Having a blank moment!

GinnyBee
GinnyBee Registered, Tutor Posts: 131 Dedicated contributor 🦉
in General accounting discussion
I'm having a blank moment here, I know I do know the answer but it is escaping me at the moment! Sorry! I hate it when I get brain freeze - I'm sure I usually know this, been getting angry with myself which is not helping me remember at all! Please be gentle I'm having "on of those days!" :) Grrrrr brain - why can I not access this information!!!!

A client wants to know what happens if they form a second business and run it separately, do they need to tell HMRC about it. Clearly if they are currently trading as an LTD and form as a sole trader or partnership they'd need to register as self employed, if they form a second LTD it's a separate legal entity, but if they are currently a sole trader and start a second business in a unrelated field should they be notifying HMRC or do they just add a second set of pages to their return? VAT is not an issue.

Comments

  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Dont stress, we all have those days :)

    You've got it right. If they are already a sole trader, and are starting a new sole trade, just complete a second set of s/emp pages on their tax return.
  • GinnyBee
    GinnyBee Registered, Tutor Posts: 131 Dedicated contributor 🦉
    Monsoon wrote: »
    Dont stress, we all have those days :)

    Good to hear I am right even through my brain fog!! Thank you Monsoon!!!

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