Running multiple businesses under one limited company

[LANWAN]

Hi All,
I currently have a limited company I use for IT work. I want to start another business on the side that is not IT related.

I do not really want to form a new limited company - new set of accounting costs and admin overhead etc

Would it be possible to run the present limited company and split the 2 businesses by trading name...then just get additional bank accounts. By doing so, I can keep separate bank accounts for the 2 different operations.

Your views / recommendations please?

[northernladuk]

Are gonna reach the VAT threshold? Why the two bank accounts? You could have it all in one and identify the monies through your accounting can't you?
Isn't FRS catagory going to be a problem if 2nd business takes off?

[Paddy]

Are gonna reach the VAT threshold? Why the two bank accounts? You could have it all in one and identify the monies through your accounting can't you?
Isn't FRS catagory going to be a problem if 2nd business takes off?

FRS catagory can be changed if needed however, must ltd co's cover all sins.

[VectraMan]

I don't know if the banks would be happy about having two business current accounts for the same company. And why would you want to?

It's all the same company's money. So if your second business makes a loss, you're going to be paying for it out of your contracting income. That could be the best reason to keep them separate.