Running another business alongside childminding

[Carolh]

Hi, I wonder if anyone can please give me some advice, I have started selling jewellery through one of those home party type businesses, when doing my tax self assessment can I put my set up costs and outgoings/income through with my childminding accounts ?

[BuggsieMoo]

Best bet is to give HMRC a call as you will need to register the 2nd business. I have a 2nd business and was told that my accounts all go through on one - however as only started this year, I am yet to do accounts for the 2nd business so will see what happens at self assessment time. It is seperate accounts you need to keep though iyswim?

[hectors house]

You will need to keep 2 sets of accounts and enter the amounts on one tax return, we have a property that we let out so I keep childminding accounts and my husband does the rental house accounts (we share the property so divide accounts by 2), he fills in short tax return for his full time employment + half of rental house and I fill in short tax return for childminding and + rental house.

[MrAnchovy]

You need to keep separate accounts for each business, including the start up costs.

You need to fill in separte Self Employment sections for each business in your tax return. However the results are then added together and carried forward to the main part of your tax return so you do get relief for the start up costs.

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* if there is a loss in the new business you have the option to carry this forward to next year - get an accountant if in doubt.

[Carolh]

Thank you for all your advice, really helpful.