Hi. I hope someone can help- I ave an appointment with a technical advisor from HMRC next week but looking for any advice in the meantime.
Currently VAT registered as a sole proprietor- hairdressing business. On the flat rate scheme- 13%.
Considering starting a second separate self employment- online dating agency. Again as a sole proprietor-not sure if it will make much profit. Keeping both businesses separate- separate bank account, separate accounting etc.
I know that as already VAT registered then all income form new self employment business will be VATable. My question though is that can I remain in the flat rate scheme and if so how would it work. Would I use the flat rate percentage for the bigger turnover on the combined income, two different %'s and combine totals or another option?
I'm hoping I wouldn't have to deregister and use standard VAT as if the dating agency doesn't produce any income then I would be losing out on the hairdressing side of things as the flat rate is preferable to standard VAT on that!
I hope that makes sense. I've searched for answers but just can not find anything that relates to two sole proprietor businesses.
Many thanks
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