self employment help

kirsty1233

Just a quick question, I have two self employed ventures that I am wanting to do, they arent linked to each other, do i have to register as self employed twice? Do i have to keep them both seperate or can they be combined - bank account, tax return etc
Thanks

Savvy_Sue

You only register self-employed once with HMRC and you only do one tax return.

However, separate bank accounts might make sense, unless you keep really really good records so you know which of them is most profitable.

Pennywise

If they're both sole trader businesses, you need to add them together for VAT purposes, i.e. if combined turnover breaches the limit, you have to register covering both and charge vat for both.

Probably best to keep separate, i.e. separate bank accounts, separate book-keeping, etc., if they are completely different. That means you can properly see which is making the money and check neither is making a loss. When you combine things, there's less visibility and you could easily miss the obvious!

Separation and separate accounts would help when you come to sell either or both, again for transparency so the buyer can see the full picture!