Reply to: Changing Limited Company Name

[SueEllen]

Thanks Sue.

Would you suggest using something like FreeAgent to keep the books up to date & then pass them to my accountant at year end to balance everything up?

Also, if anybody can help, can my Ltd Co lend money to my Sole Trader Co as a business loan? If so, does anybody know when repayments have to be made by?

Thanks in advance.

Speak to your accountant first as it will make your personal tax complicated if you do it. This is why I mentioned your wife/partner.

[Gaz_M]

Sounds like you need a new company set up, or do it as a sole trader. If it's your wife's/partner's business and they are a low rate tax earner than they can set it up as a sole trader.

Thanks Sue.

Would you suggest using something like FreeAgent to keep the books up to date & then pass them to my accountant at year end to balance everything up?

Also, if anybody can help, can my Ltd Co lend money to my Sole Trader Co as a business loan? If so, does anybody know when repayments have to be made by?

Thanks in advance.

[SueEllen]

Ok thanks. It won't work for me then.

Sounds like you need a new company set up, or do it as a sole trader. If it's your wife's/partner's business and they are a low rate tax earner than they can set it up as a sole trader.

[Gaz_M]

There is only One LtdCo. The others are just trading names for a 'brand' if you like, but all income and expenditure goes through the LtdCo and the same Tax & VAT rules apply.

Ok thanks. It won't work for me then.

[Batcher]

And if My Company Limited is on flat rate VAT does this affect My other small side business? I.e. does my small side business have to pay VAT?

The reason I ask is because my Plan B is an eCommerce site which I don't want to pay VAT on goods bought & sold (unless I hit the big time of course).

There is only One LtdCo. The others are just trading names for a 'brand' if you like, but all income and expenditure goes through the LtdCo and the same Tax & VAT rules apply.

[Gaz_M]

1 limited company - My Company Limited
My Company Limited trading as My other small side business.
My Company Limited trading as My other other small side business.
My Company Limited trading as My other other other small side business.

I did find an example but it was a separate limited company...

And if My Company Limited is on flat rate VAT does this affect My other small side business? I.e. does my small side business have to pay VAT?

The reason I ask is because my Plan B is an eCommerce site which I don't want to pay VAT on goods bought & sold (unless I hit the big time of course).

This is how i am currently doing it and will start using Freeagent to send out the invoices. If it only takes 30 mins to DIY, then I will probably do it myself. Scruff has kindly offered to help me so I may just take him up on his offer.

Do you use Freeagent just for My other side company or both the consultancy & trading as business?
I'd like to keep my existing accountant for my main business but need to keep my finances in check for both.

[shailesh1]

1 limited company - My Company Limited
My Company Limited trading as My other small side business.
My Company Limited trading as My other other small side business.
My Company Limited trading as My other other other small side business.

I did find an example but it was a separate limited company...

This is how i am currently doing it and will start using Freeagent to send out the invoices. If it only takes 30 mins to DIY, then I will probably do it myself. Scruff has kindly offered to help me so I may just take him up on his offer.

[malvolio]

It's definitely not a day's work tbh.

It is if you're on a professional working day basis...

The point is, though, that while £200 may be over the top (which it is), it's not earth-shatteringly expensive if you simply CBA to look up how to do it yourself.

[garethevans1986]

1 limited company - My Company Limited
My Company Limited trading as My other small side business.
My Company Limited trading as My other other small side business.
My Company Limited trading as My other other other small side business.

I did find an example but it was a separate limited company...

[Gaz_M]

Why cant you just run it under the same Limited Company and have a separate Trading Entity for the small side business? That what we do with my wife side of the business.

Can you expand on that please? How does that work etc?

[GillsMan]

So how much do you charge for a day's work then...?

It's definitely not a day's work tbh.

[GillsMan]

When I did it, I can't believe I would have spent more than around half an hour. That includes the Companies House form, letters to HMRC, a quick phone call and follow up letter to my bank and a draft resolution. Definitely DIY, and £200 takes the piss IMO.

[Scruff]

PM me your email and I'll send you a draft resolution. Then diy the Companies House form online.

[garethevans1986]

Why cant you just run it under the same Limited Company and have a separate Trading Entity for the small side business? That what we do with my wife side of the business.

[Alan @ BroomeAffinity]

£200 isn't cheap but it's not especially unreasonable depending on your SLA. We operate on a monthly fee basis mostly and we wouldn't charge those clients anything for this other than the Companies House fee. However, if this was for an "ad-hoc" or year end only client, we might take the view that there would need to be a charge. bear in mind, its not just the CH form, there's a resolution required, statutory books need to be updated and all the other HMRC offices need notified too. That said, it's an admin task and not a very big one at that so £200 is a bit hefty.