Advice please on running two businesses please

[Billymaya]

Hi guys just signed up and doing lots of reading and research great forum So my questions I have been currently running my own business as a sole trader for 10 years plus under the name Baker borders. It started off as a gardening business but I have taken up other work as it presented itself mainly self employed courier work on and off all of which I have been declaring and paying tax on

Recently I have been thinking about starting a new business in the entertainment industry and after proving myself with our local fair committee which I volunteer on have built up lots of interest for this new business idea. So the things I need to know is as a sole trader can I register a new business but only keep one set of books? Would it be better for me to change my old business name to a new one that fits in more with the entertainment side of things, Can I run the courier business along side the entertainment under the same name? The courier work brings in approx. £12000 a year before expenses and I hope the entertainment will bring in approx. the same although probably not to start with.

Sorry I'm a total novice when it comes to things like this so any help would be amazing

many thanks and nice to meet you all

 

[StevensOnln1]

As they are different businesses HMRC will expect your to complete a set of self employment pages on your tax return for each business. i.e. 1 set for the gardening, 1 set for the courier and another set for the entertainment business.

 

[Billymaya]

Hi Steven thanks for your reply Would that be on the one tax return or would I have to fill out three different ones please? Also I now no longer do any gardening work just the courier work and hopefully this new entertainment business so can I change the name of the business to a more suitable link to the entertainment side of things?

 

[StevensOnln1]

It all goes on one tax return (you can't file more that one tax return each year). You can call your business whatever you like, HMRC won't be interested (other than being told that the name has changed).

 

[Billymaya]

excellent thank you for your help and advice

 

[Fvivian]

Two months ago I visited one expert,for my tiny but global business. He talked a lot. I just took one sentence(the the only one, I paid a lot):

When your business is small, keep it simple.

Hope it is helpful to you.

 

[john1989]

If operating all as a sole trader, don't forget that the turnover from all businesses will be aggregated to establish your taxable turnover for VAT purposes.

 

[Peter Durrant]

Really interesting thread thanks guys for all the information