LTD Company - Ready...

**sal** · 11 July 2014, 15:26

Don't jump the gun, you can incorporate online in minutes. First get a contract secured or at least interviews lined up and then create the ltd while singing a contract with an accountant of your choosing and get a package deal.

**TheFaQQer** · 11 July 2014, 15:38

Originally posted by patonar View Post

If i set up my LTD today - but dont trade for a while, what are my options? Do i make dormant? Do i file empty accounts?

You'd only have to file accounts at the end of the year. It's really not worth jumping the gun, though - you can register a company in days at the most.

VAT takes more time, but if you are considering using the flat rate scheme then you want to put that off for as long as you can to get the most out of the 1% discount you get.

If you want to jump the gun, spend the time researching the things that you will need to know in your early days.

**mudskipper** · 11 July 2014, 15:45

Originally posted by TheFaQQer View Post

If you want to jump the gun, spend the time researching the things that you will need to know in your early days.

NorthernladUK Comment generator

--->

**Scotchpie** · 11 July 2014, 18:52

I just registered my company today after hearing I'd secured a contract. I'd recommend reading everything available on the SJD Accountancy website. I registered through them for £150 including VAT. Next week I should get the paperwork through so I can approach a bank.

The only thing I'd recommend, though I am a newbie, is to register your company early as I've now learnt that the bank can take a couple to several weeks to set up the account and send out the bank card. I'm starting my new contract in two weeks so I'm scratching my head about accounting for expenses drawn from my personal account.

Time to post to the accounting forum I think.

**SpontaneousOrder** · 11 July 2014, 20:23

I was going to mention about bank accounts too. Unless you're being paid weekly, though, it won;t really matter.

**patonar** · 11 July 2014, 20:47

Originally posted by Scotchpie View Post

I just registered my company today after hearing I'd secured a contract. I'd recommend reading everything available on the SJD Accountancy website. I registered through them for £150 including VAT. Next week I should get the paperwork through so I can approach a bank.

The only thing I'd recommend, though I am a newbie, is to register your company early as I've now learnt that the bank can take a couple to several weeks to set up the account and send out the bank card. I'm starting my new contract in two weeks so I'm scratching my head about accounting for expenses drawn from my personal account.

Time to post to the accounting forum I think.

This was one of the reasons I was thinking of doing it early.

**Contreras** · 11 July 2014, 23:04

Originally posted by patonar View Post

This was one of the reasons I was thinking of doing it early.

Despite what the other posters have said (all valid reasons), if you're planning on setting the company up yourself and with it being typically ~£20, I'd plan on doing it sooner rather than later. If you're getting an accountant to do it then you can still fill in any forms they need but ask them hold fire until you're ready.

As to the question - what happens if you don't trade immediately? HMRC will send you a CT41G form (or is it done electronically these days?) on which you declare if the company is trading and if so from what date it commenced trading. Check with your accountant but I think you have 3 months to return this information to HMRC.

**malvolio** · 12 July 2014, 07:00

And go visit www.pcg.org.uk. Lots of good advice on there and Plus membership is a no brainer these days.

LTD Company - Ready...