Returning to contracting - minimum set up required before I can start work?

[Wanderer]

Don't need an accountant to set up a LTD. As a newbie you can do because you don't know, but in truth every time an accountant has done one for me. 2 shares. (Any other posters concur)

Just form your company with one share worth £1 or if you are an income splitter 2 shares of £1 each, one for you and one for your partner. Be careful income splitting if the other person already has an income and don't do it at all if they are already a higher rate tax payer.

Alternatively, you may want to issue 51 shares to yourself and 49 to your partner so you keep overall control of your company in board meetings.

[Fred Bloggs]

It is most likely in the OP's interests to register for VAT and go for the flat rate scheme whether he is under or over the VAT threshold.

[psychocandy]

Just form your company with one share worth £1 or if you are an income splitter 2 shares of £1 each, one for you and one for your partner. Be careful income splitting if the other person already has an income and don't do it at all if they are already a higher rate tax payer.

Alternatively, you may want to issue 51 shares to yourself and 49 to your partner so you keep overall control of your company in board meetings.

Yeh. Wife works but doesnt earn a great deal - certainly not over higher income threshold.

Does it make that much odds if u do it for 100 shares (50 each) or 2? Can you change it later?

[Hex]

Yeh. Wife works but doesnt earn a great deal - certainly not over higher income threshold.

Does it make that much odds if u do it for 100 shares (50 each) or 2? Can you change it later?

You can change it later, but I'd go for the 100 shares now - more flexibility for the future.

[Fred Bloggs]

You can change it later, but I'd go for the 100 shares now - more flexibility for the future.

Takes about 5 minutes or less to change it on the Companies House website. I did it a few weeks ago.

[Hex]

Takes about 5 minutes or less to change it on the Companies House website. I did it a few weeks ago.

Even so - I'd start with more than 2 in the first place.

[psychocandy]

Even so - I'd start with more than 2 in the first place.

100?

[Clare@InTouch]

100?

We tend to recommend 100 as it ties in with the opening balance added to the company bank account - your initial deposit of £100 pays for your shares.

Just keep in mind that you will owe the company the value of your shares, so don't go for 10,000!

[psychocandy]

We tend to recommend 100 as it ties in with the opening balance added to the company bank account - your initial deposit of £100 pays for your shares.

Just keep in mind that you will owe the company the value of your shares, so don't go for 10,000!

Ah. Good point.

[MarillionFan]

Ah. Good point.

Just looked mine up and it's 1.

Anyway good luck psychocandy. The invoice for this advice is in the post.