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Sam
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Hello, I have a full time job and am also a sole trader trading

Resolved Question:

Hello, I have a full time job and am also a sole trader trading on ebay. I am taking over a small snooker club from the 1st of June and therefore my takings will be including vat, my sole trader business is not vat registered can I still keep these businesses separate ?

Regards mike
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi Mike

Thanks for your question _ I am Sam and I am one of the UK tax experts here on Just Answer.

Yes, they can be kept separate as they are completely different trades - so each has its own VAT threshold to consider. This sits at £81,000 in any 12 month period, so if your ebay trading is less then this, then you only have the tax position to consider and report on.

If they were the same trade, or connected then you would be required to treat the accounts and liabilities as one.

Feel free to ask any follow up questions

Thanks

Sam




Customer: replied 2 years ago.
Hello Sam thankyou for your quick reply, is it a case that I have to register the snooker club separately with HMRC so that they know .

Kind regards mike
Expert:  Sam replied 2 years ago.
HI Mike

Thanks for your response and further question

Yes, as soon as you take over this business you will have to register it for tax and VAT purposes.

Thanks


Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13692
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
Thankyou for your help

Regards mike
Expert:  Sam replied 2 years ago.
HI Mike

You are very welcome

It would be appreciated if you could rate/accept the level of service I have provided as this ensures I am credited for my time


Thanks

Sam

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