How to declare earnings from different small activities?

[Homer Jay]

Hi,

I am currently working as a teacher but I would like to quit in the future hoping to work online full time, even if I earn less for a couple of years.

I have tried different platforms to generate extra income like fiverr, amazon and youtube. As these activities are very different to each other (apart from doing it behind a computer screen), how would I declare the earnings in the future if everything goes well?

Will it be a problem to register myself as sole trader while I stay in my current job?

Thank you

[Eric Mc]

Many people have sole trading activities running alongside their employed activities so it is not an unusual scenario.

For the moment, the way to go about this is to notify HMRC soon after the self employed activity has started. They will then issue you with a Self Assessment Tax Reference number and later on a formal notification to start submitting self assessment tax returns.

From April 2024 this system is being scrapped and being replaced by an on-line quarterly submission system for self employed income.

[Homer Jay]

Eric Mc said:

Many people have sole trading activities running alongside their employed activities so it is not an unusual scenario.

For the moment, the way to go about this is to notify HMRC soon after the self employed activity has started. They will then issue you with a Self Assessment Tax Reference number and later on a formal notification to start submitting self assessment tax returns.

From April 2024 this system is being scrapped and being replaced by an on-line quarterly submission system for self employed income.

Thank you