oh how I missed this site!

Great topic...super relevant right now as we are all getting ready to do our taxes

Wish I had an education on the topic as Lady_Lust did! Lucky Lady 

Will continue reading on...don't mind me   

Merged

Hiya people,

I would like to know your experiences and get some feedback on the company versus sole trader issue. Let's say (my case) you're juggling a few hats: maybe you're an erotic masseuse, a performer doing webcam and professional modelling on the side. You're tired of having to fill in different tax form for each occupation so you decide to create a company, call it "YZ productions" and file everything under your company name.

Has anyone gone this route? what were the main advantages & disadvantages? Did you ended up paying more taxes now that you got VAT?

Any feedback would be welcome.

thanx!

ana

I wasn't aware different forms are required for each business isn't it all declared under one income? It's the same person simply offering different services.

I also understand that people who paid themselves in certain ways were / are not eligible for the SEISS self-employed grants during the pandemic.

I also understand that people who paid themselves in certain ways were / are not eligible for the SEISS self-employed grants during the pandemic.

That I was not aware of (it's just not applicable to me, I operate as sole trader).

Definately stay as a sole trader, VAT is only chargable if your turnover is over £85,000.  Only one tax return needs to be filled out even if you are doing several things.

Not true, if you have different businesses you need to fill out a form for each one, that's why each tax form has a box with "name your business". If you are a domme filing taxes a a "performer" (for e.g) and a free-lance nail technician with a different name you will have to fill in two different tax forms, one for each business you run.

I just Googled this to find out, took me to a HMRC website forum which states both businesses (the question gave example of 2)can be declared on one form, and the return is designed to add all income together then deduct personal allowance to result in total income tax due.

Having more than one sole trader business doesn’t mean that you have to register for self-employment again. If you do that, HMRC will issue you with another UTR number, and expect you to complete separate tax returns for each business. Instead, you’ll submit one single Self Assessment tax return, with a separate section to deal with each business.

I have had in the past 2 different business at same time and included all info both on one tax return.

Had limited company too and personally i prefer being a sole trader, i personally would not have a limited company for any adult business but would use it for non adult businesses depending on what it is.

Having more than one sole trader business doesn’t mean that you have to register for self-employment again. If you do that, HMRC will issue you with another UTR number, and expect you to complete separate tax returns for each business. Instead, you’ll submit one single Self Assessment tax return, with a separate section to deal with each business.

I have had in the past 2 different business at same time and included all info both on one tax return.

Yes, of course you only do ONE tax return every year (sorry if I didn't word it properly before), but every business you run needs a different form/section etc...