Not sure if this should be posted here or in the Tax Anyway, I am a self employed bookkeeper, got a few small shops and a few taxi drivers that i keep records for.
I record these as my bookkeeping business, however i am also a part time taxi driver. Now, do i need to keep these figures separate for the bookkeeping or do i include them all as income. If separate how do i claim my personal allowance for tax purposes.
I would keep them separate for your own purposes so that you can see what you make from book-keeping and what you make from taxi driving. However, when doing your self assessment the revenue are interested in your profit from which you take your personal allowance so I would lump your total income less expenses together.
I've got my bookkeeping business and I also work self employed as an antenatal teacher. I do my bookkeeping bookkeeping on Quickbooks and I have a completely separate spreadsheet for my teaching income (since that's a very straightforward fee and mileage rate with very little else going through the books).
At the end of the year it will then mean two sets of self employment pages for my self assessment.
Then the grand totals are combined to calculate tax liability, as would be the case for someone with both an employement and self employment, for instance.
As Ruth said you would need to disclose the trades seperatly as any accumulated and brought forward losses will be useable against profits of the same trade. I dont really think you should be lumping the figures together on your tax return. Again as ruth says 2 seperate self employment pages.
Your personal allowance will however be offset against the profits as a whole.
__________________
Forgive the typo's I generally do not proof read. Just lazy I guess!
Yes, you definitely need 2 sets of self employment pages rather than lumping them both together, it says so in the HMRC self assessment guide, I was just swotting up on that the other day.
