2 businesses?

[crafterholic]

I know, this is my 2nd thread today!
So many Q's...

OK, I have just registered as self emplyed for an unrelated business (not craft) but I want to open a craft business soon too - howo do i go about registering this 2nd business, and is the tax calculated using the overall amount earned from both businesses together?

Also, do I only need to pay one set of NI contributions?

Thanks in advance :-)

[Bath-Bomb.Com]

I may be wrong here so forgive me if I am...but if you are already registered you shouldn't need to register twice.

You self-assessment form will allow you to enter sales/expenditure for 2 seperate businesses because, as a sole trader (or whatever) you are responsible for the tax on your earnings and your earnings will include profit from anywhere.

For instance, I have a full-time job, run 3 businesses and I used to do secret shopping for a couple of market research companies - the self-assessment form allows me to enter all that information from the different areas of income.

Hope this helps

Jude :)

[Chris W]

I agree with the above comment. You only need to make one contribution, just try to keep accutrate records of incomings and outgoings. Good luck.

[Caroleecrafts]

I have 2 business's one book keeping and the other craft, I only had to register once, the forms allow you to list every business you are involved in.
Only one set of NIC