How quickly could I set up an LTD

[2BIT]

I may need to extend my contract but by going direct without an agent and to set expectations I need to know realistically how long it will take to set up an LTD, I will be engaging an accountant to do the work if I go that route but just need to know if I could feasibly do it within a week or so so we I can plan my negotiation.

[Craig@Clarity]

Some typical time frames for you:

1. Company incorporation is usually within 24 hours
2. VAT registration can take between 1 - 6 weeks
3. PAYE scheme registration can take between 1 - 2 weeks
4. Company bank account can take between 1 - 10 working days depending on the bank

The only thing you would really need to get the contract drawn up would be a limited company name and number and copy of the company certificate (see 1)

Hope this helps

[Danielsjdaccountancy]

I may need to extend my contract but by going direct without an agent and to set expectations I need to know realistically how long it will take to set up an LTD, I will be engaging an accountant to do the work if I go that route but just need to know if I could feasibly do it within a week or so so we I can plan my negotiation.

Easily achievable.

Company set up takes about 4 hours. Bank account, if you go with your local branch, could be same day.

As Craig says the longest part is VAT registration but this shouldn't hold you back from invoicing.

[2BIT]

Easily achievable.

Company set up takes about 4 hours. Bank account, if you go with your local branch, could be same day.

As Craig says the longest part is VAT registration but this shouldn't hold you back from invoicing.

thanks guys, think the only stumbling block could be the bank account but this is good to know!!

cheers

[Tomo1971]

I set up LTD a few months ago.

On Friday December 10th at 3pm I applied for company registration through a UK web site. On Monday about 10am I had an email confirming that it had been formed with a .pdf of my reg cert. Hard copy followed a couple of days later.

Bank account took a couple of days but be aware that they will take into account your personal credit rating and I was told they are quite strict.

I stated on my first invoices that VAT registration was in progress and when it came through, sent in a VAT only invoice to cover the first few weeks of invoices.

Best thing I ever did. Dont earn a lot of money, but feel as im in more control with my money now, rather than going through a brollie.

S.

[Wanderer]

I stated on my first invoices that VAT registration was in progress and when it came through, sent in a VAT only invoice to cover the first few weeks of invoices.

VAT registration is probably the only bit that seems a bit odd (though what Tomo describes is exactly right). You register for VAT but it takes a while to come through. Until you're registered you can't invoice for VAT but once you get the registration you send the agency an invoice for the VAT on your previous invoices and they pay it.

You should also consider joining the VAT Flat Rate Scheme. You can ask for this to be backdated if you want, mine was backdated by 9 months!

[andyc2000]

Set up an Ltd on a Friday and on client site with signed contract the following monday. Still waiting for my bank account so I can invoice though...