Diverse areas

[Mustang]

If Mrs M wants to do freelance work but is in a completely different field/area to me can we both do it through the same LTD? If so, would I have to change any details of MyCo at Co Hse?

I have a meeting with my accountant coming up but wanted to get some input prior to that.

[northernladuk]

If Mrs M wants to do freelance work but is in a completely different field/area to me can we both do it through the same LTD? If so, would I have to change any details of MyCo at Co Hse?

I have a meeting with my accountant coming up but wanted to get some input prior to that.

If your LTD grew you would have to employ a secretary, maybe HR person, account etc and they are diff fields to you and thats ok. If you can bill them back to the client you would and therefor you are charging for services completely diff to yours. I would have thought thats how every LTD works etc and is therefore no problem at all.

Might need to check VAT if your on flat rate as its different for industries.

HTH

[smalldog]

you can get your articles changed to include the additional activities and do it thru the same Ltd.....

[PhilAtBFCA]

Mustang

Yes, we do get asked this quite alot.

Some of the input here is the same as the answer for Mrs Mustangs Salary/Dividends and equally as valid.

Certainly in the same company you have one Co to run for both of you, and so you should gain from a cost efficiency point of view.

Two classes of shares would halep split the income more effectively.

maybe things to think about are:-

1. You could gain from having two companies - if one gets hit with a problem then you have the other to rely on, if one gets hit with an HMRC invetsigation the other may not.

2. Having one company could be one pot of trouble - exactly the opposite of the above !

3. Branding - you may not be able to "make your mark" in your chosen area if you share a company, or it may make it difficult

It does depend on your individual circumstances - many times I have ended up saying that the safest option is two companies - it seems to be a question where one or two companies could be equally right though....


Phil