Registering my businesses for tax

[choccybikkie]

Hi, I'm am in the process of opening as a bed and breakfast with adjoining self-catering studio and also have a small craft business. I have been told I need to register my business but on reading the gov website it says if you have different businesses you have to register them separately. I was thinking I would be able to run the bed and breakfast and self-catering as one as I will be using the self-catering for b & b when it's empty. Not sure how to add the craft business? Any information would be appreciated

Thanks in advance.

 

[faradaykeynes]

You can be self employed or form your own limited and run all three businesses together.

If you like to register as self employed here is the link https://online.hmrc.gov.uk/shortfor...me=&location=40&origin=http://www.hmrc.gov.uk

Or if you like to form a company , here is the link, it will cost you £4.99 https://www.theformationscompany.com/

 

[Paul_Rosser]

Henry did a post on the differences between Ltd and Sole trader, which is probably worth having a look at -

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=281430

There are pros and cons of each and probably worth speaking to an accountant prior to choosing which route to take as they will be able to advise you based on turnover etc.

 

[choccybikkie]

Thanks guys, a lot of useful information there. I have now registered as a sole trader as I think this will suit me best.

Great forum, I'm sure I will be back for more information.