We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
"Portfolio careers" - do you have to declare as SE seperately?
Options

ButterPie_2
Posts: 105 Forumite
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?
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?
Goal = £9,000 in 2011, starting in March
Current total - £779 banked by 09/04/11
Also growing, scrimping and crafting to not need as much in the first place!
Current total - £779 banked by 09/04/11
Also growing, scrimping and crafting to not need as much in the first place!
0
Comments
-
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.
Happy moneysaving all.0 -
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 theirsGoal = £9,000 in 2011, starting in March
Current total - £779 banked by 09/04/11
Also growing, scrimping and crafting to not need as much in the first place!0 -
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.Ssshh - I might know about deals in/near Keswick0
-
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards