VAT?

[Jayne]

Hi,

I have a bakery which I am VAT reg' for, will I have to add my profits from my new business with profits from the bakery together, meaning I have to be VAT reg' for the second business or is it totally seperate?

Jayne

 

[Marina Stone]

Hi Jayne

They would be separate VAT returns.

We have 3 businesses between my husband and I and each have their own VAT number and not connected in any way.

I hope it helps

Marina

 

[Jayne]

Thank You Marina

Jayne

 

[Marina Stone]

You're welcome.

I can't wait to find out what your new business is... I missed the post I think you deleted

Marina

 

[Joyous]

Hi Jayne

Depending on the format your business is being run in you may well have to add the turnover of your new trade to that of your already VAT registered business. It is not a business that is registered for VAT but the 'person' who conducts it. A person can be a sole trader or a limited company.

If the bakery is being run via a limited company and the new business isn't, then chances are you won't have to combine the turnovers. If the two businesses are both unincorporated then chances are you will.


Marina

I suspect the reason you have 3 different VAT numbers is because you and your husband both have separate unincorporated businesses plus one limited company.

Hope this is of help.

Regards

Joy

 

[Jayne]

I am in partnership with my huband (not Ltd), my new business, I will be a sole trader. I'm doing this one alone.

Thanks

Jayne

Oh and the VAT returns are all in my name.

 

[winton50]

Jayne,
Get advice. I think you will have to either resign from the partnership or start your new business as a ltd co. as joyous says it is the person who is VAT registered. we had interesting conversations with our inspector at a recent vat inspection.

We do a similar thing and both businesses are totally seperate with one invoicing the other for services and importantly proof that the invoiced company actually pays!

 

[Jayne]

Thanks everyone..got my VAT sorted now.

Best Wishes

Jayne