Starting 2 business's can I have one account?

colino

As a sole trader, you will have (to maximise exposure to customers) a whole range of names and styling devices in print, online, social media etc. Why would you separate two personal services just for a tax return, it's nothing to do with the marketing, it is not a company.

Prothet_of_Doom

I've got a ltd company which is all consultancy business with some spare cash which I want to invest in another fairly unrelated business.
If I stay 100% the owner of both businesses, I see no reason to separate them for tax purposes, as it would add to the accountancy fees, and the dividend I'd take from the profit is all mine.

I would however have a 'divisional' set of accounts for myself, so that I could ensure that both parts were contributing.

The issue comes if I need to bring in a second investor for the second business. At this point I would set up a second ltd company, which my first ltd company would own shares in at a %age of the investment. I would not want to get the profit I made from the 1st company (mine all mine) mixed with the profit or losses from the 2nd Company (half mine)

To the OP I say One set of business accounts, but make sure you understand the contribution each makes. (Google activity based costing)

Prothet_of_Doom

As far as names go, don't see an issue if self employed, call one "Catchy Name Photography by BOB Roberts, Call the other Catch Name Hair by BOB Roberts

If Ltd: call one Catchy Name Photography by BOB Roberts Holdings Ltd, Call the other Catch Name Hair by BOB Roberts Holdings Ltd

Percy1983

That is basically it, keep seperate accounts, for your own sanity if nothing else and its just an additional form on your tax return, nothing too hard.

Wywth

colino wrote: »

I don't think the personal services of turning up with skills, knowledge, experience and equipment for photography are miles apart from the same for hairdressing. Two strings to one persons bow.

Well I'm not going to let my photographer cut my hair! :eek:

And I'm glad we didn't employ our hairdresser to take our wedding photos :cool:

Wywth

Prothet_of_Doom wrote: »

I've got a ltd company which is all consultancy business with some spare cash which I want to invest in another fairly unrelated business.
If I stay 100% the owner of both businesses, I see no reason to separate them for tax purposes, as it would add to the accountancy fees, and the dividend I'd take from the profit is all mine.

I would however have a 'divisional' set of accounts for myself, so that I could ensure that both parts were contributing.

The issue comes if I need to bring in a second investor for the second business. At this point I would set up a second ltd company, which my first ltd company would own shares in at a %age of the investment. I would not want to get the profit I made from the 1st company (mine all mine) mixed with the profit or losses from the 2nd Company (half mine)

To the OP I say One set of business accounts, but make sure you understand the contribution each makes. (Google activity based costing)

Up to you if you want to run two separate businesses under 1 limited company. You don't doi a self assessment of a limited company although you will do one yourself as director, but that doesn't include anything about the limited company (except payments you receive from it) as it is a separate legal entity.

Your limited company would need to submit accounts to companies house covering all its business activities, and anyone else could obtain a copy. You also need to pay corporation tax on limited company profit.

If you meant you have a limited company and want to run the other business as self employed, then self employed (as well as employed) page(s) would need to be completed on your self assessment.