Second Self Employed Income already Self Employed

matt_matt_matthew

I've been self employed for the past 6-7 years and for the 23/24 tax year I started doing survey/research tasks as a side hustle along with my main self employed job. I know if I wasn't already self employed I would have to register and declare what I make, but seeing as I am already self employed I'm unsure where to enter the earnings I have made from this. These research tasks are completely unrelated to my main self employed job so unsure if I can just lump it in under the earnings made from it, or if there's a specific place to enter it. I can't imagine I have to create a new business just for this.

FlorayG

If you are self-employed then all work that you do and are paid for goes under the same heading. Lots of people I know are self-employed and do two or three jobs. HMRC doesn't care WHAT you do as long as you pay your tax

mybestattempt

FlorayG said:

If you are self-employed then all work that you do and are paid for goes under the same heading. Lots of people I know are self-employed and do two or three jobs. HMRC doesn't care WHAT you do as long as you pay your tax

That's wrong I'm afraid.

Unrelated profits from different activities need to be declared separately. 

The self assessment return can facilitate this:


https://www.gov.uk/government/publications/more-than-one-business-hs220-self-assessment-helpsheet/hs220-more-than-one-trade-profession-vocation-2024

LITRG

Hello. We are the Low Incomes Tax Reform Group (LITRG), part of the Chartered Institute of Taxation who are an educational charity. We are not part of HMRC or MSE. Although we can’t give individual advice, you might find our free website guidance on running more than one self-employment (multiple trades) helpful: https://www.litrg.org.uk/working/self-employment/calculating-self-employed-profits/calculating-self-employed-profits-multiple-trades  . If you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here: https://www.litrg.org.uk/tax-nic/getting-help-tax. Thanks.

dinosaur66

i am a sole trader

i have always had multiple business

i have to keep  all my business records book keeping seperate

 i have  seperate accounts for them all

and then when you fill in your hmrc return as you would normally do you just enter 2/3/4 jobs at the start

after you have filled out 1 the hmrc tax return then asks you to do the same with job 2 and so on

you do not total them all up for a round figure just send them all individually

so in my case

street market trader

ebay & discogs shops

landlord

not included as a job is savings /investments but they go in last from memory

i am a layman and no tax expert at all / just done  my own self assement over the years though so complex as tax world is i presume another sole trader with another 2 income streams would be very similar to my own situation and would fill out a tax return for both jobs

must keep a record of the side hustle just so your covered with hmrc.

not that they seem to investigate anymore but you never know.