Tax yearly plus bank or PayPal

LightKnow

Hi 

I hope I picked the right fourm area 

So am in middle of setting up a mini business/ side hustle 

Is better to have my earnings and spending for resources go from bank over PayPal ?  

Which I would assume for tax purposes bank would be easier and set up sole trader account? ( Am thinking of using starling bank, it seems have good features for trader ) I don't need make first earning to be eligible for business/sole trader account right ?

This part a example - with current being employed and if my earnings as self employed are say over 2k a month do I show those earnings right away or can I keep each months pay in bank and do tax return end year ??

Am also wondering my self employed work won't impact how am taxed on my normal job 

eskbanker

https://www.gov.uk/set-up-as-sole-trader explains the relevant steps from the HMRC perspective.

Bookworm105

you don't need a separate bank account, but having one makes business dealings more transparent

as for the rest of your questions there are loads of websites that explain the basics without expecting us to write it all out for you  
Set up as a sole trader: step by step - GOV.UK (www.gov.uk)

What is a sole trader and how do I register as one? | unbiased.co.uk | Unbiased

Get help and support for your business - GOV.UK (www.gov.uk)

Dazed_and_C0nfused

LightKnow said:

Hi 

I hope I picked the right fourm area 

So am in middle of setting up a mini business/ side hustle 

Is better to have my earnings and spending for resources go from bank over PayPal ?  

Which I would assume for tax purposes bank would be easier and set up sole trader account? ( Am thinking of using starling bank, it seems have good features for trader ) I don't need make first earning to be eligible for business/sole trader account right ?

This part a example - with current being employed and if my earnings as self employed are say over 2k a month do I show those earnings right away or can I keep each months pay in bank and do tax return end year ??

Am also wondering my self employed work won't impact how am taxed on my normal job 

That will largely depend on how you answer two questions near the end of your tax return.

They relate to collection of any tax owed and using information from the return to keep your tax code as up to date as possible.

If you answer them in a particular way HMRC won't usually disturb your tax code.