Ltd Company - Minimum paperwork/cost for new company

[delp]

Hi,

I have recently created a Ltd and I was wondering about :

- the minimum paperwork to maintain the company alive
- the minim cost to maintain the company alive

My first guess is :

- submit VAT every 3 months with zero values
- what else ???


Would it be better to set it dormant until I find my first contract ? I hope it should take me 3/4 months to get my first contract.

Thank you for your help.

[northernladuk]

You hope it will take 3/4 months to get a contract? I am assuming you are permie and and just preparing before you hand your notice in and start looking?

Are you VAT registered? Might help with the answer about what VAT to put in

[Contreras]

Hi,

I have recently created a Ltd and I was wondering about :

- the minimum paperwork to maintain the company alive
- the minim cost to maintain the company alive

My first guess is :

- submit VAT every 3 months with zero values
- what else ???

Would it be better to set it dormant until I find my first contract ? I hope it should take me 3/4 months to get my first contract.

Thank you for your help.

Do you mean you hope it should take not more than 3/4 months to get a contract?

Don't register for VAT until you're ready. Flat Rate Scheme has a 1% discount for the first year but runs from the point where the company first registers for VAT.

No harm in having the company bank account set up and ready to go except perhaps it'll eat into the period of "free" banking if that's offered.

You should receive a CT41 from HMRC asking for the company's trading start date, or to declare it dormant. The later would be the best option IMHO, until you expect to receive revenue as it will push out the deadline for Corp. Tax.

And if you haven't already - speak to an accountant or two about your plans, even if you don't expect to engage one just yet most are happy for an initial chat and it will hopefully answer your "what else???" question and you can stop guessing.

[Clare@InTouch]

If you're not registered for VAT or PAYE then there's nothing you need to do. After a year you'll need to file accounts and an annual return, which you may be happy to do yourself, and Companies House will simply charge you a £13 filing fee. Don't forget to tell HMRC you're still dormant after a year if that's the case too.

Good advice above re not registering for VAT until you need to, otherwise you'll lose some FRS benefit.