Hi Monzo Community!
I have recently started a sole trader side hustle alongside my main employment. I’m trying to get my head around getting ready for the sole trader self-assessment form. I have a separate Monzo Business account so all my business income and expense are separate.
I have received a couple of quotes from accountants, but unfortunately, they would cost a big chunk of the money I make on the side and that’s before taking the tax! (I don’t make much on the side)
I’m wondering if any other sole traders have been in my position and just wondering how hard the self-assessment form is to complete?
Thanks in advance!
I found that they cover their own costs with what they save you. Is that not the case for you?
I’ve been quoted around £40 a month and I only make around £200 a month profit without tax!
So don’t think its the case with the quotes I have
What’s your turnover though?
It’s perfectly doable yourself, but it does take some thought and energy, particularly the first time.
£40 a month seems steep when you only need them once a year don’t you?
Keep everything and then buy a book (I sound like I’m from the 80s, what I mean is watch YouTube) and I’m sure you can do it yourself.
If not, you pay out a few hundred quid for someone to do it for you as a one off.
I think you need to ask them how much they would quote for self-assessment tax returns alone, and then you’d only be paying them once a year rather than once a month. The yearly charge for self-assessment alone should (hopefully) be less than 12 * monthly charges for all accounting.
It varies from month to month, but I’d say around £3k a year
Thanks, I’ll find out. It also included a subscription to Xero to track invoices, expenses and receipts etc
I have seen Starling offer a book keeping toolkit which also helps with tax return, just hope its something Monzo will offer!
DM me I can put you in touch my accountant, I will also track down what I used for my 1st year to submit self assume that, I set up an Ltd as of June this year after being year as a ST
I used This subscriptions gives you cheapest option but I also cancelled mine once I setup Ltd
At this size, you presumably just have a list of income and expenses - just two boxes on the form really! Read through the rest and answer truthfully - and the return is done.
As long as your records are OK, of course
Yep, that’s pretty much all I have! Thanks for the advice, I’ll probably give it a go my self!