New here and hoping you guys will be able to offer some advice.
I work full time for a local company and operate as a freelancer web designer and SEO in my spare time. I also have a web hosting business that I use as sort of an 'upsell' to clients. I operate them as two different businesses and combined they do not meet the VAT threshold so I know there is no requirement to register. However I am potentially in line for winning a project but they would want me to be VAT registered.
My freelance businesses are as much a hobby as they are work - I do it because I enjoy it, not because I need the money. So paying out 20% on VAT wouldn't really bother me and I know the VAT would be due on profits from both businesses. My question is in relation to keeping records. At the moment, both businesses share a bank account and I don't keep VAT records, both businesses invoice independently though.
I don't want to get bogged down in paperwork, most of my invoicing is automatically generated through two different bits of software I use (one for each business). So I was wondering if I could keep the businesses operating as they are, generating two separate sets of invoices (both charging VAT) but only keep one set of VAT records in something like Sage / Quickbooks etc?
If this isn't viable, could anyone suggest an alternative method that'll allow both businesses to continue as they are, but won't leave me bogged down in paperwork?