Soul trader/ Limited Compnay

felixns

Hi guys,
I am currently working as a sole trader doing freelance design work.
I plan to start another business which will not earn a lot of money to begin with and envisaged also running this as a Sole trader at the same time.
Is this normal/ a good idea?
As long as i keep separate books and bank accounts it should be ok right?
I would just add in all the money earnt by both business'es when i do my tax return?
Thanks,
Felix

oldbikebloke

yes, a sole trader can have separate business streams that come together as a single taxable total on their tax return 

as you have titled this thread "sole trader / limited company" I suggest you read one of the huge number of webpages that go through the pros and cons of which entity to be and when it is worth while starting up as one and/or switching. The question you have not yet asked has been answered on such pages.

Savvy_Sue

Should be fine. In fact you don't even need separate books / bank accounts, just separation in your accounting processes, so you know how well the new business is doing. 

felixns

Thanks guys, great advice.

martindow

I was intrigued by the title of this thread 'Soul Trader ...'

It turned out to be less sinister than I thought.

felixns

martindow said:

I was intrigued by the title of this thread 'Soul Trader ...'

It turned out to be less sinister than I thought.

Yes, bit of a typo there, ha ha..

noitsnotme

After reading the title I was expecting the new business to be something like an undertaker 😄

martindow

noitsnotme said:

After reading the title I was expecting the new business to be something like an undertaker 😄

Or Faust.