 CAN YOU HELP? [Trading as ... name] |
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Posted on 26th Nov 2008 at 20:05
I'm sure there are people on here who run more than one business so hopefully someone can advise me!
As you know I run CT In The Vale magazine and my bank account is in the name of Alison Neale T/A Community Times In the Vale. However, now I'm doing The Proof Fairy as well, plus I've been contracted to do some freelance work for the local Chamber of Commerce ... so really I need to change the business account (and the way I answer the phone!) to reflect that there's more than one business involved here. It's a bit nuts asking someone to write a cheque to Community Times etc when the work was by The Proof Fairy!
So do I just trade under my own name? Or do I come up with an umbrella name that the other businesses can operate under? And do I need to let the tax man know that I have other business names, because I'm currently registered as self employed but under the name of the magazine.
Best wishes,
Alison
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If you spot an error in my post ...well, that's just proof that it's impossible to proofread your own work!
The Proof Fairy Professional proofreading and copy-editing for individuals and SMEs
Editor of Community Times In The Vale magazine, Wantage, Faringdon & Grove
Your virtual reception - Call The Office partner
Tel: 01367 888229 or 07927 330293
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Posted on 26th Nov 2008 at 20:20
Could you be something like Neale Associates or the Neale Group! Have a chat with Tamsen Garrie.
Karen Thurley (RN)
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Posted on 26th Nov 2008 at 22:31
We trade under Positive future now, this includes my Herbalife business & any contract driving I do as self employed,
We used to be MP Healthcare for products sold and MP International for recruitment income which became a bit messy with the driving as an add on. I think Neale associates even though i had trouble spelling it sounds a good name.
0121 244 2968
www.FitnotFat.net
www.PositiveFuture.net
Independent Herbalife Distributor
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Posted on 26th Nov 2008 at 22:38
Hmmm Neale Associates might be the way to go.
EDIT: except there's already an architectural firm with that name.
Best wishes,
Alison
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If you spot an error in my post ...well, that's just proof that it's impossible to proofread your own work!
The Proof Fairy Professional proofreading and copy-editing for individuals and SMEs
Editor of Community Times In The Vale magazine, Wantage, Faringdon & Grove
Your virtual reception - Call The Office partner
Tel: 01367 888229 or 07927 330293
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Posted on 26th Nov 2008 at 22:42
I have separate bank accounts for Fun Under Five and Shoes Galore. Any telesales/copywriting/marketing work goes direct to my personal account. The tax man is happy for me to amalgamate the businesses into one for my tax return - I am a sole trader though, is certainly different to limited companies.
Answering the phone is a tricky one. I have adopted a simple "Good morning, Lisa speaking", but in a week or so I will be answering "Good morning, Shoes Galore, Lisa speaking" when the Fun Under Five quarterly flurry dies down.
HTH!
Shoes Galore Letchworth
01462 481757
sgletchworth@ntlworld.com
www.shoes-galore.co.uk
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Posted on 26th Nov 2008 at 22:45
Maybe I'll keep doing that then, just ask for cheques for anything other than the magazine to be made out to me personally. I keep all the income in the same records for tax purposes anyway. And just answer the phone as Alison Neale!
Best wishes,
Alison
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If you spot an error in my post ...well, that's just proof that it's impossible to proofread your own work!
The Proof Fairy Professional proofreading and copy-editing for individuals and SMEs
Editor of Community Times In The Vale magazine, Wantage, Faringdon & Grove
Your virtual reception - Call The Office partner
Tel: 01367 888229 or 07927 330293
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Posted on 27th Nov 2008 at 10:31
Re the phone answering, I asked this question only yesterday as sometimes I have another business line redirected to me and its hard knowing which company they wish to speak to, and I was advised that voip was the way forward with that, in that you can have a phone that displays which number the person has dialled so you know which company they want etc.
Still debating though if this is worth it!
Re the trading style .. I have a limited company that has 'a' name but has two trading styles, so in fact the trading styles are what they are known by, the but bank account also does have the Ltd co name on it also. If you do set up trading styles, you do need to speak to your bank to show it accordinly on cheque books and also if its a ltd company, often the bank will ask to see a board meeting minute to show that this decision was reached by the directors.
Commercial Finance for UK Business Owners
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Posted on 27th Nov 2008 at 10:37
Have a separate personal bank account for the Proof Fairy if you don't want it to come under the CT banner, and it shouldn't. I'm no expert on tax, but my accountant is very firm that I need to keep my two businesses separate for tax purposes as they are fundimentally different (IT Support and Coaching). I have a set of "books", ie spreadsheets, for each business, and a spreadsheet for expenses that are shared between the businesses (phone, heating, etc) - they then get split as a percentage against each business.
As I am a sole trader for both, the profit/loss of each is offset as personal income anyway, this is just the way that I have been advised by a number of accountants that I have to do it, as that's the way the revenue see it. Some of their rules and regs are crap, and unfortunately us mere mortals don't get to question it. Don't even get me started on the subject of allowable training expenses 
Hope that makes some sort of sense - happy to have a natter about it on the phone if you like (or a natter anyway  ), and also happy to stand corrected if there are some accountants out there with differing views, in which case I'll pit you against my accountant and see who comes out on top!
Sarah J Green
Business & Personal Growth Coach
Tel: 07833 532322
http://www.SarahJGreen.com
Area Leader for Stratford upon Avon, Leamington Spa and Hinckley
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Posted on 27th Nov 2008 at 11:14
Thanks Sarah ... might well give you a call about training expenses as I've just signed up for something that I was planning on putting through the business - didn't realise it might now be allowable!
Congratulations on your engagement, by the way - he seemed like a really nice guy!
Best wishes,
Alison
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If you spot an error in my post ...well, that's just proof that it's impossible to proofread your own work!
The Proof Fairy Professional proofreading and copy-editing for individuals and SMEs
Editor of Community Times In The Vale magazine, Wantage, Faringdon & Grove
Your virtual reception - Call The Office partner
Tel: 01367 888229 or 07927 330293
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Posted on 27th Nov 2008 at 11:35
He is, thanks!
I'll forward you an email that my accountant sent me with the revenue guidelines on training, good luck with uderstanding the jargon, though! My understanding is that if the training is giving you new skills (that you can potentially sell/charge for), this is a capital expense and therefore not allowable. There is a bit of a grey area for continuing professional development where you are updating or enhancing existing skills. So for me, a lot of my re-training for my change of career has not been allowable 
I couldn't claim for adding on new qualifications such as business coaching or EFT, I have claimed for things like advanced coaching and advanced NLP training though, as that's updating my existing skillset and not adding on new. All good fun.
Sarah J Green
Business & Personal Growth Coach
Tel: 07833 532322
http://www.SarahJGreen.com
Area Leader for Stratford upon Avon, Leamington Spa and Hinckley
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Posted on 27th Nov 2008 at 11:44
Just replied to your email - sounds like what I'm doing would come under the NLP type stuff so fingers crossed I can claim! I'm aiming to make a loss in April (gives me another year with tax credit support to really get one or other (or both!) businesses off the ground) - the cost of the course will offset the extra I've been making with the Proof Fairy!!
Best wishes,
Alison
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If you spot an error in my post ...well, that's just proof that it's impossible to proofread your own work!
The Proof Fairy Professional proofreading and copy-editing for individuals and SMEs
Editor of Community Times In The Vale magazine, Wantage, Faringdon & Grove
Your virtual reception - Call The Office partner
Tel: 01367 888229 or 07927 330293
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