Tier 1 Visa Extension - Multiple Income Source

[preethi.manoharan]

Hello,

I am due for my extension end of this year, and have multiple sources of income to present. I would like to know if registering as a self-employed in HMRC is better or if registering as a business is better?

[MB243]

depends on the nature of business & how much you are turning over really

[AccountantMatthew]

Best consider this in two stages:

1 - if you already have these multiple income streams coming in and you are carrying on a trade or trades then register as being self employed with HMRC as soon as is practicable.

2 - for the future it really depends on many factors as MB243 says above. It's ultimately a decision that can only be made by the individual concerned. All I would say is don't necessarily make any decision based solely on whether you can save tax as there are other factors. Also do your research first.

This is a good place to start: http://www.businesslink.gov.uk/bdotg/ac ... 1073858805

[Sushil-ACCA]

Hello,

I am due for my extension end of this year, and have multiple sources of income to present. I would like to know if registering as a self-employed in HMRC is better or if registering as a business is better?

IF ur receiveing income in personal a/c or personal business a/c need to register with HMRC as sole trader

if u have ltd company than hmrc will sent u utr of ltd company.