Starting new business when already self-employed

jamie_licious

Hello, Im not sure if I've posted int he riht section, so sorry if i havent!

I already am self-employed, so my business is registered, and I'm registered for National Insurance, and have my accounts done.

I am thinking of setting up a small business selling on ebay, does anyone know what things I would need to do with regards to registering and how would this affect how much NI I pay?

Thanks in advance,
James

LittleVoice

jamie_licious wrote: »

I already am self-employed, so my business is registered, and I'm registered for National Insurance, and have my accounts done.

I am thinking of setting up a small business selling on ebay, does anyone know what things I would need to do with regards to registering and how would this affect how much NI I pay?

What do you mean by your "business is registered"? Do you mean it is a limited company? If you mean simply that you have registered as self-employed and indicated that the type of work you do is "A", you do not need to tell them you are branching out into something else. Your NI flat rate will stay the same, your NI on profits will still be based on your profits but now on the profits from the two businesses combined.

Hammyman

jamie_licious wrote: »

Hello, Im not sure if I've posted int he riht section, so sorry if i havent!

I already am self-employed, so my business is registered, and I'm registered for National Insurance, and have my accounts done.

I am thinking of setting up a small business selling on ebay, does anyone know what things I would need to do with regards to registering and how would this affect how much NI I pay?

Thanks in advance,
James

Phone up the S/E helpline at HMRC and give them the name. When it comes to completing your S/A form, you would do one page for each business. You would still get one Class 2 NIC bill and Class 4/Income Tax would be worked from the sum total of both businesses so you only get one bill and a trading loss on one would be taken off the profit on the other.

All you have to do is keep the accounting completely seperate for the two.