These guides are are provided on a Karma Yoga basis for Yoga Teachers and similar professionals. They are copyright Whitefield Tax Limited t/a YogaTax and provided without liability for personal use only, please credit us if redistributing them.
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Contents
- Setting Up & Structure
- Calculating, Submitting and Paying Taxes
- Expenses
- Bookkeeping and Accounting
- Working Through a Limited Company
- Vat and Yoga Teachers
- Running Your Business – Common Topics
- Working With YogaTax
- Terms of Business and Policies
- Year Ends and Tax Submissions
- Self Employed for the First Time – start here
- Basic Principles of Tax
- Choice of Structure – Sole Trader, Partnership or Company?
- Registering With HMRC
- Trading Allowance – £1,000 Exception for Small Self Employments
- Legalities of Working as a Yoga Teacher
- Working Through a Limited Company
- Working Through a Partnership or LLP
- Forming a Social Enterprise or Charity
Calculating, Submitting and Paying Taxes
- Basic Principles of Tax
- How is a Yoga Teacher Taxed?
- Accruals Basis Accounting, Cash Basis Accounting, Simplified Accounting
- Tax Rates and Allowances
- Examples and Case Studies for Yoga Teacher’s Tax
- Tax Calculator for Self Employed Yoga Teachers
- Self Assessment Return
- Guide to Filing Your Own Self Assessment Return
- Making Tax Digital – Changes from 2023 for Sole Traders
- Paying Your Self Assessment Tax Liability and Payments on Account
- Penalties From HMRC
- Value Added Tax – VAT
- Combining Yoga Teaching with other Jobs or Businesses
- Employment Status and IR35
- Tax Enquiries
- National Insurance and State Pension for Yoga Teachers
- Voluntary NI – Protecting State Benefits and Pension if You Have Low Profits
- Working on Payroll / PAYE
- Employing Someone to Assist You
- Business Losses and Offsetting Them
- Tax and NI when you are both Self Employed and Employed
- High Income Child Benefit Charge
- What Expenses Can Be Claimed Against Tax?
- Travel Expenses – own car or public transport – Whats eligible for deduction against tax?
- Car Costs
- Claiming Clothes
- Training, CPD and Class Attendance
- Do I Need Receipts?
- Capital Allowances
- Working From Home / Home As Office Expenses
- Body Work – Acupuncture, Physiotherapy, Massage, Osteopathy or Chiropractic Expenses
- Donations or Gifts to Charity and Teaching for Charity
- Day to Day Accounting – Keeping Books and Records
- Spreadsheet Template for Bookkeeping
- Class Records – Manual or Booking System – Students, Cash and Registers
- FreeAgent Software
- Do I Need a Business Bank Account?
- Accruals Accounting, Cash Accounting, Simplified Accounting
Working Through a Limited Company
- Working Through a Limited Company – an Overview
- Limited Liability
- Setting Up a Limited Company
- Companies House Administration
- Dividend Administration
- Limited Company Taxation
- Limited Company Terminology
- VAT – Introduction
- VAT – Basics
- VAT – Registration
- VAT – Registration Case Studies
- VAT – De-Registration
- VAT – Flat Rate Scheme
- Vat – Mitigation for Yoga Businesses
- VAT – Business Splitting
- Can I Register Voluntarily to Claim VAT Back on Expenses?
- Digital Services Supplied to the EU and Other Non UK Jurisdictions
Running Your Business – Common Topics
- Running a Studio at Home
- Legalities of Working as a Yoga Teacher
- Practical and Legal Obligations of Running a Studio
- Business Accounts and Year Ends
- Payment terms, Agreement, Late Payments and Invoicing
- Trading Names, Business Registration and Intellectual Property
- Personal Insurances and Protection (sickness, injury and unable to work)
- General Insurance (liability, equipment etc)
- Pensions and Retirement
- Maternity
- Child Care
- Working Through a Limited Company
- Working Through a Partnership or LLP
- Forming a Social Enterprise or Charity
- Budgeting for a Yoga Teacher
- Data Protection and GDPR
- Universal Credit and Tax Credits
- Health and Safety Compliance for Yoga Teachers
- Working with YogaTax
- Joining Us
- Fees and Services
- Professional Fee Protection Scheme
- Approve your Annual Accounts or Self Assessment Online – this lets you approve your Annual Accounts or Self Assessment online, and authorises submissions to HMRC and Companies House
- Moving Home or Changing your Address or Contact Details? – who to tell and you can tell us online (and that includes changes of telephone number and email as well)
- Pay your Accounting Fees by Card
Terms of Business and Policies
- Terms of Business – the detailed terms of engagement with our clients, including Plain English summary and change log
- Basis of Quotation – how we quote for our fees and the services we normally include
- Fee Indexation – an index linked change to your fees from the third year we act for you onward.
- Fee Policy – a guide to how we set client fees, and the circumstances in which we may charge additional fees or change fee agreements with clients
- Making Tax Digital for Income Tax – a Position Statement on Prospective Fee and Service Changes for Making Tax Digital for Income Tax
- FreeAgent and Cloud Accounting Support – a guide to how and when we charge for support with software
- Deadline Policy – our policy around managing worksflows for statutory deadlines and the respective duties and obligations of ourselves and clients
- Your Business Year End and Getting it to Us
- Self Assessment Questionnaire – we need this by end of September each year to process your Self Assessment return (also known as Self Assessment Data Request or SADR)
- P11D Questionnaire – we need this by the end of May each each year.
- Approve your Annual Accounts Online – this lets you approve your annual accounts online, and authorises us to submit your CT600 for you
- Ask YogaTax to Complete Your Companies House Confirmation Statement for You – this only applies to clients working via companies
