Getting Started Order ?

[linickx]

Hi All,

My apologies in advance if this is a boring newbie question. I've read thru a lot on this site, and one thing still confuses me; what's the right order to get going ?

I'm currently a permie, and having read the information here want to start my own ltd company but which bit do I do 1st ?

Register the Company ?
- But I'm worried about the books (havin had crappy run-ins with IR when supposed accountants were doing PAYE, let alone me hashin it up!), so...
Employ an Accountant ?
- But I don't have any income to pay them, so....
Shoot for a contract ?
- But I don't have anyone to check for the IR32 stuff, or any income.... and If I get the contract no one to invoice from...

so perhaps... Register the Company... and the loop goes round & round in my head !

Thanks in Advance,
Nick

[thunderlizard]

Register the company, then start a contract, then get once the cash starts flowing get an accountant to sort everything out.

[linickx]

ok, sounds like a plan

... once the cash starts flowing ...

Invoicing ? Is that something someone who know nothing can safely make up ?

ta.

[Diestl]

I would create the company (takes a day and ~£50) you dont have to worry about tax for until your earning. once you get the contract you could then open biz bank account and start keeping books, I would try and do most of accounts myself except yearly returns.

[linickx]

Thanks for your advice Diestl

[VectraMan]

IR32

You don't need an accountant straight off (or at all really), but they are useful and you'll probably have more questions at first that at any other time. I ended up lending my company some money so it could pay for an accountant the first month, which I think was worthwhile. But that's up to you, and depends how confident you feel about everything.

Don't worry about invoicing. I use an excel template provided by SJD, but all you really need is something with your company details on it, a date, an invoice number, your VAT number if you have one, and something like " for services of (you) to (client), 5 days at £(not enough) per day", and a calculation of the total and VAT. The important thing with all this is to keep track of everything and make sure your accounts match your actual bank balance, beyond that it's all pretty simple.