Can anyone advise on the following?
I submit a self assessment tax return in my personal name in respect of a rented property; separately, in relation to an unrelated business arrangement which will see more activity going forward, I’ve been advised to register for VAT (for potential future tax concerns, not projected turnover). I will remain a sole trader under this arrangement.
I would like to keep this as distinct as possible from the rented property, but I’ve had to set up a new HMRC account in order to add VAT registration - to which I’ve entered a sole trader trading name (which applies the second business arrangement, not the rental property).
As a sole trader, is there a way to keep the two endeavours separate in terms of tax/accounting, or do I include the rental property income with the second business income under the new trading name?
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