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?
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.
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.