New Business

[raspberrybloom]

Hi,

I am setting up a new business which is related to my current one but will be under a different name.

Do I need to tell the IR (I am already registered) - I am going to be taking payments through Raspberry Bloom (as they are so closely related), so its not like I am ferretting away money.

Following on from this, do you think it is neccessary to set up a second bank account?

Thanks, Lou

[0103media]

Welcome to the grey area..

Now as I've been told you can submit more than 1 self assesment BUT the work has to be differnet ..

e.g. Crafts and working in a pub..

If you register both as companies then it would be seperate.. You can even charge between the companies..

Your accountant should be able to tell you what would suit ?

Its dependant on turnover etc...

[Seahorse]

Hmm, thats a toughy, especially as my head is going wobbly bonkers thinking about setting up 1 business!

But my uneducated answer to both is yes.
At least contact the IR to find out.

Also yes to seperate bank account/If your anything like me you would want to know what money has gone where and how much etc.It may help you see how its doing money wise.
If you have seperate accounts wont you have to have a link at some point during payment saying which account the payer needs to pay into?

[nattynetty]

Hi Lou

Just to completely contradict Seahorse my guess to both questions would be no and no.

We’re also looking at setting up another business and the questions you’re asking are the same ones I’ve been asking my dad (aka my-dad-the-accountant). Wish I could remember exactly what he said but I think the gist of it was that you can keep Raspberrybloom as your company name and have your other business as Raspberrybloom Gifts (for example) a trading name(?) of Raspberrybloom so you only have one set of accounts, bank account, merchant account etc etc to deal with. It works out far less expensive and less paperwork that way.

As I say I can’t remember the exact details so have probably be absolutely no help whatsoever but next time I speak to dad I’ll ask and report back with the definite answer.

[beadsbydesign]

As long as your busineess are related then run them as one. It makes much more sense as far as accounts etc go.
I run 2 online bead stores , childrens beading parties, beading lessons, tiaras and wedding jewellery, party plan and my jewellery market stall all under one business .... Beads By Design. (what a busy girl I am!)
I can't imagine what would happen if I tried to run them seperatley.

[raspberrybloom]

Thanks NattyNetty.

You have confirmed what I was thinking.

Basically I am launching Raspberry Bloom Bride - the business is the same but aimed at a different audience.

If you could have a word with your Dad that would be fab. I am thinking I really should get an accountant - saying that we managed the tax return without to much trouble!!

Thanks, Lou

[Seahorse]

Hi Lou

Just to completely contradict Seahorse my guess to both questions would be no and no

Like Fawlty Towers Manuel, 'I know nuuuthing'.Id listen to others more than me anyday.

[0103media]

Basically I am launching Raspberry Bloom Bride - the business is the same but aimed at a different audience.

Same business different audience = 1 business to the tax man.!!!

[Seahorse]

Raspberry Bloom Bride!!!!What a great name!!

[nattynetty]

Just spoken to 'the oracle' and yep he confirmed that we're all on the right track - you just run it as one business so one set of accounts, one bank account etc......and double the profits hopefully

[Seahorse]

Just spoken to 'the oracle' and yep he confirmed that we're all on the right track - you just run it as one business so one set of accounts, one bank account etc......and double the profits hopefully

Fingers crossed for you.

[raspberrybloom]

Just been speaking to my Merchant account people and they seem to think that I need to set up another account with them. The said as I was selling a different product (Hello, Im not!) that I would new a secondary account.

Need to have a think now!

[nattynetty]

Just been speaking to my Merchant account people and they seem to think that I need to set up another account with them. The said as I was selling a different product (Hello, Im not!) that I would new a secondary account.

Hmmmm not that I'm being cynical but wouldn't they make a lot more money from you if you had to set up a seconary account?

Personally I think they are trying it on, I'd give businesslink a ring and double check with them.

BTW is there much snow in your part of Cambs?

[swirlyarts]

Bit slow to get to this thread! We have a parent company from which I run my craft side of the business and my husband runs his IT company. All monies etc go to the parent company and all the accounts we have are in the name of the parent company. Our accountant advised us to set it up this way as our businesses are very different but we didn't want to take the risk of setting my business up as a separate business.
Hope this helps/or confuses you more!!
Lynsey

[Seahorse]

Ive just printed off the self assesment forms so I have an idea what I have to face(hope they are the right ones).Havnt had a look yet, need to build myself up for that!