Reply to: IT Contractor - Company Formation + VAT Reg + ???

[TheFaQQer]

So do HSBC.

HSBC's accounts are also quicker to set up.

I hated the deal with HSBC so moved to Abbey.

Sometimes, I wish I'd stayed - like when they didn't get my security forms with the username and required password on them. That was OK, though - the call centre operative just got me to tell her what they should be, and she entered them into the system directly

[SueEllen]

Don't think that is much of a decision maker IMO. I have been with Santander for 4 years and never stepped in a branch or rung them. Your banking should be very simple. I am not even sure they have full business banking facilities in every highstreet branch.

Doesn't really matter as if GB2408 is a typical contractor where his/her clients all pay him via bank transfer and s/he pays everyone else electronically then the only reason to go to a branch will be to pay in a random cheque received from the likes of HMRC or to pick up something like a debit card.

HSBC send you to the normal bank branch to do this regardless if the bank has a business branch next door or in it.

[northernladuk]

as well as them having a branch near my house that is open until 8pm weekdays and all weekend - Winner!

Don't think that is much of a decision maker IMO. I have been with Santander for 4 years and never stepped in a branch or rung them. Your banking should be very simple. I am not even sure they have full business banking facilities in every highstreet branch.

[CharlotteHughes]

Formation

Hi,

Had a look at SJD, it was £125, not too bad. I found websites that were cheaper but they didn't give me all documents I needed : (

I have just formed my company for £20.12 by signing up to OrangeGenie. Perhaps worth a look for you?

[Jeremiah@RHJAccountants]

Thanks

In the end I cancelled my original appointment and arranged an appointment with Jeremiah at Smith Craven.

He made it very easy and he has answered all of my (many many) questions. My business is now set up and I have an appointment with HSBC to get my account up and running tomorrow. I'm all good to go!

Thanks for all the replies.

Thanks for the kind words there were not that many questions

Just glad i could help you.

The world of contracting awaits you

[GB2408]

So do HSBC.

HSBC's accounts are also quicker to set up.

Thanks - I will be going with HSBC for the reasons posted in this thread, as well as them having a branch near my house that is open until 8pm weekdays and all weekend - Winner!

[GB2408]

It may be cheaper to do it yourself but if in doubt speak to your accountant or get one.

An accountant can advise you on how best to set up your company for example share capital, directors, registered office etc.

They can also help with getting you registered on the VAT flat rate scheme and what FRS percentage to use.

Plus so much more.

This is just the general feedback i get from my clients at Smith Craven Chartered Accountants.

In the end I cancelled my original appointment and arranged an appointment with Jeremiah at Smith Craven.

He made it very easy and he has answered all of my (many many) questions. My business is now set up and I have an appointment with HSBC to get my account up and running tomorrow. I'm all good to go!

Thanks for all the replies.

[SueEllen]

Santander offer free internet banking, cheap and easy to use, which for the typical IT contractor for receving funds and withdrawing is fit for purpose.

So do HSBC.

HSBC's accounts are also quicker to set up.

[Jeremiah@RHJAccountants]

It may be cheaper to do it yourself but if in doubt speak to your accountant or get one.

An accountant can advise you on how best to set up your company for example share capital, directors, registered office etc.

They can also help with getting you registered on the VAT flat rate scheme and what FRS percentage to use.

Plus so much more.

This is just the general feedback i get from my clients at Smith Craven Chartered Accountants.

[Waldorf]

Some accountants still set up a company for clients - such as Nixon Williams, not sure of others do, they also do the VAT, PAYE, bank account etc as part of the set up, or they did when I set up.....

[The Spartan]

You can incorporate your company online at Companies House: Information & Guidance - Starting a company

Much cheaper to do it yourself

[kaiser78]

If its not too late;
Company formation - Company Formation & Registration Services | UK Company Formation and UK Company Incorporation Agents - The bronze package is all you need. My suggestion is avoid the Barclays bank account though....

Bank account - If you need this done fast, as Clare says walk into your bank and sort this out. HSBC will open an account for you within 2-4hrs - but banks can be a bit fickle. If you work in London, PM me your details, and I can set you up for a meeting at HSBC. Other banks work fast as well, we have just found HSBC to be the fastest and most reliable.

Registering for VAT - HM Revenue & Customs: How to register for VAT

Joining the VAT flat rate scheme - VAT 600FRS - Application to join the Flat Rate Scheme

Santander offer free internet banking, cheap and easy to use, which for the typical IT contractor for receving funds and withdrawing is fit for purpose.

[Greg@CapitalCity]

If its not too late;
Company formation - Company Formation & Registration Services | UK Company Formation and UK Company Incorporation Agents - The bronze package is all you need. My suggestion is avoid the Barclays bank account though....

Bank account - If you need this done fast, as Clare says walk into your bank and sort this out. HSBC will open an account for you within 2-4hrs - but banks can be a bit fickle. If you work in London, PM me your details, and I can set you up for a meeting at HSBC. Other banks work fast as well, we have just found HSBC to be the fastest and most reliable.

Registering for VAT - HM Revenue & Customs: How to register for VAT

Joining the VAT flat rate scheme - VAT 600FRS - Application to join the Flat Rate Scheme

[Clare@InTouch]

That's definitely excessive in my view. You can do it yourself, or find a separate agent to do it much cheaper.

You can use a formation agent to set up the company, then you just need to register for VAT and PAYE which you can do via the HMRC website. Flat rate registration is another simple form that you submit after you have your VAT certificate. Corporation Tax registration happens automatically - HMRC will send you a form called a CT41G that you complete and return to them. Keep a copy as it'll have your CT reference on it which you'll need later.

The company bank account can be done via an accountant, often they recommend a Cater Allen account, or you can just wander into your local bank with ID and a copy of your Certificate of Incorporation and open an account yourself. Often this is a quicker option.

[northernladuk]

This thread asks exactly the same question and has recommendations..

http://forums.contractoruk.com/busin...ces-costs.html

and this is a search that brings up many threads covering this and many other formation questions..

formation site:forums.contractoruk.com - Google Search