Two business’s under one name

Isthisforreal99

electrician81 said:

Isthisforreal99 said:

electrician81 said:

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Obviously the business’s are totally different. So the that statement saying all business’s operated by one sole trader are considered one entity so liable for vat doesn’t count then? 

Google isn't always correct. What does your accountant say? Surely you have one at your level of income?

I release google isn’t always correct hence why I’m asking for help and advice on here. Do you think if I had an accountant I’d be asking on here? Can we just be kind with replies rather than cocky an trying to make me look stupid. 

I haven’t needed an accountant up until now. My cis electrical income is very easy my tax return yearly takes around 30 mins to complete. 

The car sales have snowballed didn’t start off intending to sell 40 plus cars so I’m now looking into all my tax implications so it’s all done correctly hence asking you smart asses for your help and sarcastic comments. 🙄

Don't think there's anything sarcastic in suggesting that someone with over £100k in taxable profits should have an accountant, not least for tax planning as you are paying way more tax at 40% than you need to be.

Anyways, will leave it at that.

Dead_keen

electrician81 said:

sheramber said:

electrician81 said:

Isthisforreal99 said:

electrician81 said:

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Obviously the business’s are totally different. So the that statement saying all business’s operated by one sole trader are considered one entity so liable for vat doesn’t count then? 

Google isn't always correct. What does your accountant say? Surely you have one at your level of income?

I release google isn’t always correct hence why I’m asking for help and advice on here. Do you think if I had an accountant I’d be asking on here? Can we just be kind with replies rather than cocky an trying to make me look stupid. 

I haven’t needed an accountant up until now. My cis electrical income is very easy my tax return yearly takes around 30 mins to complete. 

The car sales have snowballed didn’t start off intending to sell 40 plus cars so I’m now looking into all my tax implications so it’s all done correctly hence asking you smart asses for your help and sarcastic comments. 🙄

I haven’t needed an accountant up until now.”

But, as you state, things have changed, so maybe now is the time you do need one, rather than relying on strangers on a public forum.

I had hoped folk may know the answer but I don’t it’s the case. I’ll now thinking I do need an accountant to answer my question as I’m getting conflicting answers.
thank you all for your time in answering. 

Did you see my earlier comment with quite an informative link.

electrician81

Dead_keen said:

electrician81 said:

sheramber said:

electrician81 said:

Isthisforreal99 said:

electrician81 said:

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Isthisforreal99 said:

electrician81 said:

This is what google says…….

if you operate two businesses as a sole trader, 

they are generally treated as a single entity for VAT purposes

If the businesses were similar in nature, such as you tried to split your electrician business in 2 to avoid VAT registration then that wouldn't work but 2 distinct businesses like you have is fine - as long as you declare them as such on your Tax Returns.

Obviously the business’s are totally different. So the that statement saying all business’s operated by one sole trader are considered one entity so liable for vat doesn’t count then? 

Google isn't always correct. What does your accountant say? Surely you have one at your level of income?

I release google isn’t always correct hence why I’m asking for help and advice on here. Do you think if I had an accountant I’d be asking on here? Can we just be kind with replies rather than cocky an trying to make me look stupid. 

I haven’t needed an accountant up until now. My cis electrical income is very easy my tax return yearly takes around 30 mins to complete. 

The car sales have snowballed didn’t start off intending to sell 40 plus cars so I’m now looking into all my tax implications so it’s all done correctly hence asking you smart asses for your help and sarcastic comments. 🙄

I haven’t needed an accountant up until now.”

But, as you state, things have changed, so maybe now is the time you do need one, rather than relying on strangers on a public forum.

I had hoped folk may know the answer but I don’t it’s the case. I’ll now thinking I do need an accountant to answer my question as I’m getting conflicting answers.
thank you all for your time in answering. 

Did you see my earlier comment with quite an informative link.

Hi,
thank you! Yes that scenario is exactly same as mine so yes it does answer my question thank you. 

silvercar

Maybe worth engaging an accountant as a one off, on the basis that you have your electrician income under control but seek advice structuring your car sales. As well as advice on your tax return you could get advice on maximising the expenses etc. After having advice you may decide that getting an accountants input for one year may be worthwhile, you could use that as the basis to submit yourself in subsequent years. They may have ideas you haven’t thought of eg setting up a Ltd company just for the car sales, then you could take income from the company in the form of dividends or even leave some of the profit in the company. The cost of any advice would itself be a deductible expense.

NorthYorkie

When you speak to the accountant, ask about 'IR35' because there must be a question-mark about whether you really are 'self-employed' (you are only working for one person/business and you have referred to your 'employer'.

Also, what are you doing about pensions?

uknick

IR35 doesn't relate to sole traders, only people working withing the boundary of a Ltd company.