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Multiple Limited Companies or multiple businesses under 1 Limited Company???

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  • colino
    colino Posts: 5,059 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Only really useful to have multiples when, not only do they do discrete things, but in the future can be easily pruned off the group and sold as independents. Very handy too when you have a lead company that can lend funds down to the others and gain the reward from that in returns. Then again, unless you are versed in all of this, you really need a proper commercial accountant and lawyer. Don't pick the local guys just because they advise the local window cleaners and taxi drivers.
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Another vote for "you really should talk to an accountant".

    I'm perfectly happy to do my own personal tax returns, but I'm glad I paid an accountant to deal with my limited company's paperwork. Most years he saved me at least as much as he cost me - I used to work out how much tax I thought the company should pay, and then compared it to his figures. He always explained his figures in a way I understood (I wouldn't have signed the accounts otherwise), but he also used allowances that I didn't know existed.
  • I thought it was just solicitors who did that.

    Did what? Give advice on company structures or gave free introductory meetings?

    For the first, accountants are much more the experts on tax law than solicitors are. Of cause there can be reasons for doing either structure that would come under the specialty of both professions however an accountant is going to be better placed than a solicitor

    If you meant about free meetings, they are predominately sales pitches etc but almost all "professional profession"s offer them.
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    My accountant said something like that is a big NO-NO and will only get the tax man to look really hard at your business and tax affairs (I have 3 businesses, 2 related one completely different). Each has its own limited company, own banking accounts, but only one accountant. :-)
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