Just getting started working from home...what about tax returns etc?

Foxelder · Nov 19, 2017

So......what does everyone do re: earning all this cash from home?

I used to be self-employed a few years ago and I hate doing tax returns etc. I kinda swore to myself if I was self-employed again I'd get an accountant. Surely a good local small accountant will pay for themselves?

Any tips/advice appreciated.

Jon · Nov 19, 2017

I do two things to make life easy for myself

1) I have an hsbc account and use that solely for self employed income so at the end of the tax year I can just bring up a statement showing me my last 12 months incomings and that's how much I've earned

2) I also run a spreadsheet that I update each time I get paid by someone.

The only online work do these days that I pay tax on is blogging as Matched Betting isn't taxable

katykicker · Nov 20, 2017

A good accountant will likely pay for themselves and they are a tax deductible expense too of course.

I don't use an accountant.

I have a spreadsheet where I track all the money I have in online accounts like surveys, etc.

Then I update monthly with payments in/out (which I track on an Apple Note as they come in / go out) and then I make sure I've put the right amount away for tax. Not that taxing (boom boom) and I've just found it normal to do it this way now.

homie · Nov 20, 2017

Unless you are buying and selling stock or equipment and things as part of your business then its really just income minus expenses and thats it.

I do wish I had set up a separate bank account now, just to make life easier. I think that's what Lewis Hamilton said too.

Jon · Nov 20, 2017

homie said:
Unless you are buying and selling stock or equipment and things as part of your business then its really just income minus expenses and thats it.

I do wish I had set up a separate bank account now, just to make life easier. I think that's what Lewis Hamilton said too.

The Reverend · Nov 20, 2017

Jon said:

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Just getting started working from home...what about tax returns etc?

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