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2 self employed companies


paulamcb
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Hi

 

My husband is a self employed DJ but after losing his main income now only works 4 hours per week at a club, this income is declared to HMRC.

 

He is looking for alternative work and is thinking about setting up a mobile car valeting business......

 

How does this work for tax purposes, does he submit 2 tax returns or does he add all income together and do as 1 tax return?

 

Also, after expenditure is deducted off income, what rate of tax is paid on the profit and what is the figure you can earn before paying tax?

 

Just trying to get it right in my own head

 

Thanks

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