Business not related to CM and tax return
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  1. #1
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    Oct 2008
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    Default Business not related to CM and tax return

    I have recently started up my own little sideline making shabby chic homeware and going to craft fairs, selling on FB and to friends etc.
    At the moment I have not made a profit and am wondering about tax returns. Do I put this business onto the same tax return as my CM and if I do can someone please tell me how to go about it?

  2. #2
    Join Date
    Dec 2007
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    Quote Originally Posted by sarahjane View Post
    I have recently started up my own little sideline making shabby chic homeware and going to craft fairs, selling on FB and to friends etc.
    At the moment I have not made a profit and am wondering about tax returns. Do I put this business onto the same tax return as my CM and if I do can someone please tell me how to go about it?
    Think you put it on the same return but as a separate business - suggest you ring tax office who will clarify

  3. #3
    Join Date
    Feb 2009
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    My little world x
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    May 09
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    Quote Originally Posted by sarahjane View Post
    I have recently started up my own little sideline making shabby chic homeware and going to craft fairs, selling on FB and to friends etc.
    At the moment I have not made a profit and am wondering about tax returns. Do I put this business onto the same tax return as my CM and if I do can someone please tell me how to go about it?
    I am in a similar position at the moment going to starting a fudge business the middle of April as well as childminding three days a week.

    My understanding is I will keep a set of accounts for each business but come year end I will add it all together and complete one tax return based on both businesses. If you see what I mean. However if you hear otherwise from the tax office I would love to know.
    Me x

  4. #4
    Join Date
    Nov 2011
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    Essex
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    I am new to this and kid of been wondering the same thing, when I called to register as a business I explained I would be doing other things as well CM and the guy asked if I would have a business name and just said it would all be under Emma Reed Services as these are all serviced I provide rather than 2 seperate businesses, if that makes sense lol

    This all confuses me!

  5. #5
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
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    Accountant
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    Separate accounts, separate self-employment page (SA103S) combined together in one main tax return (SA100). The business name is just for their records, it doesn't change what you have to do or how much you have to pay.

 

 

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