I asked a question a few days ago regarding the business I run with my husband. The answers I received were really helpful but have raised a couple more questions if I could trouble you for some more information?
So our current business is a partnership and we are classed as self employed as the business isn't Limited. We turn over more than £85k pa and have been VAT registered for a number of years. I am currently setting up a 2nd business, which again I will be running with my husband and again won't be Limited. This one isn't linked to the original business at all, it will have a different name, logo, website etc. The only thing the 2 businesses will share is the premises we run them from.
Based on the replies I got on my query the other day about if the new business should be VAT registered, we will be running the new business under the current partnership and using the same VAT number.
This has made me think, if at any point we wanted to share say some packaging materials between the 2 businesses, would this be do-able? Lets call the current business 'Wedding Shop' and the new business 'Sweet Shop'. So would it matter if an invoice was made out to 'Wedding Shop' or 'Sweet Shop' or would this be irrelevant as both businesses are effectively the same thing in HMRC's eyes?
Another example is that I'm trying to set up a new account for the new business with Royal Mail. They are looking to put 'Sweet Shop' on a new account but under the umbrella of 'Wedding Shop'. I'm concerned that the invoices for 'Sweet Shop' may mention 'Wedding Shop' on them in case this causes any issues with HMRC, but based on the above would this not be an issue even if it did? I'm hoping that as long as we can tell the invoices apart for our own reporting reasons (to keep tabs on how much the 2 businesses are making / spending individually) then it won't matter to HMRC?