Taxation on multiple income streams (From current wageslave PAYE only income)

General_Grant

digitallife555 said:

@wegptrem

 Thanks for the fast reply, I'll certainly be getting a bank account just for business use and to start off i'll probably keep written records as well as on a spreadsheet (probably keep a written record along side as a back up incase the PC goes up in smoke).

Still have a lot more "Research" to do, but Rome wasn't built in a day and im at the age that although the world moves fast, i'll still be happy going at my own pace.

 Thanks again, Cheers!

And Yeah 'Tis a shame i can't charge those 8 legged freeloaders rent as well !

Be wary about a new bank account if it is not a business one.  It is generally against the T&C of banks to use a personal account for business purposes.  Some people get away with it for ages and then the bank suddenly realises and decides to close the account.  You need to find an account which is for business but doesn't charge a fee.  (Research on MSE should find one - I think one of the online banks offer this.)

digitallife555

General_Grant said:

digitallife555 said:

@wegptrem

 Thanks for the fast reply, I'll certainly be getting a bank account just for business use and to start off i'll probably keep written records as well as on a spreadsheet (probably keep a written record along side as a back up incase the PC goes up in smoke).

Still have a lot more "Research" to do, but Rome wasn't built in a day and im at the age that although the world moves fast, i'll still be happy going at my own pace.

 Thanks again, Cheers!

And Yeah 'Tis a shame i can't charge those 8 legged freeloaders rent as well !

Be wary about a new bank account if it is not a business one.  It is generally against the T&C of banks to use a personal account for business purposes.  Some people get away with it for ages and then the bank suddenly realises and decides to close the account.  You need to find an account which is for business but doesn't charge a fee.  (Research on MSE should find one - I think one of the online banks offer this.)

Thanks again i was just reading up on a blog that mentions this as well, so i will see what Free Business accounts are available either online or on the "Deserted" High Street. Wouldn't want to have money in there and then have the bank pull the proverbial rug out from under me with little or probably No warning.

 Cheers again