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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4351
Experience:  FCCA FCMA CGMA ACIS
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I've been working as a visual artist as self employed and

Customer Question

I've been working as a visual artist as self employed and for the past year I've had a side business as a tailor and costume design. I've rented out a unit for it and I'm using that for both visual arts business and mainly for the tailoring. I've been mainly taking card payments for my tailor business and some cash but it's still not making profit. My main income is from visual arts. I was just testing the business to see if it had any income. Only in the past 2 months it started making some income after the rent. Should I have registered my tailor business as a seperate entity? Can I file my tax return as usual but add the income and expenditure of the second business? I wasn't sure if the business will pick up so I never bothered to register.
Submitted: 14 days ago.
Category: Tax
Expert:  bigduckontax replied 14 days ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

You merely file two SA103s, either in the large or small format, one for each type of self employment. The individual profits and losses can be used to offset one another.

I do hope that you have found my reply of assistance.