Going Limited - My head hurts!

**northernladuk** · 17 January 2013, 16:36

Get an accountant. He can advise on everything you have asked so far. There is a sticky at the top with recommendations.

The search function found in the link below will find you the answer to every single question you have regarding starting out but again, speak to an accountant as well.

http://forums.contractoruk.com/welco...uk-forums.html

It sounds like there is so much to tell you what ever we try do will not be enough and now is the time for you to stand on your own two feet. You and you alone are responsible for your business now. There are professionals out there that can help you so use them first and when you are past the basic steps maybe come have a look on here for your specific questions.

EDIT : Forgot this

I need everything set up by end of the month.

Help???

Go Umbrella. Speak to Lisa at Contractor Umbrella. She is on here a lot and seems to know her stuff. Umbrellas might be a bit more expensive but that is the cost you have to pay to have something quick and simple sorry. You only need to be with them for 6 months while you find your feet and then switch over. Not the most tax efficient but nor is screwing up from day one.

**StarApple** · 17 January 2013, 16:45

Another question:

My old car is on the brink and I saw some business car lease agreements. As a ltd company can I take up these deals?

**StarApple** · 17 January 2013, 16:49

@Northernlad

Thanks for replying.

Do you think the time is too short to set up the company by end of the month?
There are some companies online that will do it all. Or are they no good?

I will check out the recommend thread. Thanks.

**Platypus** · 17 January 2013, 16:59

It's my opinion that you CAN have this set up by the end of the month.

Instant Company Formation - UK Company Formations Online in 4 Hours

P.S. Lots of people on here do use SJD and seem very happy with them, so it could make sense to get the "complete package" from them, one-stop-stop and all that. Me, I use a small local independent guy.

**deanosity** · 17 January 2013, 17:03

Originally posted by StarApple View Post

@Northernlad

Thanks for replying.

Do you think the time is too short to set up the company by end of the month?
There are some companies online that will do it all. Or are they no good?

I will check out the recommend thread. Thanks.

You could start the ball rolling today.

Tonight
Form the company online now https://golimited.co/ (10 minutes of effort, you will probably receive the documents tomorrow)
Setup insurance (30 mins)

Tomorrow
Join up with a reputable accountant, they may even be able to help with setting up the business bank account.

Are you ready to run a business?

**Wanderer** · 17 January 2013, 17:07

StarApple, have a look at the PCG. Go to this link and answer their questions. I suggest you go for the plus membership package and also accountancy+book keeping. Insurance will be dictated by the requirements of your contract.

From there you can get everything you need in one place which will save you a lot of hassle. It will cost you ~£200 a month but that's pretty much what it costs. Perhaps you would save a few quid here and there but weigh that up against the price of having it all sorted so you can get on with earning money....

You may want to skimp by not getting an accountant because you don't need one straight away but remember that you WILL need one to do your year end accounts and the cost of this won't be much different from the cost of retaining one on a monthly payment. Go with the monthly option so you can get them to do all the admin of dealing with HMRC, VAT, PAYE etc for you and that saves stress, hassle and avoids getting fined for not filing something when you should.

Originally posted by StarApple View Post

My old car is on the brink and I saw some business car lease agreements. As a ltd company can I take up these deals?

No, don't.

It's been discussed here and the consensus is that it's probably not worth the bother. Just go with the simple method: buy yourself a car personally and claim 45p/mile for your business mileage. Honestly, it will work out pretty much the same tax wise and it will save you a LOT of aggravation by keeping your tax affairs dead simple. Company cars might look like getting something for nothing but there are a lot of traps to fall into and the tax position is complex and it's difficult to know if it's a good deal or not. Feel free to ask your accountant when you sign up - they will probably say the same thing.

Good luck!

**jamesbrown** · 17 January 2013, 17:14

Originally posted by northernladuk View Post

He can advise on everything you have asked so far.

What's all this "He"

To the OP, what precisely are you struggling with? The post is a little unfocused. A good accountant will hold your hand (and can certainly arrange for all the preliminary set-up and registrations), but that doesn't mean you can forget about tracking the finances, deadlines, responsibilities etc. Otherwise, you'll have no basis for spotting errors.

**Maslins** · 17 January 2013, 17:15

Company incorporation can be turned around in a day, but you'll probably want to have a bank account set up and be VAT registered (not compulsory) before you send your first invoice. These'll likely take ~1 week and ~3 weeks respectively.

If you need insurances and IR35 assistance, QDOS are your best bet IMO, they should be able to cover you on that whole front.

Lots of contractor accountants out there, many quite a bit less than £180/month...though obv cheapest not necessarily best!

Do be aware that even with an accountant, you will have more admin to deal with yourself than you'll be used to via an umbrella. All part and parcel of the deal I'm afraid. You see the occasional thread on here "My accountant's crap so I'm in a mess"...as director the company and its/your taxes are your responsibility, not the accountants...they just hold your hand. So pick a good one, and don't ignore what they tell you.

...oh, and like Wanderer said, please forget the car idea, at least until you've got the hang of the basics. Company cars are a whole separate world of complications, so I'd strongly recommend avoiding for the time being.

**northernladuk** · 17 January 2013, 17:26

Originally posted by deanosity View Post

Are you ready to run a business?

This to me is the crux of the situation. In a contracting career that is gonna last years I don't see 3-6 months with a brolly as really detrimental if you come out of it on the right foot. Maybe I am being too cautious but am only factoring what I see between the lines from the OP. The other posters are right that you 'might' be able to get it all done in 3 weeks but will you understand a word of...

Don't forget VAT and FRS registration as well.

Going Limited - My head hurts!