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i have set up a limited company. Now hat do i need to do?

(9 Posts)
overthemill Sat 02-Aug-08 11:58:11

i am told that i need to do this as many orgs are worried otherwise about tax/ni implications. set up company which is. my sis is the company secretary in name only. have a hsbc business account now too.

what else? find an accountant i assume? i have been told the most effective tax solution is to pay myself a low salry and get dividends from the company. Does anybody else do this?

what about marketing myself - would love your ideas. I usually get work from word of mouth but have registered with several agencies now. Haven't been successful yet - fear my CV isn't right - any advice on this would be good too!

colacubes Sat 02-Aug-08 19:37:40

Hi over, yes next move def an accountant, he can sort out all tax details, much easier and a lot less stressful! Low salary, yes £500 ish per month, then dividends, acc will advise.

As for marketing, you will have to tailor to your profession, direct is good but can be costly, maybe a website, or promotional stuff pens, pencils, mugs, all depends on your market.

Remember expenses, vat, ask accountant about mileage v co car etc, all makes a difference to your vat bill, and the evil end of year.

My advice would be, get a good accountant, be organised, organised, organised, apart from that... Go Get Em Girl!

Good luck, be confident in yourself and your business, be proud of what you do, and have fun. Cant lose!

WestMidsAccounts Mon 04-Aug-08 10:56:54

Have you told HMRC? They need to register you for Corporation Tax and PAYE.
Speak to your accountant about IR35 / service companies.
Have you got the compulsory employer's liability insurance?

overthemill Mon 04-Aug-08 12:33:21

help no i haven't got any of this - previously i was sole trader/SE and paid NI conts and did my own self assessment tax return. income minus exact expenses = profit. never claime for anything disn't understand it

how do i find an accountant who can help me?

overthemill Tue 05-Aug-08 10:18:15


colacubes Tue 05-Aug-08 12:20:13

Best way to find a decent accountant is through referrals, ask any friends, take a look on the net, chamber of commerce might be worth a join, they can advise maybe.

But always be aware that accountants dont always offer up information sometimes you have to directly ask, which could mean you will miss out if you don't try to learn a little for yourself.

Do you have any friends in business who could help you?

EachPeachPearMum Tue 05-Aug-08 12:27:53

Are any of the other freelancers on here accountants?

overthemill Tue 05-Aug-08 19:56:00

that's what i was hoping, happy to give a mNer some work!

would like someone fairly local though so i can go in and ask stupid questions.

i think what frightens me is not knowing what questions i need to be asking!

WestMidsAccounts Tue 05-Aug-08 21:26:36

OTM: we can help with general questions but you will need an Accountant to help with your specific circumstances.

Who set up your Ltd Co - can they recommend someone?
Can your bank manager recommend?
This is the ICAEW's find an Accountant page.

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