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  • 2 businesses?

    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 :-)

    Find what you want to do and then do it with all your heart.



  • #2
    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
    for bath bomb, soap & Skincare kits
    plus Soap Base, Bath Bomb Ingredients, Butters,
    Oils and packaging for Bath & Body Products

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    • #3
      Agree

      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.
      Chris W.
      x
      Gemstone Jewellery and Gifts

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      • #4
        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

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