I hope someone can help with my question.
My husband and I run a business together as a partnership. 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 now in the process of 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.
My question is, can we legally run the 2nd business as a non-VAT registered business? Obviously our other businss turnsover more than £85k pa so has to be registered, however the new business hasn't started trading so hasn't turned over anything at this point and it will be some time before we hit the threshold, if at all.
We have been advised by an accountant that due to the businesses not being linked at all (FYI one sells wedding supplies and the new one will be selling confectionary) that this will be ok. However I have read conflicting advice online so I wanted to get another opinion to put my mind at ease!