More than one type of business

[inshallah573]

Hi all,

I am new to the world of self employment and self assessment. Can anyone offer some advice?

Hi all,

I am registered as a full-time student (no grant or loan as I'm a mature student and did it all before in the 80s), registered as a sole traider as a motorcycle instructor, but I am also spending quite a bit of time and computer expenses trying to switch from being a motorcycle instructor to a mobile app software developer as I have decades of software development skills but want to be self employed to get through college.

Can I offset any computer costs against income tax even though it hasn't got anything to do with my motorcycle job and I haven't earned anything yet from the sotware work? e.g. my new computer for software development, snow leopard software, iOS developer registration etc?

Thanks in advance to anyone who can offer advice.

Cheers,

David.

[King_Maker]

The short answer is Yes.

You will have to maintain separate accounts for each business.

Broadly speaking, current expenditure on the new business is likely to be pre-trading expenditure, and is to be deducted when the new business commences.

[inshallah573]

Thanks