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

[psychocandy]

Do I just need to get company set up? Will this take 24 hours?

(Worth waiting until I get an accountant on board or just set one up myself online? If I do this are there any implications if I never trade through it?)

And, of course, contract agreed and signed?

I'm guessing things like opening business bank account and registering for VAT can wait a bit longer?

[northernladuk]

Any chance if you are going to be spoon fed your contracting career you could actually put more than 6 words in your first two questions. It would only be polite to try and phrase a question rather than us have to work it out AND answer it for you.

Many thanks

[psychocandy]

Just company set up? 24 hours?

(Worth waiting until I get an accountant on board or just set one up myself online? If I do this are there any implications if I never trade through it?)

And, of course, contract agreed and signed?

I'm guessing things like opening business bank account and registering for VAT can wait a bit longer?

Actually, can I use one of the online services for £20 or whatever? Do I need printed documents or will electronic ones do?

[psychocandy]

Any chance if you are going to be spoon fed your contracting career you could actually put more than 6 words in your first two questions. It would only be polite to try and phrase a question rather than us have to work it out AND answer it for you.

Many thanks

Of course. Dont want to upset anyone so I've edited it.

[kaiser78]

Do I just need to get company set up? Will this take 24 hours?

(Worth waiting until I get an accountant on board or just set one up myself online? If I do this are there any implications if I never trade through it?)

And, of course, contract agreed and signed?

I'm guessing things like opening business bank account and registering for VAT can wait a bit longer?

There is loads of gumf on the First Timers menu which you should read through at your own leisure.

[northernladuk]

There is loads of gumf on the First Timers menu which you should read through at your own leisure.

He is 49 posts in so might be a bit late but I expect he is going to be a hell of a lot higher before he is finished.

[MarillionFan]

Of course. Dont want to upset anyone so I've edited it.

Ignore him, he had a bad holiday in Tenerife.

Do I just need to get company set up? Will this take 24 hours?

(Worth waiting until I get an accountant on board or just set one up myself online? If I do this are there any implications if I never trade through it?)

And, of course, contract agreed and signed?

I'm guessing things like opening business bank account and registering for VAT can wait a bit longer?

If you're doing this fast, which it sounds like you are.

1) Choose Company Name
2) Tell Agent
3) Form company (24 hour job will be fine but you'll find it will take a few days)
4) Then you need your company no for the paperwork
5) Sign Contract with Company No. and Company Name. Tell agent others will follow
6) Get email confirmation of Cert of Incorporation. Send to agent
7) Bank account may take weeks. So your call. Either send them the name of 'XXXX LTD' and your own personal bank number and sortcode, telling the agent. 'This is my bank account' or wait a few weeks while this process takes place
8) VAT. Upto you if you wish to apply. You need to be +£70K or so(whatever the present threshold is). Your choice. At which point, you can wait for it. Tell the agent you are expecting the VAT cert, invoice without VAT and then reinvoice with VAT when it arrives.

That what you're after?

[psychocandy]

Ignore him, he had a bad holiday in Tenerife.



If you're doing this fast, which it sounds like you are.

1) Choose Company Name
2) Tell Agent
3) Form company (24 hour job will be fine but you'll find it will take a few days)
4) Then you need your company no for the paperwork
5) Sign Contract with Company No. and Company Name. Tell agent others will follow
6) Get email confirmation of Cert of Incorporation. Send to agent
7) Bank account may take weeks. So your call. Either send them the name of 'XXXX LTD' and your own personal bank number and sortcode, telling the agent. 'This is my bank account' or wait a few weeks while this process takes place
8) VAT. Upto you if you wish to apply. You need to be +£70K or so(whatever the present threshold is). Your choice. At which point, you can wait for it. Tell the agent you are expecting the VAT cert, invoice without VAT and then reinvoice with VAT when it arrives.

That what you're after?

MF,

Thank you so much for the help. One more quick question - Would you recommend going ahead and using one of the web services to create a company myself? I've heard you need to know about share capital. Or best wait until I've got an accountant on board to do it for me?

[MarillionFan]

MF,

Thank you so much for the help. One more quick question - Would you recommend going ahead and using one of the web services to create a company myself? I've heard you need to know about share capital. Or best wait until I've got an accountant on board to do it for me?

Yes. But last time I used one of the company24 type companies(it took 3 days). You can do the contract without all the background stuff. Share capital I just went for 2 shares. You can change it later if you want. Depends if you want the wife to have a cut?

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)

[psychocandy]

Yes. But last time I used one of the company24 type companies(it took 3 days). You can do the contract without all the background stuff. Share capital I just went for 2 shares. You can change it later if you want. Depends if you want the wife to have a cut?

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)

Thanks MF. I see this site has a company formation service too - £75.