Question about limited liability company

**Wanderer** · 23 July 2011, 08:54

Originally posted by platforminc View Post

Hi All,

Apologies for my novice questions, I am just venturing into the contracting world and quite new to it. I have used hanover services to start the company, I choose to nominate a director straight away, but the registered address one I didnt select immediate selection as it attracts extra costs.

Now that I have setup the company, I want to know what other tasks that I need to complete, I am making steps at opening a bank account, what kind of documents will I need to bring along, although Hanover have said that they will do an introduction to Lloyds, I am just keen on the one which provides best value for money.

Also, what is the situation with VAT registration, as I'm going to be a contractor, I dont know if my turnover will exceed 70k.

Welcome.

Firstly, have a read of the First Timers Guide - for IT Contractors :: Contractor UK guide, it will tell you a lot of what you want to know but the simple answer is that you should get an accountant to help you get up and running. Not doing this will often result in very costly mistakes which you will only find out about in a year or 18 months time...

VAT is a good example, your accountant can advise if you should register and you may make enough profit from the flat rate scheme to cover your accountant's fees for the whole year. There are a few accountants who post/advertise on this forum, do a search and choose one of them.

Bank accounts, all I can say is that you need to be getting free banking (not just for the first year either), a deposit account that pays interest, a VISA debit card for company expenses and online banking.

All of the big banks do business banking, one that isn't so obvious is Cater Allen (part of Santander) which seems to be popular, though they won't give you a VISA card straight away. As long as your bank has the things in the check-list above and presuming you aren't handling lots of cash and/or cheques, you should be fine.

**SueEllen** · 23 July 2011, 09:26

Just a warning on opening bank accounts - some banks have business advisers who are suppose to "help you". They aren't they are just numpties there to sell you products and a lot of them have no idea about business.

If you don't want them to hassle you tell them so firmly. Also tell them that you don't want to buy any insurance or other products from them as they are likely to sell you something that isn't suitable or not the best deal.

**platforminc** · 23 July 2011, 11:44

Thanks all for the advice, I will read the guide. Definitely, I am going to get an accountant for the kind of stuff I'm doing, I dont mind doing some paperwork myself as I do this all the time anyway (not limited company related), I just always like to have an idea of how things work, so even when speaking to an accountant, I know what I'm talking about instead of just being a passenger.

I am using money supermarket to compare accounts, I found this <snip>

Please let me know your thoughts.
I am going to speak to an accountant that my mates have introduced to me, what sort of questions should I ask them as I have 2 introduced to me but will select only 1.

Thanks.

Question about limited liability company