What is needed to set up Ltd Company

[TheRefactornator]

Also some clients/agents will insist on you having employers liability insurance before giving you a contract.

You could be right there, but there's no legality issue not having it and the compulsory insurance act includes the one-man-band Ltd co exemption. Personally I don't have it at the moment and if a client insisted on me having it, I'd go ahead and get cover at that point.

It's clear I'm not an insurance fan, but I can understand most clients insisting on professional indemnity / public liability.

[Ardesco]

You could be right there, but there's no legality issue not having it and the compulsory insurance act includes the one-man-band Ltd co exemption. Personally I don't have it at the moment and if a client insisted on me having it, I'd go ahead and get cover at that point.

It's clear I'm not an insurance fan, but I can understand most clients insisting on professional indemnity / public liability.

I'm not saying they are right, or that you have to have it (I'm no insurance fan myself and think that for people in our position it is usually a huge waste of time because there are lots of ways they can wriggle out of paying you) but it occasionally happens. I have had three clients insist on seeing the insurance paperwork before I started.

My advice would be join the PCG, get yourself of bunch of insurances thrown in for free and a discount on anything else you need.

[dave_m13]

Thanks for the information.

Well I need to get it set up asap, due to a bid going in. I personally believe that I need all the insurances, including employers, I may not require it but they do not actually specify which they require.

I think for ease on my side, will just use company formation here and then check all insurance stuff when my insurance company calls back.

Can anyone recommend any of the accountancy firms and how do I change from my existing one?

[TheRefactornator]

Can anyone recommend any of the accountancy firms and how do I change from my existing one?

There are a lot of recent opinions for both these questions on CUK. Do a search.

[Gonzo]

You could be right there, but there's no legality issue not having it and the compulsory insurance act includes the one-man-band Ltd co exemption. Personally I don't have it at the moment and if a client insisted on me having it, I'd go ahead and get cover at that point.

It's clear I'm not an insurance fan, but I can understand most clients insisting on professional indemnity / public liability.

I think that it is worth pointing out in any discussion of Employers Liability Insurance that it used to be compulsory for all Companies to have this but the exemption for one-person Ltds was introduced in 2005. This might explain why there are some differences of opinion on here over whether or not it is necessary.

http://www.bytestart.co.uk/content/2...-changes.shtml

[dave_m13]

Thanks guys, its helping slowly understanding all this.

I should really contact accountant but thought i'd ask here first.

Its a share question, when setting up company do people allocate all shares to the themselves or split them between spouse, I suppose it depends on different circumstances.

My wife does not work, would it be better to split 50/50?

Thanks
Dave

[oraclesmith]

If you're thinking of giving your wife a share in the company, and she's not actually working for it (and expect to gain from using her tax allowance) then you need to read about the S660 settlements legislation.

See: http://www.contractoruk.com/news/s660.html