Ellacott Morris Blog

Managing Multiple Income Streams…

Thursday, January 18, 2024

Gone are the days when simply having a job was enough… In our 21st century working world, entrepreneurial-minded professionals no longer want to be limited to just one job or career path, or just one source of income… 

Having a second business, or a business on the side, is becoming more and more common. Whether you’ve chosen a side-line in selling cars or cakes, you’ve developed an app or website that generates revenue, or you receive a second income stream from teaching tennis or trombone – you need to ensure you’re declaring your extra earnings correctly. That’s where we come in… 

If you’re earning money in more ways than one, we can help you understand your tax obligations and how best to manage your multiple income streams. We salute you hard-working side-hustlers and are here to offer our expertise to support your entrepreneurial efforts. 

When you receive a salary, paid monthly by your employer, they take care of your tax and national insurance contributions via the PAYE system. However, if you’re earning other income as a self-employed sole trader or through a limited business you have created, then you are responsible for communicating with HMRC and declaring your other income. You may also need to declare your other professional interests to your employer.  

As covered in our previous article about the pros and cons of being a sole trader or limited company, there’s lots to consider when deciding how best to operate. If you’re just starting out or your side-line business is already established, we can provide expert advice on how to avoid common pitfalls and how to maximise your earning potential.  

Our team of tax experts would love to hear how you’re thinking, and working, outside the box to achieve more than just a single salary. Let us take a load off, and manage your money matters, enabling you to think of new ideas to add to your portfolio of revenue streams.  

We work in partnership with our clients, looking beyond calculators and spreadsheets, to play a part in the success of every business we support. Our unique approach to accountancy is appreciated by those who have lots to juggle and want to remain focused on their strengths, rather than bogged down by paperwork. If you’re already thinking about the next big thing, let us ensure you’ve dealt with all the other things correctly.  

Contact Ellacott Morris today! 

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