Steps taken:
1) If you haven't got a new hosting plan already, go purchase one. I chose GoDaddy.com Hosting Plans
2) Login to your hosting plan and create a content folder for the site and upload the website files, or install wordpress from scratch using Godaddy's Hosting Connection quick install facility.
3) In the Domain Management screen, add the domain name you want to move to GoDaddy from another provider(e.g. mydomainname.co.uk).
4) At Domain Registrar (if different from your existing hosting provider (in my case this is LCN.com) change nameserver to new hosting provider (e.g. n01.domaincontrol.com, n02.domaincontrol.com). The nameservers may differ depending on when you bought your hosting plan. This information can be found in your new GoDaddy hosting dashboard when you login in.
5) At Domain Registrar add new A Record to point to IP address of your new hosting plan.
Wait about 48 hours for everything to propagate.
Smile, it should all be working now. :-).
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