3CorsaMeal
Member
Registered: 11th Apr 02
User status: Offline
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what do you have to do, in terms of tax and telling people etc?
Not a clue about it all, i've always been an employee.
Also does anyone else own/work for a company dealing with food?
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Kurt
Member
Registered: 23rd Oct 05
Location: Hi
User status: Offline
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U2u will doyle
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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Sole trader or Registering Limited?
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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its a pain in the arse, Ive been at is since late august now and it is alot of hassel and worry, getting the word around is the hardest and most expensive part imo
should all be worth it though
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3CorsaMeal
Member
Registered: 11th Apr 02
User status: Offline
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quote:
Originally posted by Whittie
Sole trader or Registering Limited?
going to be 3 of us who own/run it to begin with
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Are you starting a VW Corrado restoration business?
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
Depends what they're after, there are benefits to taking over a vintage company. The main one being it has been registered for a length of time meaning they can manipulate any marketing to include that they've been 'established' for a length of time which is factually correct but not in real terms.
Dormant companies also have benefits like the fact they're already registered meaning there's no chance of any objections being filed.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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£120 quid!!
It's about £40
Google 'quick formations'
Don't do 100 shares each. Mine is set up with 1 share and I own 1 share (100% obv)
You can download all the documents you need for the bank etc.
Setting up a ltd company is very very easy.
Tax and everything will just be sent thru post (reminders etc)
Also, I suggest a program called TAS Basics for keeping a track of your money. It exports to Sage format which is what most accountants use
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Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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There are more costs with being a Ltd company but personal assets won't be at risk. So that's one thing to take into consideration when deciding to be a Ltd company or a partnership
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by glb
£120 quid!!
It's about £40
Google 'quick formations'
Don't do 100 shares each. Mine is set up with 1 share and I own 1 share (100% obv)
You can download all the documents you need for the bank etc.
Setting up a ltd company is very very easy.
Tax and everything will just be sent thru post (reminders etc)
Also, I suggest a program called TAS Basics for keeping a track of your money. It exports to Sage format which is what most accountants use
For £40 I'm guessing you dont have a hard copy of your certificate?
Doesnt matter how many shares he does, it can be 3, or 3 million. (divided evenly).
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
Depends what they're after, there are benefits to taking over a vintage company. The main one being it has been registered for a length of time meaning they can manipulate any marketing to include that they've been 'established' for a length of time which is factually correct but not in real terms.
Dormant companies also have benefits like the fact they're already registered meaning there's no chance of any objections being filed.
Fair enough, but the vast majority who have their names forsale are because its gone into liquidation, the ones that are selling the name usually want too much for it.
If you can find one who has been successful and has a decent marketing history etc, its worth doing, but hard come by imo.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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They will send you a hard copy for a small charge iirc.
I used them for all companies I've ever registered.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by glb
They will send you a hard copy for a small charge iirc.
I used them for all companies I've ever registered.
The small charge is £60. 
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
Depends what they're after, there are benefits to taking over a vintage company. The main one being it has been registered for a length of time meaning they can manipulate any marketing to include that they've been 'established' for a length of time which is factually correct but not in real terms.
Dormant companies also have benefits like the fact they're already registered meaning there's no chance of any objections being filed.
Fair enough, but the vast majority who have their names forsale are because its gone into liquidation, the ones that are selling the name usually want too much for it.
If you can find one who has been successful and has a decent marketing history etc, its worth doing, but hard come by imo.
There's companies that trade solely in other companies they've just set up and left stagnant. We bought a company called Acreridge Ltd and just changed the name, was quick and easy. They have a history of publishing accounts and all the memorandum and articles of association including duplicates were sent out in a pack the next day.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
Depends what they're after, there are benefits to taking over a vintage company. The main one being it has been registered for a length of time meaning they can manipulate any marketing to include that they've been 'established' for a length of time which is factually correct but not in real terms.
Dormant companies also have benefits like the fact they're already registered meaning there's no chance of any objections being filed.
Fair enough, but the vast majority who have their names forsale are because its gone into liquidation, the ones that are selling the name usually want too much for it.
If you can find one who has been successful and has a decent marketing history etc, its worth doing, but hard come by imo.
There's companies that trade solely in other companies they've just set up and left stagnant. We bought a company called Acreridge Ltd and just changed the name, was quick and easy. They have a history of publishing accounts and all the memorandum and articles of association including duplicates were sent out in a pack the next day.
Do you remember who you bought it off mate? Can you get them for pennies? I'm registering a new name in 2-3 weeks, may aswell just get one and change it, if it has genuine history...
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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I'm self employed and about to start up a second business, been self employed for nearly 3 years now.
If you go down that route you have to inform HMRC within 3 months of starting your new business up. You will then have to file your own tax returns annually (self assessment) and pay Class 2 NI contributions (I pay mine quarterly but you can pay monthly, and both via DD too) plus you will have to pay Class 4 contributions too if your earn over a certain amount (Class 4 is paid when you do your tax return annually).
If you make £70k+/year you'll also have to be VAT registered.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
|
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
quote:
Originally posted by Whittie
quote:
Originally posted by Hammer
It's fairly simple. The easiest way is just to buy an off-the-shelf company already registered with companies house and change the name.
If there's three of them, the easiest way is just register it at companies house, all have 100 shares on the company and all directors.
Would cost around £120 to do, so £40 each.
That way nobody can bitch about money, or who gets what down the line.
Would be a Ltd Company then though, you need to decide whether you want to go ltd or just agree to a partnership.
Depends what they're after, there are benefits to taking over a vintage company. The main one being it has been registered for a length of time meaning they can manipulate any marketing to include that they've been 'established' for a length of time which is factually correct but not in real terms.
Dormant companies also have benefits like the fact they're already registered meaning there's no chance of any objections being filed.
Fair enough, but the vast majority who have their names forsale are because its gone into liquidation, the ones that are selling the name usually want too much for it.
If you can find one who has been successful and has a decent marketing history etc, its worth doing, but hard come by imo.
There's companies that trade solely in other companies they've just set up and left stagnant. We bought a company called Acreridge Ltd and just changed the name, was quick and easy. They have a history of publishing accounts and all the memorandum and articles of association including duplicates were sent out in a pack the next day.
Do you remember who you bought it off mate? Can you get them for pennies? I'm registering a new name in 2-3 weeks, may aswell just get one and change it, if it has genuine history...
I'll have a look through Sage and send you a PM.
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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Cheers mate
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3CorsaMeal
Member
Registered: 11th Apr 02
User status: Offline
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quote:
Originally posted by Sam
If you make £70k+/year you'll also have to be VAT registered.
so don't have to pay VAT below that? is that right?
Not too worried about taking over another company, i think it would benefit from being advertised as new in the area
@mwg, not saying what it is, but its not car related, it will be food, so got to find out about what regulations there are are what testing they do
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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You all seem to go about this a cockarse way.
Get on quick formations and register. You don't need a hard copy of the certificate anyways.
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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if you turnover under £69k a year you dont pay vat, if you think you will go over that then you can apply before you do,
its great being self employed, i just hate all the paper work
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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As for VAT:
If your vat registered you have to charge vat but you can offset that against the vat you pay when buying.
If not vat registered you have yo pay vat on what you buy just the same but don't have to charge it and therefore don't get a vat bill.
Don't bother vat registering until you have to as it'll just add to the list of things you need to do.
Also dnt bother with partnership as if it goes tits up you'll have to bankrupt yourselves personally. LTD company your not affected
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Not quite right on the VAT side. Under £70k you don't have to register, meaning you don't have to charge VAT to your customers, but you can't reclaim any VAT that you spend. When registered you get to claim the VAT back you spend, but your products/service is more expensive to your customers.
You can register for VAT at any time you like, but means more paperwork.
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