Currently with Umbrella but want to go Ltd

[Nixon Williams]

Following on radgid's query, would it be cost effective to set up a Ltd before the financial year end? I'm looking to do so around mid-March.

It does not really matter when you start the company. The corporation tax is due 9 months + 1 day after the period end. So assuming you formed a company today and started trading on Monday (11th February), the first period end would be 28/02/09 - the corporation tax would normally then be due 9 months + 1 day after this, ie 01/12/09.

Note that in the first year, two company tax returns would be due, the tax on the first would be due in the above example on 11/11/09 and the remainder on 01/12/09 - your accountant should automatically sort this out for you.

Alan

[r0bly0ns]

We set up our Ltd on the 12th March 2 years ago.

The only 'overhead' is that at the following financial year end (april 2007), we got two letters with Corp Tax details, one for 12th - 31st 2006 of march and one for 1st April 2006 - 31st March 2007.

When our accounts were finalised and submitted, we only got one bill for the total amount though.

[designationlocutus]

Following on radgid's query, would it be cost effective to set up a Ltd before the financial year end? I'm looking to do so around mid-March.

[radgid]

Thank you again.

[Sausage Surprise]

One vote for NW here

[tricknot]

Us too; similar scenario to r0bly0ns with similar expense requirements; we went with Uptons and found the setup process and ongoing advice to be great.

[Ardesco]

Thank you all.

Do you know by any chance if a big accountancy such as SJD etc. can handle my specific needs as follows:

- Employing my wife as a Secretary of my Ltd.
- buying equipment (PC) for my Ltd - is there a limit on how much can be spent (I need something for the database to be run and want to spend 1200 quid)
- claiming part of the rent as an expense as one room is used as an office

A friend of mine recommended me an accountant which has a few clients and can probably invest more time in my company accounts.

What do you think?

Thanks.

Rado

Sounds like standard contractor needs tbh. I would expect any big accountancy that specialises in contractors to be able to do this without even blinking.

That being said I would expect any decent accountant to do it too.

[r0bly0ns]

That sounds very similar to our setup, only we have 2 directors and my wife as secretary.

We decided on Uptons, they guided us through the setup process, buying equipment and setting up a standing order from the company bank account to pay each of the directos rent for the home offices.

[radgid]

Thank you all.

Do you know by any chance if a big accountancy such as SJD etc. can handle my specific needs as follows:

- Employing my wife as a Secretary of my Ltd.
- buying equipment (PC) for my Ltd - is there a limit on how much can be spent (I need something for the database to be run and want to spend 1200 quid)
- claiming part of the rent as an expense as one room is used as an office

A friend of mine recommended me an accountant which has a few clients and can probably invest more time in my company accounts.

What do you think?

Thanks.

Rado

[sidknows]

you are better off getting started now as you will want to make sure that all the registrations are in place ie vat , paye

[DaveP]

The Sooner you get started setting up the better.

creating Ltd company can be done in a day,

bank accounts & VAT reg number take a while longer.

[Gonzo]

Hi all,

I am currently with Umbrella company till April/08 and want to form my Ltd now (in two weeks) so that I can smoothly switch to Ltd when new contract comes. Is there any legal issue that prevents me to start the Ltd before my Contract through Umrella ends? I mean do I have to wait with forming the Ltd, creating the business account till my current contract is over (due to PAYE, VAT etc?)

Thank you for the info.

Rado

There is no reason not to do this. Your company would be an entirely different legal entity to yourself personally and it is important that you do not get that distinction muddled up.

I suggest you need to read up the first timer guides such as the one on this website and the one on the Professional Contractors Group ASAP.

[radgid]

Hi all,

I am currently with Umbrella company till April/08 and want to form my Ltd now (in two weeks) so that I can smoothly switch to Ltd when new contract comes. Is there any legal issue that prevents me to start the Ltd before my Contract through Umrella ends? I mean do I have to wait with forming the Ltd, creating the business account till my current contract is over (due to PAYE, VAT etc?)

Thank you for the info.

Rado