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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3918
Experience:  FCCA FCMA CGMA ACIS
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I am registered as self employed with HMRC as I am a freelance

Customer Question

I am registered as self employed with HMRC as I am a freelance marketing consultant. However, I am also about to launch two online businesses, operating as a soletrader time being.
How would this work in terms of tax and the self assessment tax return? Is it ok to have registered as a sole trader once and operate all 3 income streams under this?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
, I'm Keith and happy to help you with your question.
You will be operating three businesses and will have three income streams. Tax purposes these will be aggregated to give a total income liable to tax. You will have to complete forms SO3S [turnover below 79K] or SO3F [turnover above] along with your normal SA100 return form.
Beware if your overall trading approaches the VAT threshold of 81K you will need to register and charge VAT on your invoices.
I do hope I have shown you the effects of your proposals.
Customer: replied 2 years ago.

Keith,

Thanks response. I cannot find anything about SO3S or SO3F forms online. Please can you provide more information.

Expert:  bigduckontax replied 2 years ago.
Deep apologies, my typing error, the answer should have read SA103S and SA103F.
You can find full details of these forms at the UK Gov web site here:
https://www.gov.uk/self-assessment-forms-and-helpsheets
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Expert:  bigduckontax replied 2 years ago.
Thank you support.

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