Need to start on Tuesday, Limited company+VAT+Bank A/C set-up

[mekool]

Folks, I am a long time lurker here, I have been a permie most of the time but have now managed to bag a contract.

I need to start on Tuesday 6th May (after bank holiday), and I need to sign the contract with agency asap.

I will of course search on the forum, but it will be helpful if I can get some info on how I can quickly get these things set-up (ideally today itself):

(1) Set-up my limited company - cheapest and best possible solution. I have seen loads of third party websites, but they look like middleman. There are various tiers of offerings
(2) VAT registration
(3) Business bank account
(4) Contractor insurance plus any other insurance I need
(5) Accountant

I think points 1-4 are urgent and for account I may go with SJD accountancy if I am not able to find any other reputable ones.

The agency is Harvey Nash and they have sent me a contract template where mine and my company's details will be entered.

As the agency is a well known and reputable one - should I still get the contract reviewed?

Anyone have any previous experience of working with Harvey Nash and any regular tricks they have which I should negotiate upon like payment schedule or any deductions they make?

Again, I will search the forum now and will go through the information - some of which may be outdated. Will really appreciate if I can get some help from you guys.

Many Thanks

[cojak]

ALWAYS GET YOUR CONTRACT REVIEWED. See http://forums.contractoruk.com/busin...ty-clause.html for 1 reason why you should.

As for Harvey Nash - I've worked with them recently, they were OK - paid on time.

[Clare@InTouch]

A company can be set up in a day, sometimes less. many accountancy firms will do it for free, including VAT and PAYE setup, if you sign up with them.

VAT takes a few weeks, but you can start work before it comes through. If you need to raise an invoice you just do it without VAT, then go back later to re-issue it when you have a VAT number. Flat Rate Registration can be done at the same time as VAT registration.

A bank can take around two weeks, depending on who you go with. Cater Allen are used by many contractors as they don't charge for up to 30 transactions a month, and many accountants can help with the application. Get a business savings account set up at the same time so you can put aside tax money from day one, and avoid getting into a mess later on!

Insurances can be done online, so straight away.

An accountant - depends. Appoint one now and you can get the above done for free, plus advice on share setup, wages etc to get you started on the right foot.

[northernladuk]

The start date is a request by the client/agent, not a hard stop. The fact they have spent the time and effort to pick you puts the cards in your hands. Although they may moan and wail a little if you push it back a few days they will certainly not bin you off. It will take them much longer to get the replacement in so you have some wiggle room. Asking them to delay by a day or two while you get your house in order is not unreasonable and in some cases is the right thing to do, particularly when it comes to contract reviews or anything else that could shaft you hard if you get it wrong and can't change it.

All that said you should be able to get all that done in the time you have. QDOS will do a contract review in a day, might cost you a couple of quid more but much better than losing billing days. All the other stuff could be done in time if you pull your finger out.

[ContrataxLtd]

Folks, I am a long time lurker here, I have been a permie most of the time but have now managed to bag a contract.

I need to start on Tuesday 6th May (after bank holiday), and I need to sign the contract with agency asap.

I will of course search on the forum, but it will be helpful if I can get some info on how I can quickly get these things set-up (ideally today itself):

All you technically need in order to start would be the Limited company and possibly insurance (if it's stipulated in the contract).

(1) Set-up my limited company - cheapest and best possible solution. I have seen loads of third party websites, but they look like middleman. There are various tiers of offerings

Most accountants will include a free company if you sign up to use them to do your accounts. If you want to form the company yourself you can do it from as little as £17.79 with a formation agent. Either way, apply for the company in the morning and you should have it all set up by the afternoon.

(2) VAT registration

Again, this is normally included for free by an accountant when signing up. Usual processing time is about 2 weeks at HMRC's end.

(3) Business bank account

Most contractor's I deal with go with Cater Allen, an accountant can assist in opening the account and it's usually turned around in under two weeks.

(4) Contractor insurance plus any other insurance I need

Can be done online so pretty instant. I normally recommend Qdos as they are reasonably priced and get good reviews.

(5) Accountant

I'd do this straight away as they can help with points 1 - 4 and get them done pretty quickly for you.

I think points 1-4 are urgent and for account I may go with SJD accountancy if I am not able to find any other reputable ones.

Ring up a few contractor specialists, as them any questions you may have and get a feel for which one you would prefer. Most specialists provide a pretty similar so you should focus on which one you get the best relationship with (see if you can speak to the accountant you'll be dealing with day to day) and who's going to give you the highest level of service.

The agency is Harvey Nash and they have sent me a contract template where mine and my company's details will be entered.

As the agency is a well known and reputable one - should I still get the contract reviewed?

I'd always recommend getting your contract reviewed, both for IR35 purposes and also general contract law purposes. You don't want to be signing a contract with nasty hidden clauses like personal guarantees etc.

Hope this helps!

Martin
Contratax Ltd

[TheFaQQer]

VAT takes a few weeks, but you can start work before it comes through. If you need to raise an invoice you just do it without VAT, then go back later to re-issue it when you have a VAT number. Flat Rate Registration can be done at the same time as VAT registration.

Make sure that the agency are aware that you are doing this - you don't want to end up with them not paying the VAT element because they aren't geared up for it. There have been some threads recently about this.

An accountant - depends. Appoint one now and you can get the above done for free, plus advice on share setup, wages etc to get you started on the right foot.

Go with InTouch - tell Clare I sent you her way for and I'll get some freebies (still waiting on that iPad...)

[tractor]

A company can be set up in a day, sometimes less. many accountancy firms will do it for free, including VAT and PAYE setup, if you sign up with them.

VAT takes a few weeks, but you can start work before it comes through. If you need to raise an invoice you just do it without VAT, then go back later to re-issue it when you have a VAT number. Flat Rate Registration can be done at the same time as VAT registration.

A bank can take around two weeks, depending on who you go with. Cater Allen are used by many contractors as they don't charge for up to 30 transactions a month, and many accountants can help with the application. Get a business savings account set up at the same time so you can put aside tax money from day one, and avoid getting into a mess later on!

Insurances can be done online, so straight away.

An accountant - depends. Appoint one now and you can get the above done for free, plus advice on share setup, wages etc to get you started on the right foot.

If you do go for flat rate VAT, make sure that you make any substantial purchases that attract VAT BEFORE you register for flat rate unless your purchases meet the requirement for claiming back the VAT - our resident accountants will hopefully jump in with the specifics I can't remember what they are off the top of my head.

[TheFaQQer]

As the agency is a well known and reputable one - should I still get the contract reviewed?

Always.

Since you need insurance arranging and a contract review, talk to Qdos Consulting and see what they can bundle together for you at the same time - might save you some money.

[TheFaQQer]

If you do go for flat rate VAT, make sure that you make any substantial purchases that attract VAT BEFORE you register for flat rate unless your purchases meet the requirement for claiming back the VAT - our resident accountants will hopefully jump in with the specifics I can't remember what they are off the top of my head.

Capital expenditure where the invoice is over £2000 - the VAT element can be reclaimed if you are on FRS.

[Clare@InTouch]

Ring up a few contractor specialists, as them any questions you may have and get a feel for which one you would prefer. Most specialists provide a pretty similar so you should focus on which one you get the best relationship with (see if you can speak to the accountant you'll be dealing with day to day) and who's going to give you the highest level of service.

Totally agree with this. It's important you get on with your accountant and that you trust their advice, so call a few and ask a few questions to ensure you're comfy. Talk to the accountant rather than a salesperson too.