Setting up various online businesses in the UK?
I currently have a full-time job and am also registered as self-employed which allows me to sell online services (web design & hosting) in my spare time.
I’m looking into pursuing several other online ventures in different areas but have no idea how this should be achieved.
Would it be possible to setup a single limited company, and then trade under various different names for my different businesses?
Think about what’s easiest for your prospective customers. Will they understand that the company that they buy their web design from also sells self-help books, say?
We tried running our training and consultancy business under the umbrella of our limited company that provided professional photography and art. It’s hard to divide your webiste up into the different cost centres so that people arrive at the bit they’re supposed to. And they’ll always have a look round the rest of the site. In the end, we split them into two separate businesses.
If there’s a logical link between the products and services you offer, it will work. You need to register the different SIC codes at Companies House that show what your limited company trades in.
As has been said elsewhere, a good accountant will explain to you the tax advantages and disadvantages of keeping everything in one company. They’ll explain about related companies, too, where, if there are obvious links between the companies, you may only be eligible for one set of tax reliefs.
Setting up a limited company needn’t cost you more than £50 if you do it yourself. It’s not hard to do. You’ll have to do an annual return for each one, which costs £15 on-line, and present annual accounts to Companies House for each company. That has implications for accountancy fees but a reasonable accountant will do you a deal for doing accounts for however many companies you have. It’s all business that they don’t have to go looking for.
As you have a full time job, work out what time you have available to run each of your businesses before launching them. If you’re able to outsource some of the work you’ll be able to do more.
Good luck!
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