- Original Poster
- #1
Hi I'm new to Uk Business forums and really could use some advice.
I have set up a Ltd company and really need some sound advice on how to stay above board with everything, having always worked for other companies, I really wanted to go it alone and have my own company, I'm not afraid of hard work and feel I have made a good start but I just don't have the understanding of what's required next.
Here is what I have done up to now.
Designed and built a wordpress website, it still needs a few bits finishing but its just about there.
Registered the company with companies house, sole director allocated 1 share
Facebook page.
Purchased a van on behalf of the company with the intention to sell it to the company as an asset.
Sign writing for the van.
Bought insurance for the vehicle and public liability.
Bought power tools, hand tools and access equipment.
Compiled survey sheets, pricing scales, business cards
Just about to register for corporation tax
Now this is the part I'm out of my depth on, all the above I have bought out of my own money, nothing loaned and I really want to keep it that way.
The company is due to start trading in the next few weeks once I have sorted the accounting side of things and the company bank account.
Since leaving my previous employment I'm not actually earning anything yet and I'm in a position to be able to stand that for the moment.
So I have been offered advice by a friend which I'm not sure is sound advice, hes offered to set up an excel spreadsheet which he uses for expenses and receipts and so on. Then before my year end accounts need to be submitted hand it over to an accountant to deal with. is this how its done or is there a better way ?
Also I have no experience of how to even deal with paying myself a salary.
The company will be earning money to start with and I really want to go on the side of caution and not pay myself a unrealistic amount, with a view of taking a dividend at a later date if its possible. But firstly id like to take a small salary and try to recoup my original setup costs.
Work wise I have penciled it all in the diary, its looking like November before I can even consider taking more work on. Which is is all good and I'm not complaining.
Is there any resources that any of you can point me in the direction of to further understand the admin aspect of the business.
Or is it a case of go and see an accountant and seek advice on my concerns.
Sorry if it all comes across as I should have a better understanding, but I hope I'm right in thinking some people in business start ups may have the same uncertainty's
If any of you can recommend a good bank account as well that accepts new companies as well that would be good.
Any advice constructive or negative welcomed.
Thank you in advance
Mark
I have set up a Ltd company and really need some sound advice on how to stay above board with everything, having always worked for other companies, I really wanted to go it alone and have my own company, I'm not afraid of hard work and feel I have made a good start but I just don't have the understanding of what's required next.
Here is what I have done up to now.
Designed and built a wordpress website, it still needs a few bits finishing but its just about there.
Registered the company with companies house, sole director allocated 1 share
Facebook page.
Purchased a van on behalf of the company with the intention to sell it to the company as an asset.
Sign writing for the van.
Bought insurance for the vehicle and public liability.
Bought power tools, hand tools and access equipment.
Compiled survey sheets, pricing scales, business cards
Just about to register for corporation tax
Now this is the part I'm out of my depth on, all the above I have bought out of my own money, nothing loaned and I really want to keep it that way.
The company is due to start trading in the next few weeks once I have sorted the accounting side of things and the company bank account.
Since leaving my previous employment I'm not actually earning anything yet and I'm in a position to be able to stand that for the moment.
So I have been offered advice by a friend which I'm not sure is sound advice, hes offered to set up an excel spreadsheet which he uses for expenses and receipts and so on. Then before my year end accounts need to be submitted hand it over to an accountant to deal with. is this how its done or is there a better way ?
Also I have no experience of how to even deal with paying myself a salary.
The company will be earning money to start with and I really want to go on the side of caution and not pay myself a unrealistic amount, with a view of taking a dividend at a later date if its possible. But firstly id like to take a small salary and try to recoup my original setup costs.
Work wise I have penciled it all in the diary, its looking like November before I can even consider taking more work on. Which is is all good and I'm not complaining.
Is there any resources that any of you can point me in the direction of to further understand the admin aspect of the business.
Or is it a case of go and see an accountant and seek advice on my concerns.
Sorry if it all comes across as I should have a better understanding, but I hope I'm right in thinking some people in business start ups may have the same uncertainty's
If any of you can recommend a good bank account as well that accepts new companies as well that would be good.
Any advice constructive or negative welcomed.
Thank you in advance
Mark
