New venture as self employed - new account

markmoto

Hi

Looking for advise.

Worked as self employed for a year and now want to create new venture with new account as self employed as well.

Is there a way to split up previous accounts and new account?
Kind of have fresh start from scratch?
Thanks

Alan Shore

You need to register a business name for your new venture, open a bank account and trade away.

You can then do up two sets of accounts for your two businesses.

Corkbah

so you want to operate two businesses as a self employed person ?

register the business name with cro, buy the website, keep receipts and either do the books yourself and file with revenue or get an accountant to do the books and pay revenue every step of the way.

Ps. if I was you I would consider setting up a Ltd company instead of working as a sole trader (in the event of financial difficulty you as a sole trader can be held liable for unpaid bills and can be personally sued, if you are a Ltd company … the company takes the hit and you are protected personally) …. accountant can do the books (accounts are fairly similar).

I work as a sole trader and if the USC charge was increased in the last budget I would have been switching to a Ltd company - still considering it for the new year.

markmoto

Thank you lads
But if I want to operate 2 businesses my vat number stays the same to both of them?

lakill Farm

markmoto wrote: »

Thank you lads
But if I want to operate 2 businesses my vat number stays the same to both of them?

Yes once your a sole trader

If your new business is a partnership then it would have a different tax id number