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Laurence_A
20-10-2010, 10:00 PM
Hi all!


After having an idea about running a second (smaller) business in a completely different field to my primary one, I was wondering what I would need to do with regards of letting hmrc etc know.

Would I need to register this new business? I'm currently registered as a sole trader for my crockery hire company. I'm thinking of moving onto the retail sector (not crockery or anything related)

Thanks in advance!


Laurence

ronetw
20-10-2010, 10:16 PM
Hi Laurance,

If your registering as a limited company then obviously you will need to let Companies House know. If its just another business that your running on your own, then I don't think you need to. You may have to simply ring them and just say to them your running 2 businesses so they have that on file you may get charged more NI but again not sure.

Otherwise I think as a sole trader your able to open up as many businesses as you wish..



Hi all!


After having an idea about running a second (smaller) business in a completely different field to my primary one, I was wondering what I would need to do with regards of letting hmrc etc know.

Would I need to register this new business? I'm currently registered as a sole trader for my crockery hire company. I'm thinking of moving onto the retail sector (not crockery or anything related)

Thanks in advance!


Laurence

missfituk
21-10-2010, 01:29 AM
If both prganisations are being run as a sole trader then the only thing you need to do is keep all finances separate and document them separately on your Self Assessment tax return. If you start trading in Buiness 2, say from today (for arguements sake) then you need to submit a page about it in your Jan 2012 tax return (assuming you do it online).

When you submit your tax return you can add a separate field for every business concern you've got going on - when I started Miss Fit I had one page for Miss Fit and one for my modelling income.

Laurence_A
21-10-2010, 10:24 AM
Thanks guys :) that's cleared things up for me!