Hi,
I am the director of my limited company and working in that company. This is an IT consultancy company in which I do software consultation and implementation for various companies.
I am planning to start a new business in addition to this current business. I will sell products online by importing from abroad. The website will be implemented and all the sales will happen online.
I do not want to open up a new company and would like to use my existing company. The reasons behind this are:
1. I have capital in my current company after all the dividends and the salaries are taken. I do want to use this capital for my new business without paying any other tax except corporation tax.
2. The 2nd business seems to be related with 1st business as this is again an IT project implementing and maintaining a web-site but selling products as well.
Is it convenient not to create another company and to just use my 1st company for this business from the HMRC's point of view?
If not, how can I use the capital from 1st company for the 2nd company with the minimum amount of tax (or may be no tax except the corp tax)?
I am the director of my limited company and working in that company. This is an IT consultancy company in which I do software consultation and implementation for various companies.
I am planning to start a new business in addition to this current business. I will sell products online by importing from abroad. The website will be implemented and all the sales will happen online.
I do not want to open up a new company and would like to use my existing company. The reasons behind this are:
1. I have capital in my current company after all the dividends and the salaries are taken. I do want to use this capital for my new business without paying any other tax except corporation tax.
2. The 2nd business seems to be related with 1st business as this is again an IT project implementing and maintaining a web-site but selling products as well.
Is it convenient not to create another company and to just use my 1st company for this business from the HMRC's point of view?
If not, how can I use the capital from 1st company for the 2nd company with the minimum amount of tax (or may be no tax except the corp tax)?