Originally posted by GillsMan
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Side project using the money from my limited company
Collapse
X
-
The greatest trick the devil ever pulled was convincing the world that he didn't exist -
Originally posted by LondonManc View PostThat's not a problem with SJD at all, totally incorrect.
SJD are spot on in this; if you ask the correct questions, you get correct answers. I asked them about funding a separate company and they said yes, so long as it is the same type of work. That is, I couldn't start a holiday home business or coffee shop with money directly from IT contracting.When freedom comes along, don't PISH in the water supply.....Comment
-
I'm sort of going through this at the moment. I have a meeting booked with my accountant so I can let you know what happened.
I have a contractingco. I want to start a retail business on the side. I am only putting the capital in, I won't be doing the day to day running.
My accountant has suggested that I set up the new business using personal funds, or to loan the money from contractingco to newco.
Newco needs to have a lease for the shop, buy stock and equipment etc. I wanted to save on Corporation Tax and use some of the earnings of the contractingco.
Suggestions are that contractingco can pay newco for some service (e.g. advertising) thus potentially reducing CT but otherwise there isn't a lot that can be saved. A better idea is that you get friends or family that are higher rate taxpayers to invest in your newco in return for shares under the EIS scheme. Your friends / family will get tax benefits.Comment
-
Originally posted by CompulsiveArsonist View Postloan the money from contractingco to newco.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment