Pay CGT or Income Tax ?

[pipp]

Hi all.

I have my own business selling old tools and making furniture etc.

On the side, i am planning on renovating houses to sell with a fast turn over. This will be funded using my own cash money.

As i already have a different business and this won't be my main one, will i pay CGT or will i have to register as a business and pay income tax ?

If i have to register as a business, will i pay income and corporation tax ?

If none of the above, how many houses can i renovate whilst paying CGT before it is deemed a business and i have to set up a company ?

I can take professional advice if needed.

Thanks.

[bd6759]

You will pay income tax on the profits. Just add another self-employent page to your tax return for this business.

[pipp]

Thanks.

If my wife and i go into business together how is it structured so we both get our tax allowance on the first £11k ? Do we both register as self employed and declare 50% of the profits and costs apiece ?

[pawncob]

https://www.gov.uk/set-up-business-partnership