Self assessment-is an accountant needed?

sparkiemalarkie

Hello, we're struggling a bit to get our heads around self assessment and was wondering if an accountant would be needed for the following situation regarding my relative.

He works full time starting in June 2023 PAYE

2023-2024
Earned £22,500 (PAYE)
Started a Youtube Channel in August 2023
2023-24 Earned £1800   £8,100 from Youtube
No savings interest

Out goings
Computer £3500
Subscriptions for software £100

2024-2025
Working full time PAYE  £27,000
Youtube earned £52,000 
Maybe some savings interest

July 2024 Sold Youtube channel for US$65,000
(There are some cost from this amount ie agents fees, bank charges and FX)

We understand that tax for 2023- 24 tax year has to be paid by 31/01/25
He has already registered for self assessment

How difficult are the calculations for his earnings in the last tax year?

When does the Capital gains tax have to be paid for the sale of his Youtube channel

many thanks

sx

FlorayG

I would deal with that myself.  I have a paid job and a second income.Have a look at the self-assessment forms, they are very long but you get plenty of chances to go back and correct mistakes

Nomunnofun1

sparkiemalarkie said:

Hello, we're struggling a bit to get our heads around self assessment and was wondering if an accountant would be needed for the following situation regarding my relative.

He works full time starting in June 2023 PAYE

2023-2024
Earned £22,500 (PAYE)
Started a Youtube Channel in August 2023
2023-24 Earned £1800 from Youtube
No savings interest

Out goings
Computer £3500
Subscriptions for software £100

2024-2025
Working full time PAYE  £27,000
Youtube earned £52,000 
Maybe some savings interest

July 2024 Sold Youtube channel for US$65,000
(There are some cost from this amount ie agents fees, bank charges and FX)

We understand that tax for 2023- 24 tax year has to be paid by 31/01/25
He has already registered for self assessment

How difficult are the calculations for his earnings in the last tax year?

When does the Capital gains tax have to be paid for the sale of his Youtube channel

many thanks

sx

There shouldn’t be any tax to pay for 2023/24 as there is a potentially a loss on the trade depending on how the computer purchase is treated. 

2024/25 looks very different. As there is significant monies involved and a sale of your business I would involve an accountant, given your questions. The small proportion of your income spent on fees could save you a lot of money and/or stress in the long run. Your choice. 

GinBerry2025

Is the computer wholly and exclusively for the business e.g. no personal use?

GinBerry2025

p.s. I would get an accountant, deadline for 23/24 self assessment is 31st Jan 2025

Dazed_and_C0nfused

GinBerry2025 said:

p.s. I would get an accountant, deadline for 23/24 self assessment is 31st Jan 2025

Payment deadline is 31 January 2025, the tax return deadline depends on when the return or notice to file a return was issued.

sparkiemalarkie

Thank you,

I think an accountant is the way forward.

The computer is not exclusively used for business - about half and half  business/personal
The subscription and software purchases are solely used for the youtube channel

Am I right in thinking that the capital gains on the sale of the youtube channel needs to bey paid by January 31st 2026?

Is the 2023- 24 self assessment doable without an accountant?
How on earth do you find an accountant ..especially as we are so short of time? 

tia sx

Nomunnofun1

sparkiemalarkie said:

Thank you,

I think an accountant is the way forward.

The computer is not exclusively used for business - about half and half  business/personal
The subscription and software purchases are solely used for the youtube channel

Am I right in thinking that the capital gains on the sale of the youtube channel needs to bey paid by January 31st 2026?

Is the 2023- 24 self assessment doable without an accountant?
How on earth do you find an accountant ..especially as we are so short of time? 

tia sx

Given that your friend has already registered for self-assessment the end of January deadline should not present a problem for an accountant. 

I have seen many a plastic bag full of unsorted bank statements, invoices etc presented a lot later than this. 

kinger101

If you are going to struggle to get it right, the accountant is the way forward.

Jeremy535897

You would be best studying websites like this first:
https://www.mytaxaccountant.co.uk/post/youtubers-pay-taxes
I suspect the sale of the channel is income rather than capital gain.

sheramber

If you are going to use an accountant then get that sorted sooner rather than later.