Can a person run two different self proprietor companies and tax implications?

[Ice]

If a person is running two self proprietor businesses from home - do both businesses just get added together in terms of profit and loss and tax declared under the self proprietors income tax?

[Dave A]

Short answer - yes.

[Ice]

thank you oh wise one :-)

[Chrisjan B]

thank you oh wise one :-)

Dave he is making fun of you!

[Justloadit]

This is one of the reasons that you should avoid a self proprietor business, and change to a company. Each company then is taxed as an individual entity, of course incomes you get from the companies will be added as one and you pay personal tax on the total income received from all sources.

[Ice]

I'm not a "he" lol!!

[Dave A]

Dave he is making fun of you!

Frankly, this troubles me in a different way.

thank you oh wise one :-)

Please, please please always remember I could be wrong at times. This is a team game and the "wisdom" in the site relies very heavily on the collective wisdom of the members.

[BusFact]

Well I'll back Dave on this one. Running as a sole prop means running as yourself. Seeing that there is only one of you, its essentially only one business - you. You might have different products / services / trading names, but they all fall under "you".

[Chrisjan B]

I'm not a "he" lol!!

I sincerely and heartfully apologize to her!