Contractor Checklist.

[Badgers Armpit]

OK, just heard that I've got the contract so I need to get a move on with forming the company so the contract can be drawn up.

Any suggestions for getting this done ASAP???

I was planning on forming the LTD using www.uk-plc.net. The EB has asked for the company name, address & VAT certificates. Anyone know how long this VAT cert takes to get issued (is it done pretty much immediately & something that can be downloaded\printed)?

Am now thinking of using SJD as accoutants in order to get this done in the quickest time.

[The Lone Gunman]

OK, just heard that I've got the contract so I need to get a move on with forming the company so the contract can be drawn up.

Any suggestions for getting this done ASAP???

I was planning on forming the LTD using www.uk-plc.net. The EB has asked for the company name, address & VAT certificates. Anyone know how long this VAT cert takes to get issued (is it done pretty much immediately & something that can be downloaded\printed)?

Am now thinking of using SJD as accoutants in order to get this done in the quickest time.

Chill out man, the paperwork doesnt have to be done today. SJD or 1st are both good guys known to this board and will sort out most of it. The VAT reg can take a while, but that just means the agent wont pay the VAT till you get a number. You wont be chased by the VAT man either.
Most agents have experience of new contractors needing time to set up the business. Chill man, just chill.

[Ruprect]

Chill out man, the paperwork doesnt have to be done today. SJD or 1st are both good guys known to this board and will sort out most of it. The VAT reg can take a while, but that just means the agent wont pay the VAT till you get a number. You wont be chased by the VAT man either.
Most agents have experience of new contractors needing time to set up the business. Chill man, just chill.

*TLG in 'patronise the newbie' mode

[Xenophon]

I was planning on using HSBC. Had a look at Cater Allen, but their T&C's require you to be an operating LTD company for at least 6 months & have a minimum of £5K balance. Not sure if an accountantcan get round this??

I'm with Cater Allen and didn't need either the MyCo history or balance for account opening.

[kramer]

It means they don't charge you for transactions! Or a monthly fee!

well then its free.... and comes pretty recommended!


Go Butterfield!!!!

[hyperD]

I'm with Cater Allen and didn't need either the MyCo history or balance for account opening.

Seconded. But it might have changed. Like the no charges for transactions above £5000 that was introduced last year. Which isn't a problem normally for cash rich muppets like me...

[Lucifer Box]

Let's face it, anyone with less than £5k in the company coffers is a window cleaner, not a contractor. And not a particularly good or hard-working one at that.

[DimPrawn]

My window cleaner charges £10 and it takes him all of 15 minutes. You work out who's the idiot.

[BillHicksRIP]

If it's your first contract, I'd advise you to use an umbrella like Parasol to get you started. Running your own limited company is the ideal solution, but you do need to put some groundwork in to get you up and running. Despite the abundance of helpful advice about, I don't think it's possible to jump from permie to contractor without a bit of wiggle room at the beginning. There's a lot to take in. Once you're enjoying the contractor lifestyle of surfing the net a lot, you'll spend more time here and get to know a bit more about the obligations of running a Ltd.

[castoff101]

Don’t forget that you do need to account for VAT on your invoices once you know that you need to register. I actually added the quote from the Customs & Excise website to the invoice and followed up with a proper VAT invoice once registered. The agency paid the full invoice (with the ‘VAT’) with no problems.

It took about six weeks to become registered ….

“You must start keeping records and charging VAT to your customers from the date you know you have to be registered.
You can charge VAT before you are registered but until you have a registration number you must not show VAT as a separate item on any invoice you issue. You can change your prices to include VAT and explain to any of your customers who are also registered that you will be sending them VAT invoices later. Once you have your registration number you should send the necessary invoices showing VAT within 30 days.”