How do you keep records of your finances?

[Deleted User]

Hi all, I spent my lockdown time quite wisely, making short videos to sell on stock websites.  Now they began selling - urrah! I am exempt from paying US tax as I live in UK. Now  I only make around $60 monthly now from stock websites, but it consistently increases, I see more sales and I keep creating more videos. 
I have multiple questions in my head. Should I now register as a sole trader? Should I open an account with Quickbooks? Where can find a trusted accountant? I'd rather do everything correctly from the start.

Any advice? Thank you very much!

[Deleted User]

Surely, as an investment adviser, you'd have such queries answered already.
Post this in that subforum, you may get more likeminded people there to help you.

Zanderman

If you're trading then you are a sole trader.  And you should tell HMRC.  

As for records, start with a spreadsheet.

Accountants are only necessary if things get complicated (and you're earning enough to justify the cost).  Otherwise DIY is fine.

enthusiasticsaver

I am not sure where the US tax comes in.  If you work and live in the UK aren't you supposed to be paying UK tax? 

masonic

Would this not fall under your annual trading allowance? https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade

Keeping records is important, as it sounds as though your income from this venture could soon exceed the annual £1000 allowance, but cross that bridge when you come to it.

ZeroSum

enthusiasticsaver said:

I am not sure where the US tax comes in.  If you work and live in the UK aren't you supposed to be paying UK tax? 

If you're a US citizen working & living in UK (or any other country for that matter), you still have to complete US tax returns on top of UK ones

lr1277

ZeroSum said:

enthusiasticsaver said:

I am not sure where the US tax comes in.  If you work and live in the UK aren't you supposed to be paying UK tax? 

If you're a US citizen working & living in UK (or any other country for that matter), you still have to complete US tax returns on top of UK ones

This!
I think about 8 years ago I read in the NY Times of American citizens living in Singapore renouncing their American citizenship so they would no longer have to pay US taxes. Until that point they were being taxed by both US and Singaporean authorities.

[Deleted User]

masonic said:

Would this not fall under your annual trading allowance? https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade

Keeping records is important, as it sounds as though your income from this venture could soon exceed the annual £1000 allowance, but cross that bridge when you come to it.

I did not know about trading allowance, thank you. Yep, I am getting less than £1000 for now. 

[Deleted User]

enthusiasticsaver said:

I am not sure where the US tax comes in.  If you work and live in the UK aren't you supposed to be paying UK tax? 

I had to fill in US tax exempt form on each stock website.