Setting up a limited co

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Sally BFCA replied

11 November 2009, 15:04
Registering for VAT is all but impossible if you do not have a date for starting trading.

True! They will also have to file quarterly returns. Technically the PAYE will have the same problem, no date to 'employ' the director from.

Bearing in mind that these registrations have no effect on whether invoices can be raised and payments received, it would be simpler to apply for them when a contract start date is known.
Leave a comment:
Alan @ BroomeAffinity replied

11 November 2009, 10:19
Originally posted by DaveB View Post

Yes he can. He can also register for VAT. Down side is that the clock starts ticking on the 1% VAT discount for the first year from the date of registration.

Registering for VAT is all but impossible if you do not have a date for starting trading.
Leave a comment:
kaiser78 replied

10 November 2009, 21:02
Set up the business bank account at the same time so your friend is ready to go when the money starts rolling in.
Leave a comment:
Fred Bloggs replied

10 November 2009, 19:06
Originally posted by DaveB View Post

Yes he can. He can also register for VAT. Down side is that the clock starts ticking on the 1% VAT discount for the first year from the date of registration.

Simple, register for the FRS in the 2nd year.
Leave a comment:
DaveB replied

10 November 2009, 16:23
Originally posted by Soled73 View Post

I've had a question from a friend, but I'm not sure of the best advice to give him.

He wants to move into contracting next year, around March time. His q was "can he setup a limited company in advance, and just have it sitting there?"

Personally I'm not exactly sure of the benefits of this, but he's a pretty "structured" person, so he wants to get all things in place before his 1st contract.

I've told him that it only takes a few days to set things up, but he wants to do it in advance.

Yes he can. He can also register for VAT. Down side is that the clock starts ticking on the 1% VAT discount for the first year from the date of registration.
Leave a comment:
RichardCranium replied

10 November 2009, 16:22
Your friend's 1st year trading figures will look poor should he be asked to provide "x years accounts" for any reason in the future. Although that will be easily explained away.
Leave a comment:
Soled73 started a topic Setting up a limited co

10 November 2009, 16:18
Setting up a limited co

I've had a question from a friend, but I'm not sure of the best advice to give him.

He wants to move into contracting next year, around March time. His q was "can he setup a limited company in advance, and just have it sitting there?"

Personally I'm not exactly sure of the benefits of this, but he's a pretty "structured" person, so he wants to get all things in place before his 1st contract.

I've told him that it only takes a few days to set things up, but he wants to do it in advance.
Tags: None