Becoming a contractor again, some q's

[wilko123]

After my business idea not taking off i've decided to become a contractor again and have some questions as it has been a few years since I did this:

1. Does anyone have recommendations for quick/cheap company formations?

2. VAT FRS registration - typically how long does it take these days?

3. Registering for corporation tax?

4. UTR? Does my self assessment UTR remain the same?

5. Anything else I need to do? Yes, i'm joining an accountant.

I am conducting a forum search as we speak but i'm sure those with recent relevant experience can help.. much appreciated.

[Alias]

After my business idea not taking off i've decided to become a contractor again and have some questions as it has been a few years since I did this:

1. Does anyone have recommendations for quick/cheap company formations?

2. VAT FRS registration - typically how long does it take these days?

3. Registering for corporation tax?

4. UTR? Does my self assessment UTR remain the same?

5. Anything else I need to do? Yes, i'm joining an accountant.

I am conducting a forum search as we speak but i'm sure those with recent relevant experience can help.. much appreciated.

I'm sure one of the accountants will be here soon but in the meanwhile...

1. Same day formations can be made and relatively cheaply
2. Joining the FRS takes less than 2 weeks (mine did)
3. Once you company is formed, registration is easy - ask your accountant
4. No idea - ask your accountant
5. Appoint an Accountant - several here on the boards and searching the forum will bring many threads on recommendations

Good Luck and welcome back to Contracting...

[Jeremiah@RHJAccountants]

To answer your questions

1. Most accountants offer free company formation and this can be done same day or even as fast as 3 hours.

2. VAT registration i would say 1-3 weeks

3. Corporation tax registration is automatic and you will be sent a letter from HMRC with your company UTR number.

4. Your personal UTR will remain the same

5. Speak to a few accountants and see who you get on with best and don't just go on price alone. You want a service that is tailored towards your business and make sure there are no extra fees for things like payroll, self assessment or even reference letters.

Remember a good accountant will more than justify there fee in terms of you being tax efficient and the service they offer.

Good luck and welcome back to contracting.

[wilko123]

I previously had Government Gateway account registered.

Do I need to register another one? My email address will be the same.

[Clare@InTouch]

I previously had Government Gateway account registered.

Do I need to register another one? My email address will be the same.

A personal gateway account can be used again. A company gateway account will need to be created for a new company, as it's a whole new thing.

[northernladuk]

After my business idea not taking off i've decided to become a contractor again and have some questions as it has been a few years since I did this:

1. Does anyone have recommendations for quick/cheap company formations?

2. VAT FRS registration - typically how long does it take these days?

3. Registering for corporation tax?

4. UTR? Does my self assessment UTR remain the same?

5. Anything else I need to do? Yes, i'm joining an accountant.

I am conducting a forum search as we speak but i'm sure those with recent relevant experience can help.. much appreciated.

Your business didn't take off because you couldn't find a forum full of strangers to do all the basic work for you I take it?

[wilko123]

Your business didn't take off because you couldn't find a forum full of strangers to do all the basic work for you I take it?

I do know it wasn't because I spent more time posting condescending messages on forums rather than doing any actual work for my clients

[northernladuk]

I do know it wasn't because I spent more time posting condescending messages on forums rather than doing any actual work for my clients

True enough but if we were all doing that there would be no one on the forum to set up your contract stuff for you.

[wilko123]

Do I need to wait for my company UTR before I can register for VAT?

[Jeremiah@RHJAccountants]

Do I need to wait for my company UTR before I can register for VAT?

No VAT registration is completely separate form Corporation tax.

Did you register through a formation agent or an accountant?

As a accountant could do all this for you. Register for VAT and PAYE etc even the Business bank account and Insurance too.