Changing company name mid contract

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GhostofTarbera replied

17 February 2020, 17:06
Originally posted by OneManBand View Post

I really hate the name of my company but I was in a hurry when I chose it back in 2010...

Anyway, I'm going to change the name now. I understand that the process is relatively painless, with some simple forms to fill in. My only small doubt is that I'm in a contract now. Should I wait till it ends before I go and confuse everybody?

What happens when I inform the bank? Will any payments coming through with the old company name be rejected or is there a period when both names will work?

I'm just thinking that the agency will almost certainly keep using the old company name, no matter how many times I tell them... and payments will get rejected if the bank doesn't recognise the old name any more.

Possibly when Confirmation of Payee rolls out in March, where up to now only sort code and account number are checked, now the payee name is a primary key also for checking

To stop old people sending payments to fraudsters

Sent from my iPhone using Contractor UK Forum
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WordIsBond replied

17 February 2020, 16:44
Originally posted by OneManBand View Post

I really hate the name of my company but I was in a hurry when I chose it back in 2010...

OMB Limited is already taken, sorry.
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WTFH replied

17 February 2020, 16:04
You are Thomas Russell and I claim my £5

DROP TABLE CONSULTANTS; LTD
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northernladuk replied

17 February 2020, 15:57
Why didn't you just call it your name like this guy. Helped him with his IR35 status as he clearly had a start and end date although substitution might have been a bit tough.

JESUS CHRIST LTD - Overview (free company information from Companies House)
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northernladuk replied

17 February 2020, 15:52
I can't think why you need to change it though.

T.N.U.C. BRICKWORK LTD - Overview (free company information from Companies House)
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northernladuk replied

17 February 2020, 15:50
You've no decision points to make that might include closing it what with the current carry on?

If you are going to go inside or perm you'll no longer need it and can get rid of it once and for all?
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ladymuck replied

17 February 2020, 15:44
It was pretty seamless when I changed mine years ago.

The bank was fine, they just needed a copy of the certificate of incorporation to make the change. I don't recall any issues with payments in or out.

Just make sure you make a list of all companies you pay / receive from and ensure you notify them all of the change. It's a bit like moving house in that respect.

I would try and do it when not in contract but it doesn't make a huge difference. The agency may chance their arm to charge you a fee to raise the contract paperwork against your new company name.
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OneManBand started a topic Changing company name mid contract

17 February 2020, 15:33
Changing company name mid contract

I really hate the name of my company but I was in a hurry when I chose it back in 2010...

Anyway, I'm going to change the name now. I understand that the process is relatively painless, with some simple forms to fill in. My only small doubt is that I'm in a contract now. Should I wait till it ends before I go and confuse everybody?

What happens when I inform the bank? Will any payments coming through with the old company name be rejected or is there a period when both names will work?

I'm just thinking that the agency will almost certainly keep using the old company name, no matter how many times I tell them... and payments will get rejected if the bank doesn't recognise the old name any more.
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