LTD company formation and parking

[CheeseSlice]

Hi,

(I'm new to this forum so please be nice ).

Looking for a simple answer on LTD company formation.

If I form a LTD company now so it is there ready for when I need it, will it cost me much time, money and effort to have it sat there with no turnover if I don't end up using it?

[NotAllThere]

A few quid. Nothing much.

[Pickle2]

A few quid. Nothing much.

WHS.

Though to be fair it takes around 24hrs for company formation, so not sure what your point would be in doing this?

[TykeMerc]

What they said.

[expat]

A few quid. Nothing much.

Remember to file your annual return on time, even if the company is dormant, otherwise penalties are automatic.

[CheeseSlice]

Remember to file your annual return on time, even if the company is dormant, otherwise penalties are automatic.

Thanks for the tip.

Reason I asked is my next job could be either contract or permie (attacking market from both angles). Right now I'm neither, having been made redundant.
A couple of old pals have said they may be able to offer a contract in the next month and are asking me If i have a company set up yet (as if it would make a difference ).
From what I've read on this forum it shouldn't be a problem if I need to start at the drop of a hat. Even accountants have said similar.

[Stic]

What about using a brolly?

[Alan @ BroomeAffinity]

I guess the main advantage about getting the company set up early is that the bank account and VAT registration can be taken care of in good time.

[Pickle2]

I guess the main advantage about getting the company set up early is that the bank account and VAT registration can be taken care of in good time.

Doesnt the VAT man want to see evidence of trade nowadays before he issues a number? ie he needs to see a contract or something else proving you are trading (and not dealing in mobile phones or pc chips!).

[NickNick]

PLus, registering for VAT early would limit the amount of time you are actually benefitting from the flat rate scheme as I understand it.