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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4524
Experience:  FCCA FCMA CGMA ACIS
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I am registered as self employed with HMRC as I am a freelance

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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?
, 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 3 years ago.

Keith,

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

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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