android wrote:
Do tips have to be declared?
Yes, it is income gained from work.
android wrote:
How do you know how much tax to put aside? what is the percentage? as I also need enough money to live on too
Tax is roughly 20% of your profit.
However the tax threshold is going up to about £7,000, so you need to consider that. Plus of course your national insurance contributions, so maybe putting aside 10-15% shouldn't leave you that short when January 31st arrives.
android wrote:
I am thinking of opening a business bank account next week, I have also been looking around at software on the web too, there is some that will work out figures and tax for you, has anyone or does anyone use such software on here? is it any good, anyone got any suggestions.
You can do all that, all I do is fill in the on-line revenue form and they work it out for you.
android wrote:
I am also going to keep a manual record of my income/expenditure too. I am wary of the self assessment form as I have never filled one in, how easy is it as I don't want to mess it up?
By law you have to keep accurate accounts, and the self assessment form is quite simple to fill in, especially on-line.
But clearly make sure the numbers are right and checked before you input them.