Hi,
I run an eBay business and turnover around 70-80k per year. I am a sole trader. I do my own tax return. All very simple and it works well.
I have an opportunity to buy a hairdressing salon - my partner cuts hair and would be in partnership with me, 50/50.
The salon, over recent years, has operated within a few thousand pounds of VAT registration but hasn't triggered it and isn't registered for it.
VAT registration would kill my eBay business. It would make the salon uncompetitive too, looking at figures.
Can I run my eBay business as a sole trader and the salon as a partnership, without registering either for VAT (unless they hit the 85k threshold individually)? Can I keep them separate for VAT and tax purposes?
This is vital to me as if I have to aggregate the two turnovers, I'd be well over it and wouldn't buy the salon.
Also, I learned all about tax for my business and don't use an accountant. I will produce accounts for the salon myself. Is it a similar process to fill in a tax return for a partnership?
Thank you
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch