ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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Anyone done this?
Need some info,  u2u may be more appropriate?
Just setting mine up but could do with a couple of pointers. 
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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U2U James, he's the expert around here
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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I paid 19.99 and it was setup. Registered for VAT and got an accountant.
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--ToM--
Member
Registered: 23rd Nov 07
Location: Wirral
User status: Offline
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Only need to register for vat if you turn over more than £82k a year, then you open another business in the unit next door with a slightly different name then you can earn £164k turnover
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Dom
Member
Registered: 13th Sep 03
User status: Offline
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quote:
Originally posted by VrsTurbo
I paid 19.99 and it was setup. Registered for VAT and got an accountant.
Likewise. Finding a decent accountant, who's actually willing to save you money, is about the most difficult part of it.
[Edited on 02-05-2015 by Dom]
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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quote:
Originally posted by --ToM--
Only need to register for vat if you turn over more than £82k a year, then you open another business in the unit next door with a slightly different name then you can earn £164k turnover
If your doing B2B or buying a lot of stock registering for vat is worthwhile. I do B2B and I keep 6% of the vat the rest goes to hmrc
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--ToM--
Member
Registered: 23rd Nov 07
Location: Wirral
User status: Offline
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Repairs service and mot etc we do
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Dee25790
Member
Registered: 3rd Jun 14
User status: Offline
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Companies house doesn't take long throw your details in and your away
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline
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Is it for an agency or something?
Register with companies house - get certificate of incorporation.
Bank details - set up business banking account
Relevant insurances - professional Indemnity, Public liability and Employers liability.
Anything else specific to your business - other relevant insurances, set up vat registration etc.
A company like kings bridge would quote you for insurances.
Corsa 2.0 16v Vegas - Sold
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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Its not that had to do it directly through companies house.. Also speak to an accountant first, in some cases its not beneficial to your tax bill, oh and you'll want to have a decent accountant on board otherwise PAYE and returns are a ballache.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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I do my own accounts and I find it quite easy lol. Good bookkeeping is the key to it.
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Dee25790
Member
Registered: 3rd Jun 14
User status: Offline
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quote:
Originally posted by pow
I do my own accounts and I find it quite easy lol. Good bookkeeping is the key to it.
This is true. Putin every receipt you get in your door pocket then seeing your arse come March/April definitely isn't the way to do it. Learnt the hard way
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Well, I do that, just chuck a little aside every month to pay the tax bill. So all my receipts at the same time, just keep them well organised and keep a boss excel spreadsheet (happy to email mine if you want it).
I've always been fairly good with maths so I can go oh I earnt about this much, I'll chuck about this much into the 'tax account' this month. Over estimate it slightly and you normally end up with a little tidy sum at the end of the year anyway
[Edited on 03-05-2015 by pow]
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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quote:
Originally posted by pow
I do my own accounts and I find it quite easy lol. Good bookkeeping is the key to it.
Iirc you can do that being self employed but running a ltd company you need some one qualified to do your books.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Oh really? Didn't know that, fair enough. I'm happy with self employed at the moment then 
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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This its the software that's needed for Ltd and partnership as you can't self assess, hence using an accountant who has sage etc instead of forking out for it yourself
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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Ohh I see. I just use Excel and bash it all into the self self assessment thingy online, however I imagine it's different for a company as I'm only assessing myself, not the company.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Indeed. I've just set up a partnership with the lad I work with thinking we could just self assess like usual but found otherwise
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by pow
I do my own accounts and I find it quite easy lol. Good bookkeeping is the key to it.
Being a LTD company is different though Pow, you have to submit monthly PAYE, keep everything in a business account and various other complications.
I pay an Accountant £90 a month for the pleasure of not having to deal with that shit.
[Edited on 03-05-2015 by DaveyLC]
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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DaveyLCs garden sheds LTD imo
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ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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Even more confused now
Think I'll go see an accountant, I need to register as Ltd. for work, a lot of contract I work on nowadays require guys to be Ltd.
A lot of boys just receive umbrella payments, but after reading up on that, it's dodgy as f**k and not really something I want to get involved in.
It's for welding, working on rig contracts & boats, but I'm also a qualified mechanic, so most things I used to class as homers will be run through the company.
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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Umbrella work is fine nothing wrong with it. It's easy too your paye via the umbrella and they sort everything obviously get a cut but it works if your lazy and not good at keeping records.
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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As a sole trader, it's easy to do a tax return. If you are going LTD get an accountant.
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ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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quote:
Originally posted by VrsTurbo
Umbrella work is fine nothing wrong with it. It's easy too your paye via the umbrella and they sort everything obviously get a cut but it works if your lazy and not good at keeping records.
The way I read umbrella payments is just tax dodging, as soon as the company your with gets found out, they're abroad and leave you n the shit owing 100's to the tax man.
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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quote:
Originally posted by ShEp
quote:
Originally posted by VrsTurbo
Umbrella work is fine nothing wrong with it. It's easy too your paye via the umbrella and they sort everything obviously get a cut but it works if your lazy and not good at keeping records.
The way I read umbrella payments is just tax dodging, as soon as the company your with gets found out, they're abroad and leave you n the shit owing 100's to the tax man.
Not at all. Umbrella companies can be good. There are dodgy ones out there but you can dodge tax being ltd too
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