My main business was book selling but I occasionally earned small amounts doing market research, working on elections, receiving royalties and consulting. Surely I don't have to register all these as separate businesses? Can I just add the income to my main business?
Hi there, no you wouldn't have to register the other income as separate businesses. When you are filling out your return online, in section 3 "Tailor your return" there will be a question asking if you have "Any other UK income", if you select yes for this it will give you a section on the return to include any freelance, royalty income etc.
Thank you. I have now started another main business, while the old book selling business is phased out. I assume I should now register this as a new business and any further income from the old one added in the way you describe above. Is that correct?
Hi Peter, You would definitely register the new business but keep the old one as a source until there is no further income from it. At that point, under the self employment section on the return you would enter the end date for the old business to be removed. So you would have two sources of self employment income until the old one has finished.