a new string to your bow

Starting a New Business

Picked up a new income stream alongside performing? Here’s when you need a whole new business — and when you don’t.

“

I’m registered as self-employed, but I’ve started selling on Etsy and at markets too. Do I need to register a separate business?

— Charlotte, Theatre Facilitator & Designer
the short answer

Usually, no

You don’t need to register a brand-new business every time your work flexes into something new. In most cases you simply update your business description in your tax return to reflect what you actually did that year — for example “Theatre Facilitator, Designer and Etsy seller” or “Performer and Personal Trainer”.

If it’s genuinely helpful to keep income streams separate (different accounts, very different types of work), you can add a second self-employment in your tax return. But there’s no rush — you can decide that when you come to file, not the moment the work appears.

Watch out: the cost of training to start a brand-new income stream isn’t an allowable expense against your current business — e.g. a yoga teacher-training course before you’ve started teaching. Once you’re set up and your description is updated, the normal running costs (studio hire, mats and so on) become claimable.

keep reading
How to Do Your Tax Return Expenses & Deductions
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