registering a company name

[telectrix]

all you do to form a ltd. co. is pick a name, submit to companies house so they can make sure it's not in use by someone else. then you need to submit articles of association and a few other bits of paper, listing directors company sec. etc. ( that can just be you anf the OH). and you have to send in accounts each year.

 

[Octopus]

is there any criteria for being LTD ? thanks

You need £30K profit to make limited work.

 

[growler]

Basically im a subby but wish to take on legit private jobs so i want to get registered with a scam. im just not sure if i should register a company or just carry on as a sole trader?

 

[telectrix]

carryu on as a sloe trader. don't allow any credit to contractors. you do a week, they pay you a week. late payments, then no more work till piad, otherwise they'll stuff you.

 

[DNS1]

You need £30K profit to make limited work.

Not at all mate.

Are you by any chance talking about VAT-registration... £30k isn't far off the turnover threshold where it becomes more profitable to be VAT registered.

 

[Octopus]

Not at all mate.

Are you by any chance talking about VAT-registration... £30k isn't far off the turnover threshold where it becomes more profitable to be VAT registered.

The VAT threshold is about £76K and the £30K profit is the recommendation from my accountant.

 

[DNS1]

You sure you can trust your accountant mate?

I'm no business expert, but both those figures are totally different to anything I've ever seen or heard.

From what I've seen and been told, running Limited should cost little if not zero more than being a sole trader.

 

[Octopus]

You sure you can trust your accountant mate?

I'm no business expert, but both those figures are totally different to anything I've ever seen or heard.

From what I've seen and been told, running Limited should cost little if not zero more than being a sole trader.

Being limited means more financial returns per year.

From HMRC:

[h=2]You're doing business in the UK, or intend to start[/h][h=3]If your place of business is in the UK or you live here[/h]You may need to register for VAT, or you may be able to choose to register voluntarily, if you are doing any of the following kinds of business in the UK:

• Supplying goods or services within the UK.
• If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of £79,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT. However, if your turnover has gone over the registration threshold temporarily then you may be able to apply for exception from registration - see the section later in this guide for more information.

 

[FrankUK]

The VAT threshold is about £76K and the £30K profit is the recommendation from my accountant.

According to post #14 you don't need an accountant

 

[stuartcourt]

you do not need one to go vat registered etc do it online and save a few hundred quid, end of year accounts I would

 

[Octopus]

According to post #14 you don't need an accountant

Who said you need an accountant? all I wrote was a line which my accountant said to me.

 

[FrankUK]

Who said you need an accountant? all I wrote was a line which my accountant said to me.

Point being that, you and I, are sensible and use Accountants in our business dealings.

Poster #14 advises that limited companies do NOT need Accountants...Good advice? I think otherwise.

The amount of legal paperwork associated with operating as a limited company can only, in my opinion, be safely completed and submitted by a qualified Accountant.

Obviously, my intended humour in post #21 appears to have been lost. :sad_smile: