The Paradox of Being Self-Employed and Employed at the Same Time

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 Software:

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

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

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About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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