All this jargon on becoming a LTD!!!

[bash]

Hi posters.

I have thoroughly read the posts here on how to become a limited company, but none the wiser really!!

I am currently contracting in sweden with an umbrella but want to set up as a limited company now.

I contacted a couple of UK accountants who although helpful, explained things to me in sometimes jargon and mnemonic codes.

All i want to know is the steps involved for me to successfully set up and run a limited company.

This is what i have learnt so far. Please correct me or advise where needed!!

Step 1. form a limited company online (easier i think).
Step 2. give the certificate, articles and bank account details to the agency.
Step 3. call the umbrella and cancel with them.

Now i do not know how to set up a bank account??? Do i simply visit the my local UK bank branch to set up the account?

Once the limited is running do i just keep a note of my timesheets which i send every month to the ágency??? And also the receipts for travel and accommodation expenses??

Now what do i do?? When does the tax process come into all this???? And how will i be paid????

I would really appreciate someones advice on this please.

Thanks.

Bash.

[Cowboy Bob]

It's easy, contact a specialist contractor accountant - search this board for SJD, Nixon Williams, or 1st Accountancy - then sit back while they set it all up for you. Then ask them about setting up bank accounts, payments, tax etc. They're far more likely to be able to explain the business of contracting than a more general accountancy firm.

[Old Greg]

Agree with CB. I'm pretty new to this and it is daunting. I used SJD and they've been great (they're not the cheapest firm, though). If you look at their website there are some good free downloads as well for 1st time contractors.

Good luck.

[bash]

Thanks guys for your advice. Much appreciated.

Another question, how do i cancel with the umbrella company i am with???

Bash.

[Bluebird]

Thanks guys for your advice. Much appreciated.

Another question, how do i cancel with the umbrella company i am with???

Bash.

ring them and tell them, also put it in writing asking for closing documents.

[Spacecadet]

If you're a complete novice at something then a forum is usually the worst place to get information as all the advice is given in a very unstructured manner.

Contact one of the accountants and get them to send you an info pack

[malvolio]

Hi posters.

I have thoroughly read the posts here on how to become a limited company, but none the wiser really!!

I am currently contracting in sweden with an umbrella but want to set up as a limited company now.

I contacted a couple of UK accountants who although helpful, explained things to me in sometimes jargon and mnemonic codes.

All i want to know is the steps involved for me to successfully set up and run a limited company.

This is what i have learnt so far. Please correct me or advise where needed!!

Step 1. form a limited company online (easier i think).
Step 2. give the certificate, articles and bank account details to the agency.
Step 3. call the umbrella and cancel with them.

Now i do not know how to set up a bank account??? Do i simply visit the my local UK bank branch to set up the account?

Once the limited is running do i just keep a note of my timesheets which i send every month to the ágency??? And also the receipts for travel and accommodation expenses??

Now what do i do?? When does the tax process come into all this???? And how will i be paid????

I would really appreciate someones advice on this please.

Thanks.

Bash.

Simple answer, specifically designed for the chronically confused, PCG OneStop...

http://www.pcg.org.uk/cms/index.php?...=2395&Itemid=1

[fzbucks]

Simple answer, specifically designed for the chronically confused, PCG OneStop...

http://www.pcg.org.uk/cms/index.php?...=2395&Itemid=1

Them fees look a bit steep (apart from the bronze level which includes the membership fee)

I set my limited company up using ukplc.net - cost just over £50 - got certificate of incorporation same day and rest of info sent in post soon after

visited a local bank and opened a buisness account - choose the one I had my personal account with

pay an accountant £400 per annum for all my accountancy needs


I did all this without any advice and found it quite easy - once you get a decent accountant it should be plain sailing - you pay them for their advice and they should be more than happy to provide it.

[malvolio]

Them fees look a bit steep (apart from the bronze level which includes the membership fee)

I set my limited company up using ukplc.net - cost just over £50 - got certificate of incorporation same day and rest of info sent in post soon after

visited a local bank and opened a buisness account - choose the one I had my personal account with

pay an accountant £400 per annum for all my accountancy needs


I did all this without any advice and found it quite easy - once you get a decent accountant it should be plain sailing - you pay them for their advice and they should be more than happy to provide it.

Them fees include all your insurances and the accounting fees as well, don't forget. But the OP asked about the easiest way to set up a limited, and this is it.