Running multiple businesses under one limited company

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VectraMan replied

20 March 2015, 08:56
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.
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Paddy replied

19 March 2015, 20:52
Originally posted by northernladuk View Post

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.
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northernladuk replied

19 March 2015, 20:44
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?
Leave a comment:
LANWAN started a topic Running multiple businesses under one limited company

19 March 2015, 19:47
Running multiple businesses under one limited company

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?

Last edited by LANWAN; 19 March 2015, 19:51.
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