Hi
Myself and another independent sole trader are looking at taking on a shop between us in order to share both the financial and time costs. We have both been self employed for some time making and selling handcrafted items and we do not wish to start a partnership if possible.
We will split all costs of the premises rent, insurance etc.. 50/50.
We will each keep our own income for goods sold and fill in our separate tax returns as usual.
We want to establish that this is possible and that we will not be treated as one retail business and as such be subject to the VAT threshold for one combined business income. Ideally we wish to have individual VAT thresholds as we are completely separate businesses.
We will have to set up a holding bank account facility for taking card payments as customers may wish to purchase items from both of us in one transaction, and it would be awkward to make them pay separately. Funds from this account will then be transferred accordingly to our own accounts.
Any advice on how we go about this would be most appreciated
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