Assessment tax return?
​​

VIDEO: How and where to claim allowable business expenses on your Self Assessment tax return.
​​(Running time: 2.07 mins.)

This tells you what expenses you are NOT allowed to claim for.
e.g. you CANNOT claim expenses at all if you claim the £1,000 tax-free trading allowance

Simplified expenses are flat rates rather an working out actual business costs.
  • They can be used for vehicle costs, working from home and living in your business premises
  • They can only be used by sole traders and business partnerships that do not involve a company.

REFERENCE:

Cash basis and simplified expenses 
​

Find out about the cash basis of accounting
  • based on receipts and payments in the tax year 
  • You can use cash basis if you:
    • run a small self-employed business, for example sole trader or partnership
      have a turnover of £150,000 or less a year
  • If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.

​(Running time: 1.41 mins) 

REFERENCE:

Calculating your business expenses for rent, rates power and insurance costs
​

Watch this video to find out more about calculating business expenses for rent, rates power and insurance costs

​REFERENCE

Claiming motoring expenses if you're self-employed
​

Watch this video to find out more about motoring expenses on your tax return.

There are two methods for claiming expenses
  • flat rate and
  • actual cost methods.

REFERENCE:

Calculating your other allowable business expenses
​

Other Allowable Expenses include
  • professional or trade journals
  • professional or trade subscriptions
  • net VAT payments
  • protective and specialist clothing (i.e. not daywear / ordinary clothing)

Expenses you cannot claim include:
  • items for personal use
  • private purchases (i.e. do NOT use your personal credit card; get one to use exclusively for the business)
  • your own wages
  • depreciation in value

​Class 2 National Insurance: Self Assessment
​

VIDEO: Class 2 National Insurance contributions and your Self Assessment return
(Running time: 2:36 mins)
​
National Insurance is what pays for your State Pension and any Benefits on offer to those who are eligible.

People who are self-employed pay a different sort of National Insurance to those who are employed.
  • If you're employed you pay Class 1 National Insurance contributions based on your level of earnings. They’re automatically deducted by your employer.
You usually pay 2 types of National Insurance if you’re self-employed:
  • Class 2 if your profits are £6,205 or more a year
  • Class 4 if your profits are £8,424 or more a year (9% on profits between £8,424 and £46,350
    2% on profits over £46,350)
Most people pay Class 2 and Class 4 National Insurance through Self Assessment. First you need to register for NI and get an NI number.

You can also pay Class 2 on a voluntary basis so you will get a State Pension or benefits.
REFERENCE:

YOUR SELF-ASSESSMENT TAX BILL
​

Viewing your Self Assessment tax return calculation

The calculation of tax due to HMRC will be:
  • automatically calculated by the HMRC website
  • and include:
    • Income
    • Personal Allowance
    • Tax due - Income Tax
    • Class 2 National Insurance Contributions (if due or paid voluntarily)
    • Class 4 National Insurance (if due)
  • total payment due 

​How do I budget for my Self Assessment tax bill?
​

HMRC requires payments on January 31st and July 31st every year BUT you can start paying before money is due to help spread the load AND avoid penalty fines for non-payment by the deadline.

Watch this video to find out
  • how a flexible budget payment plan can help you pay your tax bill on time.
  • how to set up a plan for regular direct debit payments to HMRC
  • how you can adjust or stop payments at any time

How do I pay my Self Assessment tax bill?
​

This video explains what your tax bill may include and the different ways you can pay your bill.

Visit GOV.UK to find out more about:
​
Paying your Self Assessment tax bill  The HMRC app 

How do I use the HMRC app to make a Self Assessment payment?
​

One of the ways to connect with HMRC is by using the HMRC app. You can use it to:
  • view your tax code and National Insurance number
  • get an estimate of the tax you need to pay
  • review your income and benefits
  • find out how much you will receive in tax credits and when they will be paid
  • your Unique Taxpayer Reference (UTR) for Self Assessment
  • find out how much Self Assessment tax you owe
You can use the HMRC app to:
  • make a Self Assessment payment
  • report tax credits changes and complete your renewal
  • access your Help to Save account
  • use our tax calculator to work out your take home pay after Income Tax and National Insurance deductions
  • track forms and letters you have sent to us
  • claim a refund if you have paid too much tax
  • update your postal address
REFERENCE:
​Download the free HMRC app from:
Read The free HMRC app to find out even more about it

​Self Assessment penalties
​

Watch this video to find out about the penalties you may be charged for:
  • sending your tax return in late
  • paying your tax bill after the deadline.

You should send your tax return by 31 January after the end of the Tax year.

It defines the penalties, what they relate to and how they're calculated. 

IGNORING YOUR TAX AFFAIRS CAN BE VERY  COSTLY!
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