Starting another form of self employment

coz_2

Hi!  I have been self employed for many years and complete my own tax returns. I had an accountant many many years ago when I was working full time but as I only have a very small amount of income and everything is simple I now do it myself.

I do not make much as I am a carer for a family member and make a very small amount in limited spare time which I complete a tax return for.  I am about to start making some extra income from a different type of "work". Would you suggest I just add this income and expences to my current set of accounts, or complete the seperate form when doing my tax return and have this side of  my"business" starting fresh with a new start from date?

I hope that all makes sense.
Thanks!

pramsay13

You can't have more than one self employment technically so just put everything together. 

coz_2

Thank you for your quick reply!  I was wondering that as technically I am the business, it's just the things I do have increased. 

Isthisforreal99

pramsay13 said:

You can't have more than one self employment technically so just put everything together. 

That is wrong and should be ignored by OP.

OP you should register the secondary self-employment with HMRC and complete seperate accounts and self-employed pages of your Tax Return for each.

soolin

pramsay13 said:

You can't have more than one self employment technically so just put everything together. 

Of course you can, I have declared 3 separate forms of self employment in the past and I still declare 2. Both are uniquely different , one is work in a specific field (more than one organisation worked for) and one is the side hustle of mainly online sales (ebay etc). I trade under my own name for both and have my home address for both. When you complete a self assessment form it asks you before you begin how many self employments you have, and loads sufficient 'pages' to cover them all. 

OP- if your two self employments are in the same field and use you use the same equipment or items for both then it is an extension of your current self employment, if it is in a different field then you declare them separately .

coz_2

Oh ok that all makes sense too!  Will not be using the same equipment and totally different fields (one practical and one computer/office based). I shall do it seperately. Thank you everyone for your advice, it is much appreciated. 

LITRG

Hello coz_2, this is a really good question and one that we answer here: https://www.litrg.org.uk/working/gig-economy#7. Hope it helps!