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Hi all. I'm due to register as self employed at the end of next month. I'm going to start out running a handyman/decorating service but in the new year after doing a tiling course, I'd like to set up my own tiling company. I'd like to run the two as separate small businesses to hopefully keep the work coming in. Is it possible when you register as self employed, to name two separate business names? Also does anyone know if you can register in advance as I know the exact starting date due to my redundancy? Many thanks.
Easiest thing is to talk to your local tax office, go in have a chat, they are keen to get you off on the right foot. They often run freebie courses on accounting and planning too. On the specifics of running as self employed twice, when I did mine they were mostly interested in date of switchover from employed to self-employed status. Then when I had two different enough income streams, I just had to fill in two of the relevant self employment insert pages on the tax return.
Your business name: the name that fills in the tax returns, opens bank accounts signs contracts (and if you are a company- reports to companies house) doesn't need to be the name that you market.
You can be registered as "mr dingabell" or "a business name ltd" but advertise as Tom's Tilers and as Bobs Builders and as Darren's Dog Walkers. If someone invoices you or you issue a cheque or receipt that would be as "mr dingabell" "a business name ltd" or as "as business name ltd t/a (trading as) Toms Tilers" or "mr dingabell t/a Tom's Tilers"
I have a 'brand' that I market myself as, but I'm a soul trader and all the paperwork/bank guff/tax returns are in my own name only - my brand isn't mentioned anywhere on a tax return, cheque book or contract.
maccruiskeen - Member
but I'm a soul trader
That's a fairly unique business. Which "side" do you work for, upstairs or downstairs? 😉
😆
As above. I have two trading names (although they are similar). I invoice as 'my name' trading as 'my company1' or 'my company2'. All the tax is in my own name but I have a few trade accounts in the company names. I don't think they really care as long as the bill gets paid. It takes about two minutes to register online so you might as well wait until you start. It doesn't need to be exactly on the day anyway.