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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi i am a self employed carpenter (sole trader) not vat registered

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Hi i am a self employed carpenter (sole trader) not vat registered I am looking to set up a buisness making fitted furniture would like this to be a ltd company not vat registered to start with but with a view to becoming so depending on likely turnover .As i have bank loan as sole trader with lloyds And would like to keep building work separate and would like to start new venture with different bank. Can I be both sole trader and have ltd company HOPE THIS MAKES SENSE THANKS
Hello and welcome to the site. Thank you for your question.

There is nothing stopping you running two businesses one as a sole trader and the other as a Ltd company.

You have stated you wish to set up a business making fitted furniture. This is distinct from what you do at present.

You will just have to be careful when you reach VAT thresholds as it is important to maintain a distinction of nature of services to satisfy HMRC that they are different types of business.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you

I thank you for accepting my answer.

Your reward of a generous bonus is greatly appreciated.

Best wishes in your new venture.