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[tunnie]

Whats the best way to set myself up as a Ltd company, quick google suggests few sites out there showing it can be done for £25 odd?

[Auto Addict]

Buy a company 'Off the shelf', and change it's name.

[tunnie]

Buy a company 'Off the shelf', and change it's name.

 :-/ :-/ :-/ :-/

Found this, seems suitable?

http://www.smartcompanyformations.co.uk/Bronze_Package.html

[Auto Addict]

I can't recall the full details, but when I started a company back in the 80's, I seem to remember I just bought a £100 company 'off the shelf", that was the only way to do it then, perhaps things have changed.

I would contact Companies House, myself, they will advise you of the options.

[tunnie]

I can't recall the full details, but when I started a company back in the 80's, I seem to remember I just bought a £100 company 'off the shelf", that was the only way to do it then, perhaps things have changed.

I would contact Companies House, myself, they will advise you of the options.

Looks like you can do it online now, and its all done in a couple of hours.

But i might give them a call anyway 

[Mr Skrunts]

If it's for your self Tunnie I would advise seeking advice from an account before you do.

Allthough there are plentyof benefits in all types of company formations and VAT as mentioned in otherposts there are also plenty of pitfalls and draw backs thatmaynot needtobetaken at an early stage.

Please ignore the above if itis not for you personally.

[tunnie]

If it's for your self Tunnie I would advise seeking advice from an account before you do.

Allthough there are plentyof benefits in all types of company formations and VAT as mentioned in otherposts there are also plenty of pitfalls and draw backs thatmaynot needtobetaken at an early stage.

Please ignore the above if itis not for you personally.

No it is for me, so i can be self employed and contract, if i accept this new job.

[Allenm]

If it's for your self Tunnie I would advise seeking advice from an account before you do.

Allthough there are plentyof benefits in all types of company formations and VAT as mentioned in otherposts there are also plenty of pitfalls and draw backs thatmaynot needtobetaken at an early stage.

Please ignore the above if itis not for you personally.

No it is for me, so i can be self employed and contract, if i accept this new job.

Tunnie

www.businesslink.gov.uk   - get the number and ring - it is free and they will advise better than someone with a commercial interest.

[tunnie]

If it's for your self Tunnie I would advise seeking advice from an account before you do.

Allthough there are plentyof benefits in all types of company formations and VAT as mentioned in otherposts there are also plenty of pitfalls and draw backs thatmaynot needtobetaken at an early stage.

Please ignore the above if itis not for you personally.

No it is for me, so i can be self employed and contract, if i accept this new job.

Tunnie

www.businesslink.gov.uk   - get the number and ring - it is free and they will advise better than someone with a commercial interest.

Thanks Allen, will do 

[Auto Addict]

Consider being a sole trader then, Tunnie Associates, or something like that, you don't need to be Ltd to be a sole trader.

You don't need to register anything then, but you will have to submit tax returns in that name.

If your turnover exceeds the VAT threshold, you will have to register for VAT.

I finished the last few years of my life freelancing, didn't have to register anything.

You can set up a bank account in that name, a bank will give you advice for free.

You may consider employing an accountant, if you are not sure how to submit a sole trader return to the I.R.

As a sole trader, you can claim for expenses against income.

Hope this helps.

[tunnie]

Consider being a sole trader then, Tunnie Associates, or something like that, you don't need to be Ltd to be a sole trader.

You don't need to register anything then, but you will have to submit tax returns in that name.

If your turnover exceeds the VAT threshold, you will have to register for VAT.

I finished the last few years of my life freelancing, didn't have to register anything.

You can set up a bank account in that name, a bank will give you advice for free.

You may consider employing an accountant, if you are not sure how to submit a sole trader return to the I.R.

As a sole trader, you can claim for expenses against income.

Hope this helps.

I like that part, cause i can claim for fuel! 

[Auto Addict]

Consider being a sole trader then, Tunnie Associates, or something like that, you don't need to be Ltd to be a sole trader.

You don't need to register anything then, but you will have to submit tax returns in that name.

If your turnover exceeds the VAT threshold, you will have to register for VAT.

I finished the last few years of my life freelancing, didn't have to register anything.

You can set up a bank account in that name, a bank will give you advice for free.

You may consider employing an accountant, if you are not sure how to submit a sole trader return to the I.R.

As a sole trader, you can claim for expenses against income.

Hope this helps.

I like that part, cause i can claim for fuel! 

It's not as simple as that, there are rules for claiming for fuel

[tunnie]

Consider being a sole trader then, Tunnie Associates, or something like that, you don't need to be Ltd to be a sole trader.

You don't need to register anything then, but you will have to submit tax returns in that name.

If your turnover exceeds the VAT threshold, you will have to register for VAT.

I finished the last few years of my life freelancing, didn't have to register anything.

You can set up a bank account in that name, a bank will give you advice for free.

You may consider employing an accountant, if you are not sure how to submit a sole trader return to the I.R.

As a sole trader, you can claim for expenses against income.

Hope this helps.

I like that part, cause i can claim for fuel! 

It's not as simple as that, there are rules for claiming for fuel

I know but as PAYE i can't claim for any of my standard transport.... so even claiming a bit is fine by me!

[Allenm]

Tunnie,

Trust me, use businesslink.  I know a bit about this, I am directly involved in the national portal and 3 regional links.  The rules around VAT etc are changing, the only place to get the latest info is from businesslink.gov.  It is run out of HMRC and liaises with all other Gov departments so the info is accurate.

Banks, local enterprise agencies etc ALL have commercial interests!  you pay tax so use the service that your taxes have paid for!

Merv -

PS. say hello to your dad from me

[dbug]

I set up as a limited company when I had my IT business.  Recognise that the Limited part means "limited liability" and is appropriate if you are running a business where a major "cock up" of a customers equipment/database etc could lead to litigation.  Operating as a sole trader in these circumstances could at worst lead to personal property (eg house etc) being at risk.  Liability of a limited company is limited to the worth of the company only.  It also allows the "owner" to become a PAYE employee which used to have tax and NI benefits (pay yourself a low salary and make up income with Directors dividend payments from co profits - used to pay 10% tax on these) - believe this particular loophole closed now

My advice - think carefully as to your reasons for setting up as a limited company - seek professional advice.  Probably better in your situation to set up as a sole trader.