I have been trading as a part-time business (sole trader) for several months now and sales have not lived up to expectations. For this reason I have decided to stop trading and work on another business idea I have (which will trade under a new name).

I expect my new business to start trading before the old one stops, so my status as self-employed will remain.

My questions are:

Do I need to inform HMRC when I start the new business or are they not interested because I will still be self-employed?

If I am required to inform HMRC of a new business, do I get 3 months to do this as with the newly self-employed?

Thanks,
James
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James

When you are self employed, it makes no difference how many different businesses you are effectively running. In your self assessment it all comes under the same banner.

No need to inform them.
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Thanks for the reply.

The reason I thought I would need to inform HMRC was because when you first register a self-employed they ask for business details (e.g. business name, address, etc). I thought you may need to update them with changes to the details (e.g. new business name).

Thanks,

James
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I would just update them at the year end when you file your return as the business activity makes no odds. Having said that, if the address is different I would contact them immediately otherwise you will not receive correspondence unless it is being forwarded.
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The address will remain the same and I may have filed the latest return before the new business is even started. So, I guess I'll just update them next year.

Thanks,
James
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