Setting up a part-time limited company along side a full time job

[dj7387]

Hi everyone and thanks in advance for any help/advice,

I'm currently employed as a full time plumber working for a small construction firm, but i am looking at setting up my own plumbing business for any work i get on the side. What im looking to do is to put all work i get through my business which if i set up correctly may, one day, allow me to on work full time if i ever left/lost my current full time job.

What i'm asking is if i set up a limited company now, is this the best route for long term?
I have cash i can put in for the start up and have all equipment i need. So this would keep start up cost rather low.
I would be doing all the paperwork from home.

Ive read a few articles online but some have been dated so i could do with some advice or a link to information on the process/steps of setting it up (i.e what comes first: registering my company, business bank account, accountant).
I already have a friend who is an accountant so this would not be an issue.

Thanks again for any help/advice,
Daniel

 

[Scalloway]

Incorporating a limited company can save you tax if you are already employed. The company will pay tax at 20% on its profits and you can withdraw the profit with no further tax payable if your total income is below the 40% tax band. You won't have to pay any National Insurance on this, which is the main saving.

You will need your company's registration details for the bank so this can be done when it is registered.

 

[Manishp100]

you could always set up as a sole trader? thats another option for you if you are running a side busienss

 

[Yorkshire&Online]

If your accountant friend is any good, he should be able to give you all the answers you need.

If not, have a look here, or PM me anytime:

http://www.brown-royd.co.uk/resources/how-to-structure-your-business

 

[Jet Virtual]

Don't worry too much about incorporating your business you can always do that at a later stage. Focus on getting some PROFITS first.

Best of luck,

Daniel

 

[dj7387]

Thanks for all the feedback/advice.

Much appreciated.

Dan