Sole Trader basis period

[guilong]

Hello

I have a queries regarding sole trader .
If he runs several business which started in different times.
Does he need to decide basis period for each business for tax purpose, Or the basis period is decided on the first business he started.

guilong

[mullet]

If the businesses have separate accounts and therefore separate self employment pages within the tax return, then they can have different basis periods. Although there's a lot to be said (in terms of simplicity, and avoiding overlap) for using 5 April for everything.

[Incredulum]

Are the differences really so different that they constitute different trades? It's quite difficult for an individual (unless acting in different partnerships) to have more than one trade.

http://www.hmrc.gov.uk/MANUALS/bimmanual/bim70530.htm

[Budget83]

Its depends on the person, we have one client who is an electrician as well as a musician. If they really are two trades then you will have two sets of accounts. Even more so if those business are started years apart.

But the answer above says it all if it is two different trades, then you will have two sets of accounts and therefore there base periods will be different.