Self employment

[sidesplittinglol]

Hi everyone wondered if anyone could help me with this please.

I am currently self employed in the education and training sector but I am currently starting up a new business in a different industry. I'll be doing it on my own so would again be self employed.

My questions are

1. can you have 2 self employment jobs?

2. do they effect each other?

3. I claim working tax credits will the second job affect this?

It's all so confusing and I can't find the right answer.

You can have as many self employed jobs/business as you like. When you complete you tax return it asked how many self employments you have and then you give the details of each one separately.

I am afraid I can’t help on the tax credits question!

Good luck with you new venture!

Yes, any earnings will affect your working tax credits.

You can have as many 'self employments' as you want. The legal business entity is you. Unlike a limited company where it is its own legal entity.

Yes you can have more than one self employed business.

I'm not sure what you mean by do they affect each other?

Yes it will affect your working tax credits as they are based on your earnings, or your predicted earnings for the year.

Thank you for your responses x

If you are already receiving TC then this won't affect your claim unless your income reaches the threshold.
Some self employment is in a different category for tax purposes - I have a property business and another one, there are rules about not carrying the losses from one to another. The profit from the property business doesn't count towards the income threshold for the 30 hours childcare because it's "passive".