Second business under one self-employment (Sole Trader)

[Andrew1789]

Hi All!

Firstly want to thank everyone as I have found answers to my questions on this forum!

I am a sole trader registered as self-employed and currently have 1 online e-commerce business and would like to start a 2nd online e-commerce business (focusing on a particular niche).

Can you help answer the below questions I have please:

1. Do I have to notify HMRC if I start a second business with a different name? (I already have my UTR from 1st business)
2. How do I do self-assessment next year if I own 2 businesses? Do I have to file self-assessment for each business separately or can I file both businesses under 1 self-assessment?
3. Do I have to keep separate account books or can I add the income/expenses for both businesses in 1 account book?

Any help will be much appreciated. Thanks in advance!

 

[Scalloway]

I would say it depends on what type of ecommerce operation each will be. If, for example, one is a high sales volume/low gross profit type business and the other is a high value/high profit operation then keeping them separate would make sense,

1. You don't need to inform HMRC

2. You compete a separate self employment section for each business in your self assessment

3. You can keep one set of accounts but keep separate columns for each business. Sales Business 1, Sales Business 2, Purchases Business 1, Purchases Business 2 etc.