A sole trader can have more than one business. But there are several factors associated to it. If you are thinking whether you as a sole trader can have multiple businesses or not, then you have certainly landed on the right page. We are here to help you understand all about the aspects related to this concept so that you can have a clarity on whether a sole trader can setup more than one business or not and if yes, then what are the things that he or she must keep in mind.
When it comes to a sole trader, it means that you are running your business all alone and all the profits after the tax deduction is going to be yours. But if you are confused about whether a sole trader can invest in more than one business then you can always take assistance of accounting services London experts as they can help you have complete clarity of the same.
Below are few of the questions we have answered for you to gain clarity how you can get to invest in multiple business being a sole trader. Let’s check it out.
Shall I register as a sole trader as and when I invest in different business?
If you are thinking about investing in different business being a sole trader then this doesn’t mean that you need to register again. If you get registered again, then you are going to provided with another UTR number by the HMRC. This means that you need to file completely different tax returns file for the separate business. But, if you do not register, you only have to submit one tax return filing with a completely different section of another business.
Having another business being a sole will affect my VAT, tax, or national insurance?
There are several national insurance, VAT, and tax related implications that you must know about being a sole trader business. It can be quite confusing so it is important that you connect with the professional sole trader accounts London experts who can help you understand how it is going to impact your tax, VAT and national insurance.
Will I be eligible for the trading allowance?
When it comes to trading allowance, it is basically a tax allowance that is calculated for the miscellaneous trading income. This means that it is basically a tax relief those who are in the side business and also for the sole traders as well. So, if your business income is not more than £1,000, then you won’t have to register for Self Assessment tax return.
Last Words
Hopefully you got clarity on whether sole traders can have multiple businesses or not. If you are in need of expert’s assistance then you can connect with the professionals at Mint Accountax. With them, you get all the bases covered related to this concept and make it easy for you to deal with the same. Get connected with them now!
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