Second business

[boageymonster]

Hi I'm currently setting up a second business as a side line, I don't expect to make much out of it in the first yr due to training costs my question is- when doing my accounts and end of yr tax return would I be able to combined the to sets of figures? Eg-
I earn 10k take of deductions for expenses @ 4k== childminding
2nd business start up costs 2k earnings 500£ deductions for materials 500£
So total income = 10500- 6500 = 4k total figure for tax return??
Or have I got this completely wrong would I need to do it completely seperately ?
Thanks in advance

[MrAnchovy]

Completely separately. You will end up with a profit of £6k for childminding and a loss of £2k on the new business. You can set one off against the other, but if these were your only income you would be better off carrying the £2k loss forward as there is no tax or class 4 NI to pay on £6k profit anyway.

[boageymonster]

Brilliant thanks for help. So when I comes to filling in tax return is it still the one form just with an other section for 2nd income?

[MrAnchovy]

Yes, one main tax return which on paper is called SA100 and two sets of self employment pages which on paper are SA103(S) or SA103(F); online I think you do it just by saying "add another source of income" and selecting "self employment" although it has been a while since I used that system.

[jaswinder bedi]

If its self employed yes you have to do it seprAte, i once did two jobs one was covered by council one was self employ...which i had to do it my self. If you work under some one else then you dont have to worry. But if its your own business no matter how little it is important then u have to do tax return