Hi all,
I was hoping to get some advice when filling out my self assessment.
In August I left my employment to become self employed. I have paid taxes through PAYE up to this point.
I now have 2 ventures, 1 working in construction which I have earned around £9000 on with expenses of about £500 to date, the other, which I intend to become my main source of income this year is in web development. This has currently not generated any income but around £2500 in expenses by renting servers, computer and various resources I need in order to trade.
Do I either only claim the construction as my trade and assume HMRC will only accept the other as a hobby this year as it hasn't actually made any money or do I register 2 self assessments, one for each trade?
This is my first time as self employed and I'm unsure the best way to go.
Any help would be appreciated.
Thanks,
Ed
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