It is now common for people to be employed and at the same time to have a side hustle or what we call as self-employed.  People don’t leave their 9 to 5 jobs yet, as they weigh on what to keep between the two sources of income. It looks promising for the profit side of it, but there could be some problems here if you do not know the tax implications for both. Plus there are also rules with regards to what expenses are allowed or disallowed when you are in business. Additionally, strict compliance with HMRC regulations should be followed.

Here are a few insights you’ll hear in today’s show…

• The difference in the tax implication when being self-employed and employed at the same time. 
• Why is keeping records important in submitting your personal tax returns?
• What is Trading Allowance?
• Why is there a need to declare income and associated costs? (...How does the difference between national insurance classes work?
• How do you calculate the business profit in order to know the basis of tax payments?
• How do you register as self-employed with HMRC and how do you submit your tax return?

Resources: 

Register for VAT: https://www.gov.uk/vat-registration/how-to-register

Accounting and Bookkeeping softwares:

Xero- https://www.xero.com/

QuickBooks - https://quickbooks.intuit.com/

Connect to Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522