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Where Taxpayers and Advisers Meet

Self assessment with 2 trades

edd87
Posts:1
Joined:Tue Jan 16, 2018 6:47 pm
Self assessment with 2 trades

Postby edd87 » Tue Jan 16, 2018 6:56 pm

Hi all,
I was hoping to get some advice when filling out my self assessment.

In August I left my employment to become self employed. I have paid taxes through PAYE up to this point.

I now have 2 ventures, 1 working in construction which I have earned around £9000 on with expenses of about £500 to date, the other, which I intend to become my main source of income this year is in web development. This has currently not generated any income but around £2500 in expenses by renting servers, computer and various resources I need in order to trade.

Do I either only claim the construction as my trade and assume HMRC will only accept the other as a hobby this year as it hasn't actually made any money or do I register 2 self assessments, one for each trade?

This is my first time as self employed and I'm unsure the best way to go.

Any help would be appreciated.

Thanks,
Ed

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Self assessment with 2 trades

Postby bd6759 » Tue Jan 16, 2018 7:46 pm

One for each trade.

If the web trade is a commercial venture, you can offset the loss sideways against your other income.


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