Sole trader VAT question

F

freshstart

Guest
Im a sole trader operating for the last 20 years, I have VAT etc. I let go the last of my employees last year and am just barely doing business. (enough to survive).
I do not want to deregister VAT (turnover is greater than the threshold).

However I have an idea for a seperate business. This turnover will be well under the VAT threshold.

My question(s), can I trade this business (sole trader) without VAT? It is more a hobby that will generate a few quid more than anything else.

Or would you advise setting it up the kids name and letting them trade (ebay / gumtree etc)?

Any help greatly appreciated.
 
Windup, your redirection does not cover my post.
If you read it and compared it to the link you posted you would see:
1. Im a sole trader not a limited company.
2. The second business has nothing to do with or have anything in common with the first business.
 
sorry fresh -- i read it too quickly earlier -- i wonder would it be possible for you to set up a partnership with one of your children for the second business? - partnership would have its own Tax number. and revenue might accept it as being seperate.
 
The only way is to register the trade under a different tax number i.e. Company number or a PPS number. Your wife/partner may be more acceptable than children unless of course, they are the genuine operators!

With a sole trade, you have registered your PPS number for VAT and trades, etc don't matter. Your VAT registered and thats that.
 
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