One of my friend has been running his business as a sole trader and he has registered as self employed. Recently he bought another business and wants to run it as sole trader.
Do he need to register new business with HMRC or its ok to file a single tax return with the results of both business?
Regards,
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A single tax return
... but he will have 2 self employment schedules (assuming they are separate trades). He has registered as self-employed which is all that is required and he doesn't need to inform HMRC of the second business.
Warn him that as a sole trader, the VAT threshhold will apply to his total self-employed sales.