How would it work if you had another, non driving business interest whilst working as a self employed driver? Could you run both activities under the one company?
Personally I’m not sure being a sperm doner would be profitable enough to be worth declaring the income to HMRC 
Look at Apple. A huge advertising comany that’s diversified into public relations, marketing and has even got a Tech division!
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Franglais:
Look at Apple. A huge advertising comany that’s diversified into public relations, marketing and has even got a Tech division!Sent from my GT-S7275R using Tapatalk
Not to mention Trotters Independent Trading Co of New York, Paris & Peckham 
Captain Caveman 76:
How would it work if you had another, non driving business interest whilst working as a self employed driver? Could you run both activities under the one company?
Don’t see why not except that there might be some disadvantage to you in taxation terms for doing it like that. Can’t think what but I am not an accountant. There are 3 of us working for “my” limited company and we do all sorts of different things (too many probably ), including hiring ourselves out and being paid by the hour.
I once knew a husband and wife who ran 2 different but sort of complimentary businesses side by side from the same site. Sometimes they might have the same customer, sometimes not. It was either the tax man or the VAT people who tried to insist they should be one business, cannot remember which. Anyway they solved it, they retired
Captain Caveman 76:
How would it work if you had another, non driving business interest whilst working as a self employed driver? Could you run both activities under the one company?
Would depend what you stated when you set the company up, speak to an accountant.
Yes you can.
Although I now expect Conor to show up with his expert opinion, tell me im wrong, call me a moron, tell me that one day hmrc will catch up with me and anyone who does this is an idiot
Thanks for the replies. Rest assured I will be speaking to an accountant before moving forward. I just wondered if anyone had any experience they could share.
yes just make a manual entry as other work
Captain Caveman 76:
Thanks for the replies. Rest assured I will be speaking to an accountant before moving forward. I just wondered if anyone had any experience they could share.
Yes you can, however the two businesses may have different tax allowances. You can still put all of your money through one business account and simply split the business receipts and money paid in from each business transaction. It can become messy as one business may have a higher turnover and profit to the other and one may be subject to VAT whereas another may not. In those circumstances where each business is totally different then two accounts may be the better option.
UKtramp:
Captain Caveman 76:
Thanks for the replies. Rest assured I will be speaking to an accountant before moving forward. I just wondered if anyone had any experience they could share.Yes you can, however the two businesses may have different tax allowances. You can still put all of your money through one business account and simply split the business receipts and money paid in from each business transaction. It can become messy as one business may have a higher turnover and profit to the other and one may be subject to VAT whereas another may not. In those circumstances where each business is totally different then two accounts may be the better option.
Cheers for that. I’m no tax expert so it looks like a trip to the accountant is in order.
I did it for a few years, started doing signs and graphics while driving, both part time/ self employed, even billed my driving clients with the sign company invoices stating ‘driving services’, never had a problem.
Not done driving for 3 years now so not sure if it will still work as I’ve heard that the good ole taxman is clamping down a bit.
Far easier to keep them separate. Far easier to see if one is struggling or not when the money and accounting is in separate pots.
Mate of mine has four businesses on the go, amusement arcade, container storage, radios for taxis/skip hire etc and they’re all done separately to each other. The radio one is even separated into two as he does radio hire and repair but also has a large radio tower at Octon next to the crematorium that he rents space on which is run separately.
One of the main advantages of doing it all separately is if one goes ■■■■ up it doesn’t take the lot down. If your non-driving jobbie was tied into your driving company then if it went to hell you’d have to wind up both and then you’d have to start the driving company all over again, trading under a different name, having to open new bank accounts and build up the reputation of the new company.
There are some underhanded things you can do with two companies you can’t with one and we’ve had some examples in haulage but I won’t go into those.
Its possible to have a holding company that owns all the assets and the majority of the profits and the work is done by two other companies in the different fields of work , that way if one goes ■■■■ the others survive.