Online Accountants for Side Gigs

Indeed, if your side gig generates more than £1,000 annually, you're required to register for self-assessment and declare your income. It's crucial to adhere to HMRC regulations to avoid penalties or legal complications.

The optimal business structure for your side gig hinges on various factors such as your income level, long-term aspirations, and liability preferences. Our seasoned accountants can evaluate your business circumstances and offer tailored advice on the most suitable structure for your needs.

There are several common allowable expenses you can claim for your side gig, including:

• Equipment and software costs: Any tools or software essential for your side gig.
• Advertising and marketing expenses: Costs associated with promoting your side gig.
• Home office expenses: If you utilise a dedicated space in your home for your side gig.
• Travel and transportation: Expenses incurred for business-related travel.
• Website hosting and domain costs: Expenses for maintaining your online presence.
• Any other expenses directly related to your side gig business.

Indeed, any income from your side gig is taxable and may influence your overall tax position. It's vital to effectively manage your tax liabilities to ensure compliance and avoid potential issues. Our proficient accountants can assist you in calculating and managing your taxes, optimising your financial situation.

Certainly! Many individuals successfully juggle a side gig alongside full-time employment. However, it's important to declare your earnings and ensure tax compliance. Our expert accountants can guide you through the process, helping you navigate the legal and financial aspects of managing a side gig in addition to your full-time job.

✔️ Keep digital records of income & expenses
✔️ File your self-assessment tax return on time
✔️ Separate personal & business finances
✔️ Work with a professional accountant