Self-employed, starting out

supersaverkerry

Hi

I am a student nurse trying to make ends meet and am doing so by working part time for an agency but often this does not fit with my other commitments so I am going to do some self-employed work.

This is mainly online stuff such as surveys, mystery shopping, market research.

I won't make much so don't want to get too in-depth with things ( just what i need to do legally really).

So I wonder if anyone could tell me if there is anything I have missed here -

Inform HMRC
Apply for small earnings - I don't expect to get more than maybe £3,000 per year for what I do on a self-employed basis
Keep a cash in cash out system using simplified expenses
keep receipts
Do my self- assessment as required

Did I miss anything?

Also regarding a bank account, I am making so little money and it will not have much regularity so can I just use my normal bank account? I don't want to pay fees for a business bank account when all that will really happen is I will get paid and then withdraw the money - the expenses are minimal for the kind of thing I am doing. I have an old cash card account sitting dormant, can I use that just to be paid into as I imagine if I let these companies pay into my current or student account it could get quite complicated.

Many Thanks

Savvy_Sue

I think you've got it covered: the only thing to check is whether you have other income over the personal allowance, or whether with your self employed earnings you'll exceed the personal allowance? Not this tax year, but maybe next ...

Because if you WILL exceed the personal allowance, you need to put money aside towards your tax bill. It won't be due immediately, but when it's due it needs to be paid.

supersaverkerry

Great thanks for your reply.

I can't see me going over my tax allowance because I only earn £150- £200 per month from agency work and some months nothing when I have a really full timetable and self-employed I expect to make around the same so I will only be looking at £6,000 per year between both I should think, but it will make a huge difference to me so worth doing. I'm only in my first year so expect to be like this for about 3 more years :rotfl:

Thanks again

PlutoinCapricorn

I am a sole trader and I have been using my personal bank account for my earnings for many years.

Although these accounts are not permitted to be used for "business purposes" I am not really running a business as such. I am not paying in large amounts of cash, I am not receiving a lot of payments and I am trading under my own name.

I just happen to be paid for consultancy with no tax deducted.

bigheadxx

PlutoinCapricorn wrote: »

I am a sole trader and I have been using my personal bank account for my earnings for many years.

Although these accounts are not permitted to be used for "business purposes" I am not really running a business as such. I am not paying in large amounts of cash, I am not receiving a lot of payments and I am trading under my own name.

I just happen to be paid for consultancy with no tax deducted.

I don't think there is any lawful reason why a personal bank account cannot be used by a small trader.