I have a question regarding my future tax planning.
I have been working as sports massage therapist for the last 10 years - Self Employed
I aquired 2 properties that I rent myself as short let (Furnished Holiday Lettings), since 2016
In 2017 I formed a limited company to manage my holiday lettings with the idea of expanding the lettngs business and not working as self employed therapist anymore, however this is not what how things happened. I continue to work as therapist and the lettings at the same time.
I'm now thinking if I should add my therapy business to the same company to make tax slightly more efficient and to make it easier to manage one business/company instead of 2 completely separate.
Do you see advantages and disadvantages in having different trades Sports Massage and Letting of holiday accommodation?
I'm also very interested in continue to buy more properties, but in a limited company as oposed to in my own name.
How mortgage lenders would see such company with completely different trades?
Should I just have 2 limited companies instead? or continue to trade as self employed for the sports business if it has no tax benefit?
Thank you in advance
Replies (7)
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Before I expanded any holiday related business I would pause given the current wider issues, one of the very ar risk industries will likely be holiday letting.
2 different trades in 1 limited company
Should I use 1 bank account for each trade? How mortgage lenders see multi-trade companies?
Self employed for ten years, 2 x FHL properties owned personally, FHL properties managed by limited company, combining therapy business into FHL management business, further properties into limited, mortgage lenders???? What does you present accountant suggest?I have a question regarding my future tax planning.
I have been working as sports massage therapist for the last 10 years - Self Employed
I aquired 2 properties that I rent myself as short let (Furnished Holiday Lettings), since 2016
In 2017 I formed a limited company to manage my holiday lettings with the idea of expanding the lettngs business and not working as self employed therapist anymore, however this is not what how things happened. I continue to work as therapist and the lettings at the same time.
I'm now thinking if I should add my therapy business to the same company to make tax slightly more efficient and to make it easier to manage one business/company instead of 2 completely separate.
Do you see advantages and disadvantages in having different trades Sports Massage and Letting of holiday accommodation?
I'm also very interested in continue to buy more properties, but in a limited company as oposed to in my own name.
How mortgage lenders would see such company with completely different trades?
Should I just have 2 limited companies instead? or continue to trade as self employed for the sports business if it has no tax benefit?
Thank you in advance
After the first three sentences I stopped reading, as it is clear this is a long and detailed question that only your accountant can answer.