Feeding business account with money from a personal account during startup?

zzzLazyDaisy

AS has been said, when you register as self employed HMRC will send you an annual tax return.

You insert your PAYE earnings from your P60 given by your employer, and then you also insert your earnings from being self employed at a separate part of the form.

Sometimes you make an over-all loss in the first year or two, owing to start-uo costs (buying in materials, equipment such as laptop needed for the business, etc). This loss can be set against your PAYE earnings for tax purposes. You may also be able to set other expenses against your tax. Some local authorities run free start-up courses for new businesses, which can be helpful, particularly as they give you assistance on the accounting/tax side of things. Depending on your turn-over it can be useful to employ an accountant to complete your tax return (you keep your own books and keep receipts and hand them over to the accountant to complete the return). They can often save you more money in tax than they charge in fees - but this does depend on your turnover.

As someone else has said, you will also need to pay NI separately for your self-employed work.

The_pc_tech

Many thanks LazyDaisy and all that have replied, your replies are very much appreciated.