Funding plan B

[Danglekt]

Well, contracting may slowly be losing the charm, and so I am considering creating 1 or more alternative businesses.

I am considering using some of the funds held within my company for this purpose.

I always assumed I could set up a new ltd, transfer the funds as a loan and crack on - but after a bit of a google that doesn't seem to be ok with HMRC... but keeping it all within one company is fine it would seem.

I have a few plans, but all require investment to get off the ground (in the form of stock and equipment), and I have zero desire to take the funds personally first as it messes everything up, and makes it significantly less worth while considering.

Before I bore my accountant with another stupid idea, I thought I'd bore you lot first to filter out any especially stupid assumption/misunderstanding.

So - simpe question, can I fund plan B via profit in my Ltd, and if so - can anyone give me any pointers?

I've tried searching but due to my choice of search phrases I keep either finding new start up capital info or director loan info - neither of which are what I'm interested in.

Tar

[northernladuk]

https://www.google.co.uk/search?q=fu...OKyUgAazmr_QDA

[FrontEnder]

It probably depends what plan B is, or the nature of it at least.

If it's related to your contracting business, then I don't see the problem in just using the company funds.

If it's something completely different like property investment, then it's probably more complicated.

[Danglekt]

https://www.google.co.uk/search?q=fu...OKyUgAazmr_QDA

You see, that is why you are viewed with such awe when you walk into the office and why your team high fives every time you arrive

[Danglekt]

ok, so had a rummage - seems I can speak to the accountant without looking like a complete numpty.

tar all

[JoJoGabor]

Do you want to fund it yourself? If the idea is good enough go to a local Angel Investment club. I'm a member of a local group and we see some brilliant (and some terrible) ideas come through looking for investment from £100k up to £1.5m.

Other options: Crowdcube.com

Or use friends and family to fund for a percentage in the company. That's how I did my first angel investment which is turning out very well.

[Danglekt]

Well, I feel pretty fortunate to earn what I earn doing contracting, so as a matter of principle I don't use public funds that could help those who haven't got the resources I am fortunate enough to have.

So I'll leave the other funding pots for people who need them.

Tar for the steer though, I'll bear it in mind in case I end up in a pickle in future

[JoJoGabor]

Well, I feel pretty fortunate to earn what I earn doing contracting, so as a matter of principle I don't use public funds that could help those who haven't got the resources I am fortunate enough to have.

So I'll leave the other funding pots for people who need them.

Tar for the steer though, I'll bear it in mind in case I end up in a pickle in future

Angel investment clubs are not people looking to do a good deed. These are very wealthy people looking to invest in somebody else's company and make lots of money.