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Starting new self-employment
spratley
Posts: 125 Forumite
Hi all - simple question, I hope, though I've been looking at the HMRC website & can't work it out from there!
I'm already self-employed, but work is very sparse. So, I want to start a new business, which will be my main income, but I still want to carry on with my present business, as and when I can. Do I have to inform HMRC in any way? Or do I just lump all my income together as "self-employment" on my next tax return?
Cheers!
I'm already self-employed, but work is very sparse. So, I want to start a new business, which will be my main income, but I still want to carry on with my present business, as and when I can. Do I have to inform HMRC in any way? Or do I just lump all my income together as "self-employment" on my next tax return?
Cheers!
0
Comments
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You dont have to inform HMRC unless you are claiming low income exception from NIC and this is no longer the case etc.
When you do your tax return you have the choice of splitting the numbers out by activity or lumping it all together under a single sole trader - makes no difference to the end calculations assuming both are ongoing concerns.0
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