Wait for first contract before forming a company?

[bluetoaster]

Re: Wait for first contract before forming a company?

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.

[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.

[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.

[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.

[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.

[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.

[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

[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]

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

[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.