Sole Trader Second Business

Sole Trader Second Business

Didn't find your answer?

Hi, 

I have a VAT registered sole trader operating a grocery store who is looking to open a second store. Will be grateful if someone can help with the following queries:

- Will the owner do 1 self assessments for the 2 businesses? if so, does he need to register for the second business? how?

- Can the same VAT number be used for the second business and will the vat returns simply consolidate the sales / purchases for both businesses? is a new registration or notification needed to hmrc?

- Does the second business need the same name as the already existing business? or can it be given any name?

Thanks in advance 

Replies (4)

Please login or register to join the discussion.

the sea otter
By memyself-eye
06th Jun 2015 16:56

Basic stuff

I hope you are not his accountant?

If not here is a clue - the VAT registration is in his name, all he does in his own name follows on from that

Thanks (2)
RLI
By lionofludesch
07th Jun 2015 19:42

Bless me! Again!

You don't get a choice about the VAT registration.  "Can" is not the appropriate question.

Thanks (0)
avatar
By DMGbus
08th Jun 2015 22:31

Self assessment - an extra SA103

My experience of dealing with small traders over many years is that HMRC expect that for profit computation purposes a second shop means a second SA103 page is required for the existing SA return, ie. one SA103 for existing shop /site and a new one for the new shop / site.

 

PS. The VAT aspect has been correctly answered by the above two earlier replies.

Thanks (0)
avatar
By Matrix
09th Jun 2015 07:31

Incorporatin

I assume you have advised the client on the benefits of incorporation.

Thanks (0)