own business adventure

[Greg Longshaft]

Hi,

I have been trading as a LTD company for many years as a prozzie with a pimp, I am now looking at getting revenue from my own business adventure with xxx (its not porn).

My question to you amazing people out there is do I use my current ltd co. and mix both contracting and other business dealings together sharing same VAT ect or do I start a new company?

same company would mean single (more complex) accounts, but maybe less hassle for me.

any opinions.

Regards,

Greg.

[yasockie]

That's what I do - that's what Ltds are meant for (as opposed to a disguised employee with a pimp)

[oliverson]

Hi,

I have been trading as a LTD company for many years as a prozzie with a pimp, I am now looking at getting revenue from my own business adventure with xxx (its not porn).

My question to you amazing people out there is do I use my current ltd co. and mix both contracting and other business dealings together sharing same VAT ect or do I start a new company?

same company would mean single (more complex) accounts, but maybe less hassle for me.

any opinions.

Regards,

Greg.

I would (and have) keep the two entities separate. Suppose your plan B becomes successful and some other company makes you an offer you can't refuse. You don't want that mingled with your contracting company. Also, the two contractor accountancies I've used provide fixed price accounting and it's quite specific about what is included in that price, i.e. tailored to contracting only.

[Sausage Surprise]

Venture...... or is it going to be something really exciting like Indiana Jones or Pirates of the Caribbean...!!!!

[geoff from contracta IOM]

I would suggest using the same company would actually mean it is a proper business and not just a PSC that HMRC might challenge under IR35

[Gaz_M]

I was told by my accountant to keep both business operations under one roof but only because they are both IT related. If Plan B one day becomes my main source of income (please, please let that happen) then all I need to do is tell the VAT people because my business would fall into a new category.

[Wanderer]

I would (and have) keep the two entities separate. Suppose your plan B becomes successful and some other company makes you an offer you can't refuse. You don't want that mingled with your contracting company

I'm not paying another £1500 a year for accounting, insurance etc for a second company if I can use my existing one... If the plan B is ready to be spun off then I'll just form a new contracting company and use that one at renewal time. Simples.