Thanks for the video. Hope you don't mind a question. I work as a masseuse (sole trader/self employed), but also starting to make income as an artist. I use a personal bank account as my masseuse job funds my art. Is it a legal requirement for me to use separate bank accounts for my masseuse business and my art business? My art business doesn't make enough money to cover the outgoings so a separate bank account seems impossible for me. Very unpractical. Can I not just keep the paper book-keeping separate, and still use my personal account for incomings and outgoings?
Hi Kate - essentially there is no legal requirement for separate bank accounts but there is a legal requirement to report earnings/profits each separate trade 'truly and fairly' - so keeping the bookkeeping separate is sensible practice, in case HMRC ask questions, you have the evidence to provide them. In addition, ensure you apportion your allowable expenses for each trade as fairly and truly as possible.
really excellent, I didnt find any clear information like this. This is my first time in UK. I understand clearly thank you so much
Excellent, clear explanation, straight to the point. Keep up to good work. Look forward to more.
Thank you D P
I always wondered how would I be taxed if I started TH-cam or other side hustle. well now I know. this info is gold
Glad it helps you Precocious Deathdealer :-) Thank you for your supportive comment
Thank you so much! At last professional and clear!,,,😊
You're welcome Valentina 😊
Done nothing but saved this video to my playlist :-D Perfect explanation.!!!
Hi Melwin thank you for your positive comment and support 😊 I'm really grateful that my content is useful and adds value to you.
Thanks for the video. Hope you don't mind a question.
I work as a masseuse (sole trader/self employed), but also starting to make income as an artist.
I use a personal bank account as my masseuse job funds my art.
Is it a legal requirement for me to use separate bank accounts for my masseuse business and my art business?
My art business doesn't make enough money to cover the outgoings so a separate bank account seems impossible for me. Very unpractical. Can I not just keep the paper book-keeping separate, and still use my personal account for incomings and outgoings?
Hi Kate - essentially there is no legal requirement for separate bank accounts but there is a legal requirement to report earnings/profits each separate trade 'truly and fairly' - so keeping the bookkeeping separate is sensible practice, in case HMRC ask questions, you have the evidence to provide them. In addition, ensure you apportion your allowable expenses for each trade as fairly and truly as possible.
I work two jobs at same time! One is day rate as I’m umbrella contractor and other one is my original job.
Thank you for insight Hey Let's play. Much appreciated.
what about first 6months paye then last 6months SA? i got axed last year
Harry should have asked for options for the payment
Thank you Savvy :-)
@@tonydCFO thank you
Dear pls include CGT property property and shares
Hi Nasar, thank you for comment. We'll roadmap this for a future video.