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.

Abs,

niceone.gif

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!

'ppreciate it niceone.gif

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 whileand set yourself up. Companies house are very helpful people,even helped me avoid a £250 fine for not applying by telling me tofile forclosure and re-register. They'll help you if you're baffedout 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?

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.......

Abissinia wrote:
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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.

www.enfieldenterprise.com

Your council should have its own version.

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