Reply to: Wait for first contract before forming a company?

[CloudWalker]

ClearSky but its all done now and Finally got my VAT registration... only took a month

[stek]

Just had this from my Accountant

Your Cater Allen Application has been sent on the 19th June so should be received today. The application can take up to 21 days to be process and your business bank account opened.
If you have not heard back from Cater Allen within 14 days please feel free to contact me on the below number and I will contact Cater Allen for an update for you.

Something say I should have gone HSBC

Think mine took about 3 days, who's your accountant?

[CloudWalker]

Just had this from my Accountant

Your Cater Allen Application has been sent on the 19th June so should be received today. The application can take up to 21 days to be process and your business bank account opened.
If you have not heard back from Cater Allen within 14 days please feel free to contact me on the below number and I will contact Cater Allen for an update for you.

Something say I should have gone HSBC

[japp]

I'm not an expert - but as for my experience you don't need bank details before you make your first invoice to the agency. I landed a first contract myself which will be starting in 10 days - and all my client needed is Company Name and Number. I'm chasing HSBC to get the account sorted ASAP but - again - my client told me only they needed it when I invoice.

Yes, that was my thoughts too. I'm fairly confident I can have everything set up before I even set foot in the door but certainly not in one day, seems strange that they would withhold the contract for the sake of bank details when nothing can happen until I have seen the contract anyway.

All this added to the fact that I am coming from a permanent role and the client is happy to wait for me to serve my full notice if I cannot negotiate an earlier release, giving me ample time, makes their stance all the more frustrating

[manubbo]

My accountant has suggested using QDOS for this, I wasn't sure as it obviously doesn't guarantee anything but you make a good point with regards to buying myself time.

Out of interest is this something you would do with each contract?

Just to add, I have just spoken to the agency and they have told me they will not even issue the contract to me without them having my account details - does this sound right to you guys?

Thanks for the help so far, friendly bunch round here.

I'm not an expert - but as for my experience you don't need bank details before you make your first invoice to the agency. I landed a first contract myself which will be starting in 10 days - and all my client needed is Company Name and Number. I'm chasing HSBC to get the account sorted ASAP but - again - my client told me only they needed it when I invoice.

[japp]

When you accept it tell them you will 'accept subject to contract review' and then get it off to QDOS for review. This can take up to 5 days so not only are you doing the right thing getting the contract reviewed but you also buy yourself a couple more days to get it sorted.

My accountant has suggested using QDOS for this, I wasn't sure as it obviously doesn't guarantee anything but you make a good point with regards to buying myself time.

Out of interest is this something you would do with each contract?

Just to add, I have just spoken to the agency and they have told me they will not even issue the contract to me without them having my account details - does this sound right to you guys?

Thanks for the help so far, friendly bunch round here.

[northernladuk]

Thanks that was my take on things.

I have already discussed invoicing in the I term with my accountants so that is covered, bank account is almost done so should be ready in the next couple of days

Thanks for the swift reply

When you accept it tell them you will 'accept subject to contract review' and then get it off to QDOS for review. This can take up to 5 days so not only are you doing the right thing getting the contract reviewed but you also buy yourself a couple more days to get it sorted.

[japp]

Thanks that was my take on things.

I have already discussed invoicing in the I term with my accountants so that is covered, bank account is almost done so should be ready in the next couple of days

Thanks for the swift reply

[TheFaQQer]

Hi all, sorry to hijack the thread slightly

I landed a contract role this week which came out the blue, while I have been waiting for the contract to arrive I have been busy setting up my Ltd.

The agency have told me I should have the contract with me today and that I would need my Ltd to be fully set up by then, including VAT certificate and Bank Account. They have told me that if I do not have this then I will need to use an Umbrella company. They are, of course, ever so keen to recommend the services of an Umbrella they deal with.

Looking at their payment schedules I am unlikely to invoice them before the end of July and they won't be making any payment to me before late August so is there a reason they absolutely have to have this up front? My suspicion is that they are trying to use scare tactics to make me use the umbrella company they have a partnership with.

Sorry for the long post

If you are going Ltd then the only thing that they need up front is the company number, but it makes it easier if they have all the information in one go.

VAT can take some time to come through, and they should know and understand this. Make sure that you invoice correctly if you haven't got a VAT number but one is pending.

Make sure they have a bank account ready before the first invoice, so they have something to pay into, and you can put the payment details on that first invoice.

[japp]

Hi all, sorry to hijack the thread slightly

I landed a contract role this week which came out the blue, while I have been waiting for the contract to arrive I have been busy setting up my Ltd.

The agency have told me I should have the contract with me today and that I would need my Ltd to be fully set up by then, including VAT certificate and Bank Account. They have told me that if I do not have this then I will need to use an Umbrella company. They are, of course, ever so keen to recommend the services of an Umbrella they deal with.

Looking at their payment schedules I am unlikely to invoice them before the end of July and they won't be making any payment to me before late August so is there a reason they absolutely have to have this up front? My suspicion is that they are trying to use scare tactics to make me use the umbrella company they have a partnership with.

Sorry for the long post

[Jeremiah@RHJAccountants]

Get your accountant to set up the bank account

I'm with HSBC. I went in to the branch with id and incorporation documents and walked out in 20 mind with 2 accounts set up and a corporate credit card on its way. I don't get why they take so long.

Just want to echo the comment above I got my account opened in 15 mins

I set up bank accountants for my new clients so this is an option i would recommend.

[stek]

I'm going through this having landed a contract unexpectedly. Company setup last night, now trying to track down a bank that can get me an appointment and account setup this week. Non of my local ones have resident business managers, they all cove about 10 branches, if they even have them! Proving more difficult than I expected. I saw some people have recommended Cater Allen, but my initial scan suggests they want a min balance of £5k to open an account, which isn't possible given that I'm just starting out.

Cater Allen don't enforce - if you go with NW they'll sort it all out for you in a jiffy.

[Hockeynut]

I'm going through this having landed a contract unexpectedly. Company setup last night, now trying to track down a bank that can get me an appointment and account setup this week. Non of my local ones have resident business managers, they all cove about 10 branches, if they even have them! Proving more difficult than I expected. I saw some people have recommended Cater Allen, but my initial scan suggests they want a min balance of £5k to open an account, which isn't possible given that I'm just starting out.

[mudskipper]

Santander (or Abbey as it was then) did me instantly over the phone. Apparently I was "electronically verifiable". I'd never had an account with them, but my kids had had a savings account with Bradford and Bingley which was good enough.

[Jessica@WhiteFieldTax]

Quickest bank ac option is often whoever you use personally for banking; even so they often want to do ID&V all over again.