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…
Register for VAT: https://www.gov.uk/vat-registration/how-to-register
Accounting and Bookkeeping Software:
QuickBooks - https://quickbooks.intuit.com/