Diversifying Ltd Company Operations

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SueEllen replied

9 June 2017, 12:40
As you still have an accountant ask their advice.
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WallerZero started a topic Diversifying Ltd Company Operations

9 June 2017, 12:18
Diversifying Ltd Company Operations

Hi all,

I'm currently a director of a limited company for contracting purposes as I find this route better and easier when it comes to general working practice.

My query is about adding other operations to my limited company away from my usual contracting role - this would remain my main 9-5 job. Its completely different so no conflict of interests. Essentially, in my spare time I work with cars, I was wondering how the HMRC would view it if I started purchasing unfinished projects to build and sell on or offering rebuild/manufacturing services for engines/vehicles etc? Would I need paperwork in place before taking on a "job"? Quotation, payment, contract etc etc? Or can I simply purchase whatever providing I correctly declare it come accounting? (Side note - I'm soon to be taking over my own accountancy responsibilities as the current company do everything and charge a fortune and use an accountant for end of year etc) What would I need in place to do this, if anything?

Thank you in advance for your inputs
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