I Own A Restaurant With Rooms, Can I Make This Into 2 Businesses?

My brother and I own a restaurant which also has 7 letting rooms. Would it be possible for us to split the business in 2? Say my brother was to own the restaurant operation and I own the accommodation side of things. Currently as one business we pay VAT on both the restaurant and room sales, if separated the rooms annual turnover could be below current VAT threshold which would be of huge financial benefit.
Is it possible to do this and if so could you give me a bit of guidance
Many thanks to all of you for your help
Ian

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One Response to “I Own A Restaurant With Rooms, Can I Make This Into 2 Businesses?”

  1. Kernow Lady says:

    2 lots of business rates. Seperate utility bills, seperate accounts, legal stuff to seperate both. Most probably you would end up paying more. HMRC would love this.
    UK
    You need an answer from Petruclavus our resident tax man.

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