Reply to: Setting up limited company

[kramer]

when you sign the opt out form with your agency this is what you are opting out of

http://www.opsi.gov.uk/si/si2003/20033319.htm

however this does not directly affect how the HMRC view your contract for IR35 purposes. This is a different process and while opting out may form part of your defence with regard to an IR53 status investigation it is by no means the foundation for that argument...
I stand to be corrected (most probably on punctuation and spelling).

My best advice is that if you are unclear seek professional help from both an employmeny lawyer or/and an experienced accountant.

[Daisy]

What do you mean??

unfortunately IR35 conditions are not something you can opt out of...
The opt out form is something quite different to your tax situation..

[kramer]

unfortunately IR35 conditions are not something you can opt out of...
The opt out form is something quite different to your tax situation..

[Daisy]

Opt Out IR35

Thank you.

I have been on the site but you have to join up to get any relvant info.

I thought that I needed to opt out IR35 so that I was not deemed an employee of the agengy who is finding me interim contracts.

[Pondlife]

Hi,
Has anyone got a sample of an Opt Out letter that they could send me.

Please I need help.

Thank you

You want to opt out of agency regulations which is a pointer to not being an employee (and you are therefore less likely to be caught by IR35). I suggest you read the guides on the PCG website. They'll give you most of what you need. www.pgc.org.uk

HTH

[Daisy]

Example of IR35 Opt Out Letter

Hi,
Has anyone got a sample of an Opt Out letter that they could send me.

Please I need help.

Thank you

[Daisy]

hours to register limited company

Hi, I went on a site and registered my company withing 3 hours. You get you certificate of incorporation and company number. I had no problem with it.

Regards

Hi All,

I need to setup a limited company in order to sign a contract I've been offered - the agent needs the company details as soon as possible to get things going.

If I apply online (they seem to be offering a three hour service via this very website) - will this give me everything I need to get going - e.g. company number - or do I need to wait for things to be sent to me for filling in and returning ?

Thanks in advance.

[castoff101]

div stamps?

I have just opened a company account with the co op bank. Just me to sign and had to show some ID. My accountant is the secretary. Had to ask him for his home address, dob and nationality, which he was quite happy to supply. Paperwork handled at a local branch. All very painless.

[VectraMan]

Barclays too, but it was setup through the company formation agent I used which meant sending stuff away and waiting a while. If I was doing it again I'd just walk down to the local branch and open an account.

My company secretary is also the formation agent, and so to keep Barclays happy I had to write a letter to say the co. sec. wasn't a signatory and didn't have any access to the account.

[css_jay99]

When I set up my account with the Abbey there was no requirement for the Co Sec to put their mark anywhere near the app form, unless I wanted them to.

Actually, I just opened an account with Abbey (Feb) and The Sec had to sign As well (mandatory), but like said earlier, the Sec dont need access to your Bank

The other thing to bear in mind is that Your bank will definately want to see all signatories in person with all their required proof of identity

css_jay99

[Mustang]

I currently bank with Barclays and have made use of the PCG scheme they set up.

[ladymuck]

I doubt you'll want to deal with them again but phone them up (the number's on the website) and you should get through to a competent person (I did, anyway). I looked at the app form you can download and there is no mention of having the co sec signing it, it's the same one I filled in last year and I got the account without it. You have to list all directors but I'm guessing your co sec is not a director?

Charges wise, there are none as long as you stay within their transaction limits - details are on the website. If you go overdrawn without an overdraft you get stung £32 plus £15 for each item paid/bounced while you are in the red. Interest is paid on both current and savings accounts while in credit, can't remember the rate.

No, I don't work for Abbey!

Oh and I agree about the branches, they are generally useless in there and have no business banking facilities in them as far as I can tell.

[BillHicksRIP]

Pondlife - you were entirely correct about the form requiring the Co Sec's signature. Unfortunately, first impressions of Abbey National were bloody awful. Rang their helpline first thing asking for an appointment with someone at a branch in Reading and was told I'd be contacted shortly. Having heard nothing by 3.30, I went into the city centre branch. I've never met anyone as clearly out of her depth as the woman I spoke to.

Me: "I'd like to speak to someone about a business account, please."
Her: "Do you want a form to fill in?"
Me: "No. I'd like to discuss setting up the account, what the charges are etc. I did try and arrange an appointmen.."
Her: "Huh? We don't take appointments." Rolls her eyes.

After sitting at her desk, she hands me an application form, and says, "Fill that in and send it off."

Me: "What ID do you need from me to open the account? I have to get the bank account opened as soon as possible."
Her: "We need proof of who you are."
Me: "So, the passport and driving licence I've got here then?"
Her: "Yes.
Me: "So you just want me to send them off somewhere then?"
Her: "Yes. No....I can photocopy them"

Photocopies them, signs the back, and hands the copies to me.

Me: "So, don't you need to see some documentation about the limited company?"
Her: "Oh, just a copy of that incorporation...documentation...whatever they're called these days..."
Me: "So, I just send those off too then?"
Her: "Yes."
Me: "You want me to pop the bound copies of my company's most important documentation in the post somewhere?"
Her: "Yes...No. I'll photocopy them."
Me: "So, does the company secretary have to fill in the application form then? The person is a relation who lives away and I'd have get the forms to them."
Her: "Yes. The company secretary needs to sign them, and have their identity checked in the branch".
Me: "But they live miles away. Can't they go to their local branch and bring proof of ID there"
Her: "Of course."

I check the forms.

Me: "The form just wants the company secretary's signature. No mention of proof of ID."
Her: "Oh...ok. Just pop the forms off then."

I walk out. A true story.

Can anyone recommend another of the big banks for an account? (Apart from HSBC. I am not dealing with another Indian call centre if I can help it, especially for business.)

[Pondlife]

You can download the app forms off their website. Might be worth taking a look first!

http://www.anbusiness.com/apply/busi...ng/index.shtml

I seem to recall it being very quick and easy - it was only last year I did it.

They reckon that they've been inundated recently because of some marketing campaign and are 'victims of their own success'

[ladymuck]

You can download the app forms off their website. Might be worth taking a look first!

http://www.anbusiness.com/apply/busi...ng/index.shtml

I seem to recall it being very quick and easy - it was only last year I did it.