start new limited company

[sky]

H i There,

I may start my contract work next week very first time and need to set up ltd company,

1) How long does it take to start up a company?
2) In case of not go ahead with my contract can I still keep my company open and file returns by myself.
3) Before my first pay in two weeks can i setup my company fully operated and raise invoice to client with vat

Thanks for your help.

[northernladuk]

Have a look at the accountants recommendations thread and find one you like. They will help you set a company up very quickly. The problem area is your bank account which could take awhile. If you've not left yourself enough time you may have a problem signing a contract bearing in mind it's between your company and the agent.

You also need to get to contract reviewed by QDOS and the like.
You also need to check your contract to see if you need professional indemnity and the like.

You've got a lot to do.

Have a read of the newbie guides that are linked to the right and have a look at the sticky about how to search the forums using Google.

It's not a public sector client is it!?

[Scruff]

1. 15 minutes on Companies House website
2. Yes
3. Highly unlikely. It's going to take from 1 day to two weeks to set up your Company bank account. Up to 6 weeks before your VAT registration comes through. You are not likely to have YourCo. receive any remittances for at least 4-6 weeks.
4. Better get an an Accountant
5. Better get your Professional Indemnity and Public Liability insurances sorted beforehand
6. Get your contract reviewed for IR35, or you might be better off working through an Umbrella

[sky]

Thank you for your information, much appreciated. If I start up the company and create a bank account by myself now, can i use accountant later to process vat registration and payroll setup.

In case if i dont proceed with contract work, i can have my company and bank account with no income and return tax by myself, is this too complicated or ok.

[ladymuck]

No it's not too complicated if you have a reasonable grasp of accounts etc and know that the money in the bank is not yours.

However, you do come across a little green so getting a professional to help in the early days, while you learn the ropes, is a good idea.

[rb51]

I am on the same boat. Being offered a 1st contract to start W/C 6 Mar. Client is Central Govt via big Agency (it looks like inside IR35) - intial 2-mth contract.

I am signing up with Lucy - ContractorUmbrella for a month to find out whether I will get an extension as to setup LTD company. But good to know that can leave company open in case contract dries out need to go back to permie.

There is a lot to read...

[SueEllen]

I am on the same boat. Being offered a 1st contract to start W/C 6 Mar. Client is Central Govt via big Agency (it looks like inside IR35) - intial 2-mth contract.

I am signing up with Lucy - ContractorUmbrella for a month to find out whether I will get an extension as to setup LTD company. But good to know that can leave company open in case contract dries out need to go back to permie.

There is a lot to read...

You may not be able to use a limited for government work plus it doesn't make financial sense as you have to pay an accountant but can't claim it as a business expense.