Ready to go LTD

[360interactive]

OK everyone, i'm ready to go LTD.

What is the easiest and cheapest way of doing this?!

Matthew

also, do I need a business bank account before I go ahead? (I am due to get one next week)

 

[maria102]

OK everyone, i'm ready to go LTD.

What is the easiest and cheapest way of doing this?!

Matthew

also, do I need a business bank account before I go ahead? (I am due to get one next week)

You just need to register at companies house and you don't need a business bank account.

 

[360interactive]

Thanks Maria,

I have seen soooo many websites offering to do it for me in a few hours, are they worth it? Cheapest I have seen is around the £25 mark. I guess I would need a registered address?

 

Do you have an accountant?

 

[360interactive]

I don't, I do not have the need for one yet, I am fairly good with the figures. (so far)

 

[Duke Fame]

Don't pay too much, most of these online co's can regester your name in seconds and your documents will arrive and you just have to assign the shares, make sure the original registration company have resigned thir offices and you take over as director.

 

I don't, I do not have the need for one yet, I am fairly good with the figures. (so far)

You obviously do otherwise you wouldn't need to ask this question.

I'd recommend you get proper advice before going Limited, as there is a lot more paperwork involved than being a sole trader.

 

[dp0848]

Carl is right. Get advice before going limited. It is not a step to be taken lightly. While a limited company can be formed in a matter of just a few hours closing one down, should ltd turn out to be wrong for you, is a pain in the a**e and can take months.

You wont be able to get a bank account until the company is formed.

While you might be good with figures preparing accounts for a limited company is a very different ball game from running the books of a sole trader. It is not just about being able t do the bookkeeping it is about compliance. Companies House, HMRC, the paying of dividends, VAT, the responsibilities of directors the list is endless and so are the penalties for getting any of it wrong.

I would strongly advise you to get an accountant. There are lots of us on here. Have a look at eh Accounts & Finance section and have a chat with a few. While you are in the Accounts and Finance section have a read of the sticky Sole Trader v. Limited Company.

Regards.

David.

 

[dp0848]

You just need to register at companies house and you don't need a business bank account.

If you are operating through a limited company then the company will need its own bank account. If you put company monies through the personal account of one of the directors HMRC will have a field day.

David.

 

[maria102]

If you are operating through a limited company then the company will need its own bank account. If you put company monies through the personal account of one of the directors HMRC will have a field day.

David.

I know, my husband is an accountant, I said that you don't need a business bank account to register a company, which you don't....

 

[dp0848]

I know, my husband is an accountant, I said that you don't need a business bank account to register a company, which you don't....

I mis-interrupted your post Maria. Not only don't you need one to form the company but you can't get one without forming it.

David.

 

[maria102]

I mis-interrupted your post Maria. Not only don't you need one to form the company but you can't get one without forming it.

David.

Sorry, I soundied a bit @rsey then, and didn't mean to. I think I was probably a bit flippant really re; forming a company as I am an IT contractor and don't see the issues, before getting married I used an umbrella company and it was job done, and now of course my husband (supposedly ) does all the paperwork.

 

[noidea]

Thanks Maria,

I have seen soooo many websites offering to do it for me in a few hours, are they worth it? Cheapest I have seen is around the £25 mark. I guess I would need a registered address?

Don't go for the most expensive packages (£100-£300) for formation. You don't get what you pay for. All (legit) companies go through companies house and can be done really quick - office hours - any really high prices are normally just mark up.

I recommend you get one with a certificate of incorporation (hard copy) many banks don't like ones you print out - don't ask me why, it barely carries much weight as they can type in your company name and find out all the information anyway.

You can spend a bit more to get a company seal, copies of M & AA, share certificates etc. but they are not a requirement.

 

[dp0848]

Sorry, I soundied a bit @rsey then, and didn't mean to. I think I was probably a bit flippant really re; forming a company as I am an IT contractor and don't see the issues, before getting married I used an umbrella company and it was job done, and now of course my husband (supposedly ) does all the paperwork.

Thanks Maria.

I'd be really interested to hear your views on umbrellas (what you liked about the service you got and what you did not like) as we are considering setting up an umbrella service for contractors. Drop me a PM if you have a spare moment.

Thanks.

David.

 

[dp0848]

Don't go for the most expensive packages (£100-£300) for formation. You don't get what you pay for. All (legit) companies go through companies house and can be done really quick - office hours - any really high prices are normally just mark up.

I recommend you get one with a certificate of incorporation (hard copy) many banks don't like ones you print out - don't ask me why, it barely carries much weight as they can type in your company name and find out all the information anyway.

You can spend a bit more to get a company seal, copies of M & AA, share certificates etc. but they are not a requirement.

I haven't seen a bank ask for a certificate of incorporation for about two years now. They check all the details online at Companies House.

If you do decide to go ahead on your own without taking professional advice then I can recommend the services of Quick Formations (www.quickformations.co.uk). The guy who runs it is a member on this site and it is always good to support fellow UKBF members where you can.

Regards.

David.

 

[maria102]

I'd be really interested to hear your views on umbrellas (what you liked about the service you got and what you did not like) as we are considering setting up an umbrella service for contractors. Drop me a PM if you have a spare moment.

Thanks.

David.

I'll sharpen my pencil, I think I went through about three....oh and when we set up last year, the bank DID want to see the certificate of incorporation, the original and not a photocopy. Also I would bear in mind charges when opening a business bank account, we have just finished our first year free banking and are now getting charges, which are fairly excessive as we don't open the shop for another month or so, so its basically just me drawing money out to go shopping!

 

[dp0848]

Interesting Maria. I've had clients open accounts with all of the major baks in the last few years and none have been asked for the certificate of incorporation. Maybe it is at the descression of individual bank branchs (or may be you just look a bit doggy??!! ) I believe that Abbey and A&L offer free banking for life to limited companies. Also Co-Op Bank offer free banking to members of the FSB.

Regards.

David.

 

[Mattonella Tile Studio]

I also had to produce the original certificate of incorporation in October last year, HSBC

 

[noidea]

Interesting Maria. I've had clients open accounts with all of the major baks in the last few years and none have been asked for the certificate of incorporation. Maybe it is at the descression of individual bank branchs (or may be you just look a bit doggy??!! ) I believe that Abbey and A&L offer free banking for life to limited companies. Also Co-Op Bank offer free banking to members of the FSB.

Regards.

David.

It's about being prepared. If you were asked for one and didn't have one or the original you would look an idiot. Cite the claims to free banking!!

 

[David Griffiths]

(or may be you just look a bit doggy??!! )

I think that a bit dodgy would be much less of an insult!!!

 

[maria102]

I think that a bit dodgy would be much less of an insult!!!

Wooof wooof!!!

 

[dp0848]

Wooof wooof!!!

Ok, I was tired and had partaken in one or two beers

 

[eran]

We have registered ours with companiesmadesimple.com. It was a straightforward process and we had it registered after 3 hours. We choose them since they offered a bundle with registered offices that was really cheap.

I hope this helps.

Eran

 

[noidea]

We have registered ours with companiesmadesimple.com. It was a straightforward process and we had it registered after 3 hours. We choose them since they offered a bundle with registered offices that was really cheap.

I hope this helps.

Eran

Not bad but bare in mind you will need to subscribe to have your mailbox forwarded on otherwise they will return to sender. You will get a lot of post to registered office if you are trading as would be on all your letterheads etc.

They will forward on companies house and HMRC stuff for free though.

 

[eran]

Our trading address is a different address and this is the address printed on our corporate identity.

Thanks for that. (clicked as well )

Eran

Not bad but bare in mind you will need to subscribe to have your mailbox forwarded on otherwise they will return to sender. You will get a lot of post to registered office if you are trading as would be on all your letterheads etc.

They will forward on companies house and HMRC stuff for free though.

 

[mahutchinson]

That would be impossible anyway !

 

[eran]

What do you mean by that?

 

[mahutchinson]

Oops - I was replying to the last post on page 1 regarding setting up a bank account before forming the company. Must have ignored the subsequent posts on the next pages.

 

[oldeagleeye]

I would reccommend companies made simple too. The base price is about £25 but you can ahave registered office too right in London for £59.95. Many companies charge that just for the reg office.

There is also a wealth of info on the web site and sign up the the free newsletter too. You get a start up business pack which includes the Mamut accounting software. All for free. Rob
http://www.companiesmadesimple.com/index.html