Starting a new business as a sole trader

[Dave Artis]

I set up a very small business as a sole trader nearly 4 years ago, but it has been dormant for a year and a half, although I still fill out my tax assesment, albeit with virtually nothing on it. I am looking to start a different business soon and am wondering if I can set up using the business account which i still have and just carry on filing as i have been, or do i need a new account and register a new business with the tax office?

 

[Scalloway]

You can just carry on with your existing account. There is no need to register the new business with HMRC. You just add another self employment page when you do your self assessment.

 

[Dave Artis]

Thats great Scalloway, thank you for that information.

 

[YourRetailCoach]

As a sole trader, you will have to pay income tax on any profits your business makes. You must fill in a self-assessment tax return each year, detailing your income and expenses.

 

[Gecko001]

You need to tell HMRC that your business has changed. If you business has a name and you want to change it to another name, then I assume you need to tell you bank this as well.

 

[Dave Artis]

Thats not what Scalloway(accountant) has previously said, if you scroll.

You can just carry on with your existing account. There is no need to register the new business with HMRC. You just add another self employment page when you do your self assessment.

 

[Gecko001]

See following link

https://www.gov.uk/tell-hmrc-changed-business-details/change-to-your-business

Your "business activity" has changed.

 

[StevensOnln1]

See following link

https://www.gov.uk/tell-hmrc-changed-business-details/change-to-your-business

Your "business activity" has changed.

That page only mentions changes in business activities needing to be reported to HMRC for VAT registration. If you're not VAT registered you only need to report the change to HMRC on your self assessment.

 

[Gecko001]

See also following link

https://www.gov.uk/tell-hmrc-changed-business-details/change-of-name-or-address

If the business name changes, HMRC needs to be informed of that.

 

[Dave Artis]

Ah ok. So according to that link, if I actually wanted to change the name as opposed to starting another small biz, i would need to tell HMRC, otherwise as others have said i would just need to fill out another page on self assesment form?

 

[Scalloway]

If you change your business name inform HMRC.

When you do your self assessment make sure you include the name on the self employment page you complete.

 

[Dave Artis]

If you change your business name inform HMRC.

When you do your self assessment make sure you include the name on the self employment page you complete.

But if I set up an additional business, I can just add another page on my self assesment and use my current business account as stated earlier?

 

[Scalloway]

This has been around the houses. Just go back to what I said on Friday.

You can just carry on with your existing account. There is no need to register the new business with HMRC. You just add another self employment page when you do your self assessment.

 

[Stoycho Koychev]

Hi everybody!
I've just registered my self.I hope you all are ok and we will help each ether here.
So i am planning to start to work for my self soon when i finished my qualifications and courses,but need to ask is anyone start working on the market before to get any documents and if yes how you fined a job or a partner to work with without any licenses?.I want to get more experience while i am learning you see.And what is the first step to do before starting,to register like sold trader/self employ or else?
Thanks in advance for any help!