Accounting for mixed earnings from blog

thriftymr95

Hi everyone,

I hope I have posted this in the right area, I couldn't find a thread specifically for this, so hopefully someone out there can help me.

I'm currently employed full time, and also do some 'self-employed' work on the side (all my accounts are done by the company that contact me). I'm looking to set up a blog, and eventually aim to earn revenue from said blog.

This is where it gets tricky. I want to blog about making extra money and mine, and my partners journey on that path. Something neither of us have done before: completing surveys, mystery shopping and the like.

How do I set up as a business and then (more importantly) keep my accounts for the business? I will need to include revenue from my blog and from all the odds and ends IE: making money from surveys, and mystery shopping. How do I keep accurate accounts and also account for all the extra money. I'm assuming if I set up a business account I will need to have all my earning and Expenses come out of that account. But then what? Do I have to set up as a sole trader for each area I'm looking to make money in, or can the lot be returned on one self assessment?

Thanks in advance.

Jack

Biggles

While it's just a sideline, I doubt your bank is going to worry about making you open a business account; just use your personal account for these transactions.

As regards keeping records, just keep a careful record of income and direct expenses relating to the business. You can just record these in the self-employment section of your self-assessment form.

Savvy_Sue

Lots of help with this kind of question on the Cutting Tax board.