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?![]()
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?![]()
Short answer - yes.
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thank you oh wise one :-)
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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.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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I'm not a "he" lol!!
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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".
BOVER Technologies - computer sales and TeamViewer support
Elmine Botha Freelance Photographer - Photographer/ Videographer
Ice (25-May-11)
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