I have a contracting business and want to start another companie as a startup. Can I use my existing company and bank account or should I make it all fresh and new with companies made simple and another bank account and PI insurance?
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Starting another business, keep the same bank account?
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So we are assuming you are using your existing LTD as the account belongs to the LTD not to you. If that's the case there is another thread on exactly the same topic going on right now.
Plus all the others that can be found via the search but I didn't say that.'CUK forum personality of 2011 - Winner - Yes really!!!! -
Originally posted by northernladuk View PostSo we are assuming you are using your existing LTD as the account belongs to the LTD not to you. If that's the case there is another thread on exactly the same topic going on right now.
Plus all the others that can be found via the search but I didn't say that.
Contractor sideline business – start new company? | Chris Maslin's blog
I think that if I were to keep 1 company I could set up a trading name, and since I am IT contractor and my "new" company is an IT startup, I think I can still use my IT flat rate?Comment
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Have a look in the Accounting section. The same situation is being discussed in the top thread as I type this. See if that helps.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by ItRYmyBEst View PostI have a contracting business and want to start another companie as a startup. Can I use my existing company and bank account or should I make it all fresh and new with companies made simple and another bank account and PI insurance?
This will make it easy for your accountant or yourself to create the end of year accounts into the two or more income streams.I couldn't give two fornicators! Yes, really!Comment
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Need to consider flat rate thresholds maybe?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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It is not even clear what the OP is trying to do.
Why do you even think you need a new company? Unless you plan to diversify into something totally unrelated, you can use the existing setup.Comment
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Originally posted by BolshieBastard View PostOf corse you can use the same bank account. You can use the same company too. You just need a way to reconcile income for one income stream from the other. I used to use Sage as every transaction had an associated code to identify what the transaction was.
This will make it easy for your accountant or yourself to create the end of year accounts into the two or more income streams.Comment
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