I may have to setup a Ltd Company this weekend! Bugger.

[breamster]

Hi,

For reasons I won't bore people with I may need to setup a Ltd company this weekend (or rather ASAP) and I have a few questions;

1) I take it buying a ready setup Ltd company is the best option in the circumstances?
2) Where should I buy one from? Any recommendations?
3) If I do go ahead with this how much should an accountant charge?**

• Currently a sole trader and being charged £3-400 pa. ~20 to 30 invoices a year for services only if that makes a difference. Accounts should be about as simple as they come. Turnover less than £50K. Also PAYE elsewhere.

Thanks in advance!

[ninja-lewis]

You may struggle to buy a shelf company over the weekend. Given the disadvantages and risks of a shelf company over a new formation, you may be better registering a new company using the Companies House website if you can afford to wait until Monday to get your hands on it (usually incorporated on next working day if you register over the weekend).

Note there are plenty of sites out there that charge more simply toput input your details into the same CH website.

[Kudos]

Do it yourself in Companies House. Takes 10mins or so to do. £20 or so (been a while since I last did it)

[39sl]

Entirely agree, using the company house website is probably going to be just as quick and only £12

[breamster]

Thanks all. Just having a google now.

Looks easy enough. Just need to work out the SIC code.

Presumably, we need a business bank account - no rush for that and to inform HMRC which we can leave to the accountant.

Any ideas on accountancy costs to deal with a small ltd for effectively a contractor. It seems the correct acronym is now a PSC - Personal Service Company.

[98elise]

breamster said:

Thanks all. Just having a google now.

Looks easy enough. Just need to work out the SIC code.

Presumably, we need a business bank account - no rush for that and to inform HMRC which we can leave to the accountant.

Any ideas on accountancy costs to deal with a small ltd for effectively a contractor. It seems the correct acronym is now a PSC - Personal Service Company.

£1500 per year would cover it.

[Eric Mc]

Regarding HMRC, most companies have to register for at least three different taxes -

Corporation Tax
PAYE
VAT

In addition, if you are not already personally signed up to complete Self Assessment tax returns, you will almost definitely have to get yourself registered for Self Assessment.

You need to appraise yourself of the rules surrounding IR35 - especially teh new rules that came into effect a few days ago.

Finally, the spectre of Making Tax Digital is looming so you should also get familiar with how this will affect to tax obligations (both personal and company related) over the next few years.