Can I seperate my accounts?

Bilbert55

i have 2 businesses, one is a Audio Visual Installation company and Im also a musician also,

I registered myself as self employed 10/2012

I never registered a business name and i've only one set of books for both businesses. I want to keep under the VAT threshold. The AV company's threshold would be 72K (supply and install) but the music is 32k (service only) and when i inquired what the threshold would be when these businesses are together - I was told i could separate the businesses, as in, make up 2 sets of books and put them though separately. Is this true??

(I have recently registered a business name for the AV company, this come into affect today 01/10/2013)

any help would be great!

Thanks

Alan Shore

I will ignore the references to "company" as I assume both are operated by you as a sole trader.

An individual can only have one VAT number this will apply to all taxable trades. So first off you need to establish what you total limit is: http://www.revenue.ie/en/tax/vat/guide/registration.html#section2

Depending on the level of install that you are doing it may be that you only have €37,500 for both enterprises.

As the enterprises are different in nature perhaps you could set up a company to operate the AV enterprise and keep the music in your own name.