What is needed to open a new sub contractor security company

[Ash319]

Hi

Can anyone tell me what is required to open a sub contractor security company etc liability insurance. I am thinking of providing officers to main companies when they need extra them.

 

[EnhanceAccountancy]

Hi Ash.
A few initial things come to mind...

• Decide on business structure (Self Employed or Limited Company). You will want to do some reading around this and/or speak to an accountant who can advise.
• Register with HMRC as self employed or Incorporate LTD via Companies House and register for corporation tax via HMRC
• Employer Liability Insurance - Premiums may be higher than normal due to potential risk involved in the work?
• Public Liability Insurance
• Register with the ICO as a Data Controller
• Ensure letterhead and other stationery meets legal requirements
• Ongoing tax and accounts reporting responsibilities will depend on the business structure chosen
• Keep all invoices & receipts (purchase & income)
• Log all business mileage
• Setup an appropriate bookkeeping system (with Making Tax Digital requirements in mind
• Consider the need/benefit in registering for VAT

Hope that gets you started?

 

[Ash319]

Hi Gareth

Thank you for your advice

I am new to this and this is my first time opening a business. The company I want to open will be a Limited Company and I will be the sole director. It will be subcontracttor security company providing extra security officers to the main security companies when they need more security personnel. Can I ask so I will need a employer liability insurance and the public liability insurance. Do have security companies as clients and is it okay for me to ring you about the services you provide.

Thanks

 

[EnhanceAccountancy]

Hi Gareth

Thank you for your advice

I am new to this and this is my first time opening a business. The company I want to open will be a Limited Company and I will be the sole director. It will be subcontracttor security company providing extra security officers to the main security companies when they need more security personnel. Can I ask so I will need a employer liability insurance and the public liability insurance. Do have security companies as clients and is it okay for me to ring you about the services you provide.

Thanks

Hi Ash.
You are very welcome.
I have taken care of the accounts and tax for a security firm based in Norwich previously. The owner has since retired. I am well versed with dealing with the financial side of the security firm industry though as a result.

Please feel free to call to discuss further (number below).
I'll be happy to give you a run through everything that will be needed to get you started in business, along with letting you know how we can help in your particular circumstance if you so wish.

Thanks,
Gareth

 

[Mr D]

Hi Gareth

Thank you for your advice

I am new to this and this is my first time opening a business. The company I want to open will be a Limited Company and I will be the sole director. It will be subcontracttor security company providing extra security officers to the main security companies when they need more security personnel. Can I ask so I will need a employer liability insurance and the public liability insurance. Do have security companies as clients and is it okay for me to ring you about the services you provide.

Thanks

You'll be employing the security staff? Then placing them as necessary based on your contracts?

 

[EnhanceAccountancy]

Good to talk to you on the phone Ash. I will fire across a summary & proposal via email shortly.

Regards,
Gareth