Starting another business, keep the same bank account?

[ItRYmyBEst]

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?

[northernladuk]

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.

[ItRYmyBEst]

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.

after reading this

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?

[northernladuk]

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.

[Batcher]

What did your accountant s...

Ach, never mind.

[BolshieBastard]

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?

Of 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.

[northernladuk]

Need to consider flat rate thresholds maybe?

[tractor]

.....

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.

[tractor]

...

Of 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.

It is even easier than that. Just set up a second/third sales account and post invoices to the appropriate account when they are raised.