Best time to set up Ltd company

[TykeMerc]

Yeah the bank bit took weeks of chasing in my experience. Plus you need a registered company first, though that bit pretty much happens overnight.

My Cater Allen account was up and running in a matter of a day or two, I don't remember it being tricky at all, but that said I opened my current MyCo Ltd in 2009 so things may have changed.

I'd say open your company when you're confident you have a contract or when you've at least committed to getting your first one.

[dkennedy1001]

Thanks everyone, lots of feedback i'll take on board

[ceebeepps]

Setting up the ltd co was quick for me, I actually did it 3 months before I left my perm job, and it was a good incentive for me not to fallback on the easy option of staying in perm (I'd still have paperwork to do!). I set up my bank account as soon as i left perm. My biggest learning curve was not applying for my vat reg until I had a contract, it took weeks to come through and the agency wouldn't accept invoices with a line of "in lieu of vat" (as per advice from hmrc and accountant) so I ended up having to bill the agency a vat only invoice covering several invoices weeks later, which eventually got paid the week before my vat payment was due. I found it pretty stressful, and could have definitely done without the hmrc hold music for hours on end, so if I were to do it again, Id set up the company and register for vat asap, bank account next asap. Unless of course you aren't really sure if you are committed to contracting...