First contract

[helenst]

I have just got my first contract, starts on Wednesday so need to get set up quite quickly.

I am going to be forming my own limited company, the £75 fast company formation ad I keep seeing on here seems like quite a good deal.

The company will also need a bank account, which normally seems to take a few days to sort out, is there a bank that will set things up more quickly?

thanks
Helen

[BrilloPad]

I have just got my first contract, starts on Wednesday so need to get set up quite quickly.

I am going to be forming my own limited company, the £75 fast company formation ad I keep seeing on here seems like quite a good deal.

The company will also need a bank account, which normally seems to take a few days to sort out, is there a bank that will set things up more quickly?

thanks
Helen

Unlikely anyone can go faster than that - money laundering rules. Most here use Cater Allen - I do and recommend them.

[pmeswani]

I have just got my first contract, starts on Wednesday so need to get set up quite quickly.

I am going to be forming my own limited company, the £75 fast company formation ad I keep seeing on here seems like quite a good deal.

The company will also need a bank account, which normally seems to take a few days to sort out, is there a bank that will set things up more quickly?

thanks
Helen

You don't need a business bank account on day one of trading. As long as it has been set up before you get paid, then that's the main thing. As already stated, banks would need to do a few checks for money laundering protection, etc. As part of the formation, I am assuming that you will be set up for VAT, PAYE, etc. etc. Where possible, try and go for Flate Rate Scheme for VAT.

[Alan @ BroomeAffinity]

You don't need a business bank account on day one of trading. As long as it has been set up before you get paid, then that's the main thing. As already stated, banks would need to do a few checks for money laundering protection, etc. As part of the formation, I am assuming that you will be set up for VAT, PAYE, etc. etc. Where possible, try and go for Flate Rate Scheme for VAT.

Some agencies require business bank account details to be provided before a contractor goes on site. Probably to do with money-laundering.

[TheFaQQer]

Where possible, try and go for Flate Rate Scheme for VAT.

... once you have done the sums and made sure that this is right for your business. As has been discussed elsewhere recently, for some it does not make sense to be on the scheme.

Additionally, it may be better to buy all the big things up front and claim the VAT back on those, and then move to the FRS.

If you have applied for VAT registration, you need to invoice without VAT, but say "VAT registration pending" on the invoice. When you get the registration, then invoice just for the VAT.

[TheFaQQer]

I have just got my first contract, starts on Wednesday so need to get set up quite quickly.

I am going to be forming my own limited company, the £75 fast company formation ad I keep seeing on here seems like quite a good deal.

The company will also need a bank account, which normally seems to take a few days to sort out, is there a bank that will set things up more quickly?

thanks
Helen

Congratulations - have a

[Platypus]

If you don't have a business bank account in time, I see no reason why you couldn't provide your personal bank details, get paid into there and transfer the money into the business account later.

[BrilloPad]

If you don't have a business bank account in time, I see no reason why you couldn't provide your personal bank details, get paid into there and transfer the money into the business account later.

I wish that wre possible. Cos then I would just do a runner and leave the agency liable for PAYE.

Is there any agency stupid enough to fall for that?

[pmeswani]

... once you have done the sums and made sure that this is right for your business. As has been discussed elsewhere recently, for some it does not make sense to be on the scheme.

Hence why I said "where possible." ;-).

Additionally, it may be better to buy all the big things up front and claim the VAT back on those, and then move to the FRS.

Won't the tax man frown on that? Also with the FRS you can claim the VAT on some goods over £2k.

[blacjac]

HSBC set ours up same day, all they needed was a certifed certificate of incorporation, which we got in PDF form when forming the company. Just printed that out and took it to the bank.