Anyone setup a limited company?

Gadge

Gadge

Gadge

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Joined
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Posts
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Merseyside
Any help or advice would be great. Did you pay an online company do do all the paperwork/setting up?
 
Nope I haven't, nor do I have any idea about the process.


However I am interested in seeing what type of company you are thinking of setting up?
 
you can use an online company, they are fine, but it is advisable to get an accountant that you will be working with to offer you some advice

mainly to recommend how to allocate the shares
 
A decent accountant will charge circa £200 to do this for you. You can do it yourself for about 20 quid but the benefit of the accountant is they can do any payroll you might need, advise on you share structure, tax, etc etc, and you'll need an account on an ongoing basis anyway so if they are there at the beginning they may be better placed for the future as well.
 
I got my accountant to do it, £150, you can do it yourself though for something like £20. Either way you will need an accountant.
 
Hmmm maybe I'm jumping the gun. I would be doing this on the side whilst still in full time employment with another collegue. If it took off then things would get serious. Would I still need to register this?
 
Gadge said:
Hmmm maybe I'm jumping the gun. I would be doing this on the side whilst still in full time employment with another collegue. If it took off then things would get serious. Would I still need to register this?
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do you have to have a ltd company then ?

cant you start it without, and see how it goes?
 
Gadge said:
Can I do that legally though?
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Biggest issue with doing work on the side will be with your current employers, otherwise to stay legal you would just need to declare your secondary income as part of a self assessment tax returns I guess?
 
shine said:
some good advise on how to be tax efficient.
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What advice was that out of interest?

Gadge said:
Can I do that legally though?
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Yeah, you are a partnership and each need to complete an annual tax return. No need to become a Ltd. company, just register as self-employed.

Only thing that strikes me is that a consultancy business, which obviously thrives on image, might look a bit more respectable if it's a Ltd. company registered for VAT.
 
And I would be able to create a company name, setup a company bank account without registering? Another arse covering exercise would be liability insurance I suppose. Just be recommend something and it goes pear shaped (not saying it would,but).
 
Gadge said:
And I would be able to create a company name, setup a company bank account without registering? Another arse covering exercise would be liability insurance I suppose. Just be recommend something and it goes pear shaped (not saying it would,but).
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yes, you can pick a name that you trade under and set up a bank account in that name

liability insurance, cant comment, depends on what you are going to do
 
Reputable companies won't deal with you if you don't have insurance. You might need to register self-employed to create a company name and to open a bank account.
 
It really isn't much hassle - there's the initial setup -registering your company name etc. which an accountant can walk you through (mine was circa £150), setting up a company bank account, looking at insurance and that's about it.
 
Ok, thanks lads. Got the info I need for now, cheers.

Partnership, name, bank account, insurance.
 
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