IT Contractor - Company Formation + VAT Reg + ???

[GB2408]

Hi All,

I am forming my own Ltd company today/tomorrow. I will be using a local accountants to do all of my returns/book-keeping etc. Ideally I wanted to use the same company to form the company but they charge £300 + VAT just for the formation and tax registration.

This seems a bit excessive, as online companies seem to charge much less. What are all of the elements required to allow me to do this myself?

Company formation
Business bank account
Flat rate VAT registration

Are all of the above easy enough that I can do them myself? What forms etc are required for the VAT reg (plus anything I have missed)?

Sorry I do realise this has probably been posted before but I couldn't find anything suitable in a search, and don't have a great deal of time (secured a contract, but need to start ASAP, but cannot get my contract written up until I form my company).


Thanks in advance
GB

[northernladuk]

This thread asks exactly the same question and has recommendations..

http://forums.contractoruk.com/busin...ces-costs.html

and this is a search that brings up many threads covering this and many other formation questions..

formation site:forums.contractoruk.com - Google Search

[Clare@InTouch]

That's definitely excessive in my view. You can do it yourself, or find a separate agent to do it much cheaper.

You can use a formation agent to set up the company, then you just need to register for VAT and PAYE which you can do via the HMRC website. Flat rate registration is another simple form that you submit after you have your VAT certificate. Corporation Tax registration happens automatically - HMRC will send you a form called a CT41G that you complete and return to them. Keep a copy as it'll have your CT reference on it which you'll need later.

The company bank account can be done via an accountant, often they recommend a Cater Allen account, or you can just wander into your local bank with ID and a copy of your Certificate of Incorporation and open an account yourself. Often this is a quicker option.

[Greg@CapitalCity]

If its not too late;
Company formation - Company Formation & Registration Services | UK Company Formation and UK Company Incorporation Agents - The bronze package is all you need. My suggestion is avoid the Barclays bank account though....

Bank account - If you need this done fast, as Clare says walk into your bank and sort this out. HSBC will open an account for you within 2-4hrs - but banks can be a bit fickle. If you work in London, PM me your details, and I can set you up for a meeting at HSBC. Other banks work fast as well, we have just found HSBC to be the fastest and most reliable.

Registering for VAT - HM Revenue & Customs: How to register for VAT

Joining the VAT flat rate scheme - VAT 600FRS - Application to join the Flat Rate Scheme

[kaiser78]

If its not too late;
Company formation - Company Formation & Registration Services | UK Company Formation and UK Company Incorporation Agents - The bronze package is all you need. My suggestion is avoid the Barclays bank account though....

Bank account - If you need this done fast, as Clare says walk into your bank and sort this out. HSBC will open an account for you within 2-4hrs - but banks can be a bit fickle. If you work in London, PM me your details, and I can set you up for a meeting at HSBC. Other banks work fast as well, we have just found HSBC to be the fastest and most reliable.

Registering for VAT - HM Revenue & Customs: How to register for VAT

Joining the VAT flat rate scheme - VAT 600FRS - Application to join the Flat Rate Scheme

Santander offer free internet banking, cheap and easy to use, which for the typical IT contractor for receving funds and withdrawing is fit for purpose.

[The Spartan]

You can incorporate your company online at Companies House: Information & Guidance - Starting a company

Much cheaper to do it yourself

[Waldorf]

Some accountants still set up a company for clients - such as Nixon Williams, not sure of others do, they also do the VAT, PAYE, bank account etc as part of the set up, or they did when I set up.....

[Jeremiah@RHJAccountants]

It may be cheaper to do it yourself but if in doubt speak to your accountant or get one.

An accountant can advise you on how best to set up your company for example share capital, directors, registered office etc.

They can also help with getting you registered on the VAT flat rate scheme and what FRS percentage to use.

Plus so much more.

This is just the general feedback i get from my clients at Smith Craven Chartered Accountants.

[SueEllen]

Santander offer free internet banking, cheap and easy to use, which for the typical IT contractor for receving funds and withdrawing is fit for purpose.

So do HSBC.

HSBC's accounts are also quicker to set up.

[GB2408]

It may be cheaper to do it yourself but if in doubt speak to your accountant or get one.

An accountant can advise you on how best to set up your company for example share capital, directors, registered office etc.

They can also help with getting you registered on the VAT flat rate scheme and what FRS percentage to use.

Plus so much more.

This is just the general feedback i get from my clients at Smith Craven Chartered Accountants.

In the end I cancelled my original appointment and arranged an appointment with Jeremiah at Smith Craven.

He made it very easy and he has answered all of my (many many) questions. My business is now set up and I have an appointment with HSBC to get my account up and running tomorrow. I'm all good to go!

Thanks for all the replies.