"Portfolio careers" - do you have to declare as SE seperately?

ButterPie_2

Hiya,
My husband and I are starting to do various self employed things (Usborne, Mystery Shopping, Farmer's Markets, Ebay, etc) some together, some by ourselves.

How do we work it for tax/tax credits/etc? Do we need to keep different accounts for each thing, declare ourselves as having 5 or 6 jobs each and so on? Or just say we are self employed together and give a combined figure? Or something else entirely?

sassyblue

I'm not sure it matters for tax credits, l think it went on total household income??

You each have an income tax allowance of £6470 each per year, anything over that and you pay tax on it. Tax credits don't count as income on that figure.

Someone will correct me if l'm wrong.

ButterPie_2

Thanks
I'm fine on declaring, etc - I've been doing Usborne for a while. Just not sure if I should just keep all accounts in one big folder, or seperate them out - eg the internet connection is an expense for all of the things.

Gah. How much are accountants?

In fact, my husband isn't as dreadfully awful with figures as I am - I might get him to do some basic accounts training, so not only can he do ours, but he could help other people with theirs

Curveygirl

Our local tax office do free courses (a few hours) on this kind of thing. Just a few people so you get info relevant to your circumstances.

painted_lady

I am in a similar position, various self employed earnings. I keep separate accounts for my own benefit, but add totals for overall figure on tax return. I give one set of accounts to accountant as tax office only bothered about overall figure. Usually costs me £250 a year, but they usually save me more than their fee is. One year saved me £900 on figure I would have submitted. More work you do, cheaper their fee.