I am currently looking to become a sole trader, the business I am looking into is a franchise. It basically runs itself and only requires my input once a week. But I also have a full time job, so this will be on the side.
The business I am looking to run will only make around 17-19 k per year net. I just want to know if being a sole trader will I require an accountant for tax returns, as I have no idea about this part. If I become a sole trader will I have to fill tax returns each month or just at the end of year, and if I made say 17k for that physical year net, how much do I pay on tax?
Or is it based on gross?
Last question is based on my own tax as a employee, will this be affected if I earn as a sole trader as well?
I know its a lot, but I am new to this
Thanks guys