Side Hustle Accounting

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Hi! I have joined individual early to keep track of freelance income for self assessment down the line. Should I be putting my main salaried income in as a 'money-in' too? This for the UK Slight smile

Thanks in advance!

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    SUGGESTED

    Hi Abbie28,

    Thanks for using Community Hub.

    I'd expect your main salary to come under PAYE, but I would recommend confirming how best to treat the two incomes with an accountant. I'll leave this post open in case anyone has a similar situation and can comment.

    Regards,

    Andy
    Sage UK

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    Hi,
    It sounds like you're using your personal bank account for your side hustle as well as receiving your main employment income to that account.
    That being the case, you'll have a bit of extra work on your hands.
    If you are trying to keep track of things for your side hustle you will need to sort your employment income out, and separate hustle purchases from personal purchases.

    You may want to use a dedicated income account for your employed salary, and use a drawings account for personal purchases.
    That would leave business expenses to expenses categories and you would also have a total that represents your employment income under your chosen account.