You are strongly advised to keep the company structure simple, and by doing so you will keep accountancy fees to a minimum.

It is therefore suggested that you do not use the company for the following activities:

• Property
• Investments
• Company cars

Also, running multiple bank accounts and company credit cards further complicates your accounting needs. Company cars attract all of the four principal UK taxes (i.e. VAT, Income Tax, Corporation Tax and NI) and in addition involve the extra administrative expense of reporting to HMRC. It is recommended that instead you use your own car and claim the maximum mileage allowance permitted by HMRC.