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NoisetteHandmade
15-12-2009, 06:32 PM
I started my handmade business earlier this year but to supplement my income I recently started a marketing consultancy for handmade and creative businesses. I am using a different company name and have so far kept all expenses and sales details seperate.

My question is do I have to register this new business to HMRC? I'm already registered as self-employed with Noisette Handmade so I do I register this new company name too?

Also I have the NI exemption certificate for Noisette Handmade do I need to get one for my marketing company too?

I'm so confused, any help would be greatly appreiciated!

Bea
18-12-2009, 10:11 PM
I haven't got the answer but I would talk to an accountant as they will advise you best. Otherwise you can try Business Link or even talk to HMRC directly (they don't bite lol).

I guess it might affect your NI exemption as you will receive extra earnings.

jencel
19-12-2009, 10:10 AM
For tax and NI purposes, (and also VAT) the whole of your income will be taken into account.

As Bea says, the HMRC are very helpful. They'll want accounts from both businesses, but they'll be able to tell you just what to do.

Abij
22-12-2009, 02:40 PM
as far as I understand it if you are a sole trader (registered as self employed) then you can have as many income streams as you like and you dont have to register them seperately unless you want to do so for wase of accounting and maybe transparency for tax. If the business actually are entities eg limited companies etc then it's different.

Again that's just my basic understanding of it, as the others have said best to check to be sure!

0103media
22-12-2009, 03:57 PM
I take it that by "two businesses" you are self employed doing two things..

If it 2 ltd then of course u need to submit 2 lots of accounts..

If you are self employed its up to you really.. You can submit 1 tax return with both biz's or submit 2 tax returns..

The 2 have to be non related e.g. crafts and taxi driver.. You need advice on if the two are separate enough, try bizlink or an accountant.

Hope that helps