Returning to Ltd Company / Contracting - Advice Please

**northernladuk** · 29 June 2021, 11:08

Originally posted by thevaultdweller View Post

Hi folks,

After having moved away from contracting and taken my first ever perm job (I know, I'm sorry)... I find myself having been made redundant (lesson learned) and am looking at getting back into contracting. I have an opportunity which the employer has deemed outside of IR35 so would mean starting a new Ltd company and that's where my questions come in...

Looks like some more lessons to be learned... and quick.

1/ Does the Ltd have to just exist for one purpose? Aside from my IT work I'm also a photographer doing the occasional wedding, corporate event or suchlike and I run workshops and holidays. Also, during lockdown I took the opportunity to do some training and am now a qualified Personal Trainer and am looking to start up running bootcamps and groups fitness sessions. Up till now I've dealt with the non-IT stuff on an SA basis, but it would be good to have one Ltd that could invoice, account for, etc all my income under one roof. is that possible?

Nothing wrong with that. An accountant can give you better advice so engage one quick.

2/ Suggestions for a company name that's generic enough - previously I just used my initials and "consulting" but as I'm now (possibly) going to be covering more bases then would it make sense to just use my name + Ltd or go for something which is nothing to do with anything?

Well I think being asked to come up with a name for someones company is a first. You can call it what you want and then use name more specific to the application with XXXX trading as YYYY but again, your accountant is best placed to advise

3/ Recommendations for company formation, accountants and registered office - whose using who?

There is an accountant recommendation thread at the top of the Accounting section with the most popular ones used by members of the forum.

Might be worth checking the First times guide on the right to brush up with anything you've missed but lean on your accountant heavily while you are getting up to speed.

**ladymuck** · 29 June 2021, 11:17

Regarding a company name, make sure the domain name is available before you register it with CoHo.

As NLUK said, you can be Vault Dweller Ltd t/as Pecks 4U for the PT work, t/as Kiddie Pics for the photography and t/as Bum On Seat for the IT work

**PerfectStorm** · 1 July 2021, 09:16

There are some issues with multiple purposes - for example the category of business specified for VAT and the VAT rate (for example if using standard rate or one of the variable rates)

**ladymuck** · 1 July 2021, 09:19

I don't know if the business category for VAT really makes a difference. Mine is woefully wrong but I cannot find any means of changing it. Pick as generic a category as possible and just make sure you charge the right rates for the right activities.

The flat rate VAT scheme isn't all that great any more but I believe you can use different rates for different activities on your returns, you just need to spend a bit more time making sure the accounting is correct. You probably won't get that automagically done by the likes of FreeAgent

**edison** · 2 July 2021, 08:02

Originally posted by ladymuck View Post

Regarding a company name, make sure the domain name is available before you register it with CoHo.

As NLUK said, you can be Vault Dweller Ltd t/as Pecks 4U for the PT work, t/as Kiddie Pics for the photography and t/as Bum On Seat for the IT work

If you're doing work targeting consumers like personal training and events photography then maybe also think about a name where the user ID or handle is available on social media e.g. Instagram, Twitter, Facebook etc.

Returning to Ltd Company / Contracting - Advice Please