Originally posted by IR35FanClub
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Reply to: Company number for self employment?
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Previously on "Company number for self employment?"
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Originally posted by IR35FanClub View PostMy biggest issue was capitalising the business by a loan from my Ltd. Now sorted - I'm going to charge her the 4% interest that means I don't have to pay beneficial tax on a directors loan. May as well lend it to her and get 4% vs gets 3.5% from ING.
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Originally posted by Clare@InTouch View PostSounds like they might be after her UTR - maybe it's part of their money laundering process, to ensure she's registered with HMRC and will be completing a tax return to include the funds that are going through the new bank account.
They want the number frmo her SA registration declaring she's self employed - as per the link NL posted.
Makes me wonder what we'd have done if we went in before getting the trial orders off.
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Originally posted by northernladuk View PostAre you sure you have picked the right option when opening the account..
I was looking at the Barclays one here
Barclays Personal Banking | ISAs | Barclays latest ISA rates - Barclays
and it says
Also if you start the process it gives you two options. One for Sole Trader, and the other option is for everything else...
Sounds like you are trying to open an account connected to an LTD.
Actually just been to the Santanders site as that's who we're using and it's the same there. I think they are just getting confused with "business = company". My guess is too many people start a company instead of taking advice and doing it cheaper... accountant said £250/yr as sole trader vs circa £800 as Ltd. Technically we don't need to use a company name - she can trade as Jospehine Bloggs. Not Super Duper Products. But to sound more professional we've worked out a name (note to self - get off CUK and do the business cards!)
She already has a current A/C with them so gets an extra 6 months free banking. Plus I didn't want to use barclays as I use them already and aren't particularly impressed with their online offering. Getting better, but it doesn't feel integrated. Like lots of portals all linked up. Lets see what Santander are like. Plus - we can walk to their branch in 3 minutes from where we live :-)
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Originally posted by IR35FanClub View Post<Snip lotsa good stuff>
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Originally posted by northernladuk View PostAm sure you have done the legwork but there is a pretty nice looking guide here...
Setting up as a Sole Trader - Easy Accountancy - Accountants for Freelancers, Sole traders and SME's
When should she go from Sole trader to Ltd (circa 40k turnover) and is it worth registering the company name now (yes but make it dormant). We already have the webdomain so it stops some cheeky sod coming along and stealing it.
My biggest issue was capitalising the business by a loan from my Ltd. Now sorted - I'm going to charge her the 4% interest that means I don't have to pay beneficial tax on a directors loan. May as well lend it to her and get 4% vs gets 3.5% from ING.
If things go well, I'll be giving up contracting to start a web based business selling the stuff online that she retails to her clients. I may as well as I'm doing 90% of the work to get it from China to our garage! LOL. Making the quantities x100 instead of x10 takes no extra effort. But that will be me and that will be a separate Ltd (I've been divorced once already and will never make the mistake of company shares with a wife again!)
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Am sure you have done the legwork but there is a pretty nice looking guide here...
Setting up as a Sole Trader - Easy Accountancy - Accountants for Freelancers, Sole traders and SME's
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Sounds like they might be after her UTR - maybe it's part of their money laundering process, to ensure she's registered with HMRC and will be completing a tax return to include the funds that are going through the new bank account.
Leave a comment:
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Are you sure you have picked the right option when opening the account..
I was looking at the Barclays one here
Barclays Personal Banking | ISAs | Barclays latest ISA rates - Barclays
and it says
Business details
Contact details
Business name and address, nature of business and legal status
Start date (if applicable), anticipated turnover and funding requirements
Incorporation details (if a Limited Company)
Sounds like you are trying to open an account connected to an LTD.
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Company number for self employment?
Am helping other half set up a business at the mo. The bank is asking for her company number - to which I've said several times - she's a sole trader - not ltd company. They seem to be insistent she'll have some company reference number from HRMC. But the only think I can think of is her Unique Taxpayer Reference for SA purposes. Are they getting the wrong end of the stick or am I not aware of how self employment works (having never gone this route).
What's weird is they've also asked for copies of invoices she's had for some small trial orders she made to China (using my paypal account). However this was not part of the business, just some market research on how to do it all before committing to starting a business. I'm curious as to why they'd want them. Just to make sure we have done research, or ...??
We've given the products to friends and family and asked for feedback after several weeks of use. Its from China and to say their quality standards and business ethics are poor is not a joke. 4 of the suppliers (from 6) have given us utter tulipe - I can see why most people don't bother and buy local. Unfortunately the industry she works in - you need to source from China, even if you source here - it's been imported from there. So I've said before I put any more money in I want proper accounts to record all this crap product as losses against future profits. thankfully we're only talking hundreds, but we need to keep finding new suppliers using the same process, buy, trial, feedback, so were looking at an outlay of several thousand till we get enough suppliers on board. To the point we're now considering a trip out there ;-)Tags: None
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