Differing business ventures.

[hubb67]

I have started working self employed writing music and taking photos that earn royalties. I recently went on a book keeping and accounting half day course run by the Inland Revenue which was very useful. However, when I told the guy I want to incorporate buying and selling on online auction sites within my business he seemed to think it should be a separate business.

I telephoned the North West business link in Preston who told me as long as all business earnings are declared it's not a problem. All I am doing at the moment is entering my income in my books from everything. Surely this is ok ?

[Indizine]

Yes you can combine different aspects of what you 'sell' as a product or a service, but if you sell a lot, and want to keep track of how each trade within the business is doing, you might want to keep separate accounts, or whatever. I'm sure an accountant will be along son to advise better.

But overall, you can provide one set of accounts. I run my web design business but I also provide a consultancy service under another name which is nothing to do with websites. This is fine for everyone including the vat man.

[James Smith]

Yes you should have a way with your bookkeeping of being able to identify how much you have made in each "trade". Some costs will naturally overlap with the others, so you will probably end up with four pools, one for each business (music, photos and e-bay) and one general one.

This may also affect the amount of NI you pay, so its worth keeping decent records

Regards,