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Abissinia
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Posted: Friday September 29th, 2006 15:52 |
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What do you guys know about registering as a ltd company?
How do you handle the hassle of having to do your own tax returns? Probably worth employing someone to do the financial administration for you?
http://www.filetravel.co.uk/index.php this company seems to provide affordable services.
Appreciate a feedback.
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Vezz.
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Posted: Friday September 29th, 2006 15:54 |
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| Will pm you.
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Abissinia
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Posted: Friday September 29th, 2006 15:55 |
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I thank you Lady Vee (i know who you are  ).
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stick-upKid
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Posted: Friday September 29th, 2006 16:02 |
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Vezz. wrote: Will pm you.
-------
why don't you share the knowledge...i'd like some tips too 
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Vezz.
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Posted: Friday September 29th, 2006 16:13 |
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Abs,
Stick-up kid,
Depends on what service it is your offering.
Filetravel seem to suit IR35 requirements for contractors (see http://www.hmrc.gov.uk/ir35/), but if it's in the construction industry CIS would be better.
To set up a limited company you need a business bank account, have a registered address, director (s), be VAT registered (maybe) and produce audited accounts each year. Yes, if the company goes under you personally won't be liable, but if it's a small business what would it matter?
I'd look into sole trader status first, and look at Companies House website first http://www.companieshouse.gov.uk/ before making any decisions.
I'm a sole trader simply because, in the first few years I'd want to concentrate on building the business first, not compliance issues!
BTW, you can be VAT registered without being a limited company, even if your turnover isn't near the threshold.
Hope that helps!
Last edited on Friday September 29th, 2006 16:17 by Vezz.
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stick-upKid
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Posted: Friday September 29th, 2006 16:25 |
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'ppreciate it
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Apedemak
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Posted: Friday September 29th, 2006 16:40 |
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To set up a limited company you need a business bank account
No you don't.
Have a registered address, director (s), be VAT registered (maybe)
Nope.
and produce audited accounts each year.
Yup.
I'd reccomend going sole trader as well. You can still get a bank account and its much easier sailing. Once you register as a limited company you'll have a flood of paper work thrown at you so its best to file dormancy for a while and set yourself up. Companies house are very helpful people, even helped me avoid a £250 fine for not applying by telling me to file for closure and re-register. They'll help you if you're baffed out looking for form numbers and what to fill in where.
If you go out and buy the Auto Trader magazine in the back they have a section for business services, there are companies that'll set you up as a limited company and open a bank account for you if need be. Or you can just walk into WhSmiths and check the mag out for free. Once you're ready to go you can change any details easily.
Can even issue me some shares if you like
.lol.
What are you up to anyway? What business are you getting into?
Last edited on Friday September 29th, 2006 16:41 by Apedemak
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Vezz.
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Posted: Friday September 29th, 2006 17:29 |
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I beg to differ....
new company must:
- give details of its constitution in the form of a Memorandum and Articles of Association
- give details of its directors, company secretary and members.
- have a registered office.
How can you have a limited company without a business bank account???
Rebel-lion,
I do this for a living.......
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MarcusGarveyLives
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Posted: Friday September 29th, 2006 20:14 |
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There is no requirement under the Companies Act for a limited company to have a bank account.
Last edited on Friday September 29th, 2006 20:15 by MarcusGarveyLives
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MarcusGarveyLives
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Posted: Friday September 29th, 2006 20:17 |
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Abissinia wrote: What do you guys know about registering as a ltd company?
How do you handle the hassle of having to do your own tax returns?
++++++++++++
These seem to me to be two separate issues.
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Apedemak
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Posted: Saturday September 30th, 2006 02:23 |
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How can you have a limited company without a business bank account???
Rebel-lion, I do this for a living.......
Thanks for the warning.
You give them a call and request the papers then you can see about a bank account.
How can you open a business bank account if you're not registered? Be it a sole trader or limited company you can't just open an account for, "Vezzs' Insurance ltd" without it being there first.
I also do this for, "a living". Just had a company struck off. Had to keep the name so I registered it, would be lame if I needed to see my (lazyass) bank manager for that. Annoying c.house didn't get the papers, wrote to me telling me they did it (Ie; struck me off for their own reasons) messing up my credit and my chance to open an account for my other company. So I had to change the director to get around the issue and change the name back afterwards giving my company to someone else, nice way of dodging fines with a (supposedly) dormant company but not with a real one...
In fact companies house suck, what am I saying. They've messed me up a few times and their webfiling system was open like a frogs mouth not so long ago .
Their information pamphlets are lame as well. As you get along with your company Abz some of the forms (?336) are filled in for you so you can fill in the blanks pay the, filing fee which is cheaper on the web and get it over with. You need to make sure you're getting the right type of account at the bank after registering the company. They'll buzz about and you'll meet with your advisor. If you're into sales you'll need a merchant account which will allow you to recive payment in different forms, credit cards etc etc. Check the rates because they charge for different things, Abbey National have (or had) a good promotion on with free banking but it might not include certain things such as an advisor. You can take courses in different places some are government funded and deal with the whole tax issue thing.
http://www.enfieldenterprise.com
Your council should have its own version.
http://www.kisstraining.com
I'm sure vez can help you get started.
What is it anyway? They do offshores in the autotrader if you need one, free from the queens grip abroad, as free as a, Canary on an, Island *cough*
hotep
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TheDogon
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Posted: Saturday September 30th, 2006 03:16 |
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stick-upKid wrote: 'ppreciate it
ppreciate it?
"Black" folk are a trip!
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Vezz.
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Posted: Saturday September 30th, 2006 10:57 |
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Rebel-Lion wrote:
How can you open a business bank account if you're not registered? Be it a sole trader or limited company you can't just open an account for, "Vezzs' Insurance ltd" without it being there first.
As a sole trader you can open a business bank account as "Ms J Bloggs t/a Diamondsrus". I always advise opening one as, due to the Money Laundering laws, accounts need to be transparent. It's far easier to analyse personal items (drawings) on a business account than to anaylse business expenditure on a personal bank account. You'd find any accountant worth their salt will tell you this.
I also do this for, "a living". Just had a company struck off. Had to keep the name so I registered it, would be lame if I needed to see my (lazyass) bank manager for that. Annoying c.house didn't get the papers, wrote to me telling me they did it (Ie; struck me off for their own reasons) messing up my credit and my chance to open an account for my other company. So I had to change the director to get around the issue and change the name back afterwards giving my company to someone else, nice way of dodging fines with a (supposedly) dormant company but not with a real one...
Didn't your accountant see this coming?
In fact companies house suck, what am I saying. They've messed me up a few times and their webfiling system was open like a frogs mouth not so long ago .
Their information pamphlets are lame as well. As you get along with your company Abz some of the forms (?336) are filled in for you so you can fill in the blanks pay the, filing fee which is cheaper on the web and get it over with. You need to make sure you're getting the right type of account at the bank after registering the company.
tbh I've never really looked through Companies House's site as I don't file online (don't trust it - not even VAT returns).
They'll buzz about and you'll meet with your advisor. If you're into sales you'll need a merchant account which will allow you to recive payment in different forms, credit cards etc etc. Check the rates because they charge for different things, Abbey National have (or had) a good promotion on with free banking but it might not include certain things such as an advisor. You can take courses in different places some are government funded and deal with the whole tax issue thing.
Abs' company won't need this, but good advice still
http://www.enfieldenterprise.com
Your council should have its own version.
http://www.kisstraining.com
I'm sure vez can help you get started.
What is it anyway? They do offshores in the autotrader if you need one, free from the queens grip abroad, as free as a, Canary on an, Island *cough*
hotep
r.l
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Abissinia
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Posted: Saturday September 30th, 2006 22:17 |
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Thanks everyone especially vezz.
I got a lot of readin to do tomorrow .
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Apedemak
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Posted: Monday October 2nd, 2006 18:08 |
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As a sole trader you can open a business bank account as "Ms J Bloggs t/a Diamondsrus". I always advise opening one as, due to the Money Laundering laws, accounts need to be transparent. It's far easier to analyse personal items (drawings) on a business account than to anaylse business expenditure on a personal bank account. You'd find any accountant worth their salt will tell you this.
Are you sure theres not some kind of registration process involved in being a sole trader? Something you'd need to show the bank as proof otherwise you could just open an account and get away with just about anything, including money laundering.
Definately better being a sole trader at first depending on what business you're intent on running, people trust Ltds more but if you're not involved in business to business at all and are just selling direct to the public then sole trading is (a whole heap) less of a headache.
Didn't your accountant see this coming?
I am my accountant and I don't like acountants, I'm the only one I like and even then I'm not too sure at times. lol. If theres anyone who can rip you off its them, my uncle got in a tangle with his not so long ago... they know too much those people. It should've been simple enough, striking off a company. I was on here chatting to Le Moore when I realized it was still listed. The mark on my credit record is probably whats stopping me from getting a business account at the moment.
tbh I've never really looked through Companies House's site as I don't file online (don't trust it - not even VAT returns).
Its a good tool to check up on companies if you need to. If you get jerked around by some company or another you can check up on them on the database and find their details.
I don't trust the net for certain things either, there was trouble not so long ago, access to their webfiling was too easy and people were doing scams in company names. You can stll phone them up, give them the details taken off their site of some company and change details and what not. Its stupid.
http://www.enfieldenterpriseagency.co.uk/
http://www.kistraining.co.uk/bussuppt.htm
Those links ^^^^^
Was on my PDA so I couldn't find them. The government offers plenty of free support for people looking to start their own business, espeically us black folk. That Google hot links thing is even showing those company formation companies I was talking about. I got my funding from the princes trust, they give nice rates and are pretty easy going when you meet with them.
Bunch of posh old masons.
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Vezz.
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Posted: Tuesday October 3rd, 2006 06:55 |
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Rebel-Lion wrote: As a sole trader you can open a business bank account as "Ms J Bloggs t/a Diamondsrus". I always advise opening one as, due to the Money Laundering laws, accounts need to be transparent. It's far easier to analyse personal items (drawings) on a business account than to anaylse business expenditure on a personal bank account. You'd find any accountant worth their salt will tell you this.
Are you sure theres not some kind of registration process involved in being a sole trader? Something you'd need to show the bank as proof otherwise you could just open an account and get away with just about anything, including money laundering.
Definately better being a sole trader at first depending on what business you're intent on running, people trust Ltds more but if you're not involved in business to business at all and are just selling direct to the public then sole trading is (a whole heap) less of a headache.
Seriously, all you need to do is register as self-employed with the Inland Revenue (they still want your tax & ni). When you open an account you just need the usual forms of id (driving licence, passport, proof of address) as, remember, you're registering as a "trading as" company, not a company as a separate entity.
I am my accountant and I don't like acountants, I'm the only one I like and even then I'm not too sure at times. lol. If theres anyone who can rip you off its them, my uncle got in a tangle with his not so long ago... they know too much those people. It should've been simple enough, striking off a company. I was on here chatting to Le Moore when I realized it was still listed. The mark on my credit record is probably whats stopping me from getting a business account at the moment.
tbh I've never really looked through Companies House's site as I don't file online (don't trust it - not even VAT returns).
Its a good tool to check up on companies if you need to. If you get jerked around by some company or another you can check up on them on the database and find their details.
I don't trust the net for certain things either, there was trouble not so long ago, access to their webfiling was too easy and people were doing scams in company names. You can stll phone them up, give them the details taken off their site of some company and change details and what not. Its stupid.
http://www.enfieldenterpriseagency.co.uk/
http://www.kistraining.co.uk/bussuppt.htm
Those links ^^^^^
Was on my PDA so I couldn't find them. The government offers plenty of free support for people looking to start their own business, espeically us black folk. That Google hot links thing is even showing those company formation companies I was talking about. I got my funding from the princes trust, they give nice rates and are pretty easy going when you meet with them.
Bunch of posh old masons.
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Apedemak
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Posted: Tuesday October 3rd, 2006 14:28 |
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blessingfromgod
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Posted: Thursday February 8th, 2007 11:19 |
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I wanted to make a thread about the same thing. Damn, after reading the replies - setting up a Ltd company doesn't sound easy.
Any one know how this works to your advantage if you are providing a service to an emploment agency (i.e) social work and working with a LA ? I ask because from what I know it does not sound worth the hassle, except for the financial side of things, however, when you weigh up holidays etc Basically, you could be over working yourself just to make this switch to Ltd wothwhile. Am I missing some advantages here?
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Bredder Tukoma
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Posted: Thursday February 8th, 2007 12:34 |
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Blessing
Dont be phased by it all. Its really quite simeple and can be done on-line for around £40 + Vat. You will get electronic paperwork which will be confirmed in the post by hard copies.
As for sorting out your tax.. unless your very clever/ or have an insider knowledge of the tax system and accounting I wouldnt even entertain doing it yourself. Not for the first few returns at least.
Get an accountant. And a basic book on book keeping. A good accountant will save you money anyway.
If you are providing your services to an agency then the main advantage is that the rate they pay you will increase by 10-15% compared to PAYE ( in my line of work anyway). You simply send them your timesheet and an invoice and they will pay you. DO NOT USE NONE OF THE UMBRELLA COMPANIES or these services that calculate the tax for you on a week to week basis for a monthly fee. Usually the agency will try to introduce you to a similar thing run by them but stay far as they will skank you... trust me. What you spend on an accountant for the year will be the same ( rougly £600 to £900 per year for a one man/woman band).
They say earning 30K Ltd is the equivalent of earning 40K PAYE. The main advantage is you can dodge and gain othetr benfits such as paying yourself a dividend (which is subject to diffrent tax rate) than PAYE. A good accountant will do this for you and should pay for himself.
Last edited on Thursday February 8th, 2007 14:09 by Bredder Tukoma
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blessingfromgod
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Posted: Thursday February 8th, 2007 16:57 |
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| BT thank you for that advice. What you have mentioned sounds interesting in terms of possible advantages, so, sounds like i need to do some home work
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milesdavis
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Posted: Thursday February 8th, 2007 21:56 |
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I am willing to buy a registered company with a VAT number
just send me a PM
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