Multiple Businesses

[apexdetailing]

Hi,
I am currently a self-employed sole trader running Apex Detailing, which isnt registered at Companies House.
I am planning on setting up another business with a friend as a Limited Company. We plan to pay ourselves a small amount from the new business, but not exceeding the £4500 you are allowed untaxed.
Need some advice on where I stand with legalities and the inland revenue etc. Shall I incorporate Apex Detailing? Or just receive wages from the new business as a self employed subcontractor and put the money through the Apex Detailing books?
I'm a bit lost really!
Many Thanks, Ollie

 

[akhtarkasia]

Apex Detailing does it give you any income? If it doesnt than there is no reason why you cant put your income through the ltd company to hold the threshold benefit. If it make money than its a different ball game. SPeak to your accountant....

My moto never haggle with Accountants and Solicitors. They are worth every penny. LOL

 

[Williams lester]

You need to speak to your accountant, some careful tax planning may be necessary to enable you to make the most of the businesses you currently operate. Only your own accountant will be aware of your personal circumstances and be in a position to offer the correct advice on what you intend to do.