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Self assessment newbie-advice needed please.

(2 Posts)
DrSeuss Wed 19-Jun-13 09:55:05

I currently work two days a week and pay tax on my earnings at source. I hope to start a small photography business in the next year. Is the correct thing to do to register for self assessment, please? Presumably I would have to keep records of income and expenditure along with receipts?
Thanks

Funions Wed 19-Jun-13 23:24:25

Yes. The tax liability on your new business earnings will depend on how much already earn over the annual personal allowance, from your other job - but you'll be able to state all the facts and figures on the SA form.

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