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1 reply

Rubbleonthedouble1 · 18/09/2020 08:00

First time self employed so bear with me. I have registered with hmrc and have a business bank account.
What else do I need?
Do I need an accountant to do tax return next year?
Sole trader not likely to earn above £5k as this is a sideline.
I don’t know where to start!

OP posts:
Florencex · 18/09/2020 08:07

If you don’t know where to start then it may be a good idea to get an accountant. As it is a small sideline, you might want to take over after a year or two if you feel confident you can copy what the accountant did. It is not compulsory to use an accountant.

Whether you use an accountant or not, you need to keep records. So you should start a spreadsheet recording revenue and expenses. If you are doing it yourself you would need to research what expenses are allowable for tax purposes.

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